Indian jewellery retailers and diamond companies are intensifying efforts to expand natural diamond demand, focusing on rarity, design, retail education and new purchase occasions as lab-grown diamonds (LGDs) gain market share.
According to De Beers, India accounts for 12% of global natural diamond jewellery demand, making it the world’s second-largest market after the US. However, natural diamond prices remain under pressure. De Beers’ average realised rough diamond price fell 32% to $105 per carat in the first half of 2026, reflecting continued market challenges, particularly in smaller and lower-quality stones.
De Beers is seeking to expand natural diamond purchases beyond weddings and engagements to occasions such as second piercings, friendship and personal milestones. Its retail brand Forevermark had 10 stores in India by July 2026 and aims to increase this to 20 by year-end and 100 by 2030. The company has also partnered with the Gem & Jewellery Export Promotion Council (GJEPC) to establish the Indian Natural Diamond Retailers Association (INDRA), aimed at bringing more independent jewellers into the category.
Organised retailers are also investing in product positioning and consumer education. Tanishq has introduced Diamond Expertise Centres across approximately 200 stores to help customers understand natural diamonds and their characteristics. Titan reported mid-30% growth in studded jewellery in Q1 FY2027 and early-30% growth in the September quarter, with studded jewellery continuing to outpace gold jewellery.
Meanwhile, Indriya is incorporating diamond-studded versions across more designs, including its upcoming Padmika collection, which will offer both gold and diamond variants. The brand is also promoting natural diamonds through campaigns that emphasise visual appeal rather than relying solely on the traditional 4Cs.
The competitive landscape is evolving as major retailers enter both segments. Titan launched its lab-grown diamond brand beYon in December 2025, while Senco Gold & Diamonds operates Sennes and Trent markets lab-grown jewellery through Pome under Westside.
Lab-grown diamonds are priced at roughly one-tenth of comparable natural diamonds, according to the report. Their growing retail presence is reflected in International Gemological Institute data: certification revenue from LGD jewellery rose 44% year-on-year in April-June, compared with 2% growth for natural diamond jewellery.
For the trade, the focus is increasingly on expanding overall diamond jewellery penetration in India while differentiating natural diamonds through design, rarity and perceived long-term value. With diamond jewellery still representing a relatively small share of India’s broader jewellery market, retailers are looking to bring new buyers into the category while addressing competition from lower-priced alternatives.