Tanishq, the country’s largest jewellery retailer, recently introduced “Diamond Expertise Centres” across select stores, with plans to expand to 200 locations this fiscal year and eventually 500. These centres offer customers gemmological tools and expert-led consultations, designed to reassure buyers that their purchases are authentic natural diamonds.
Meanwhile, De Beers’ natural diamond brand Forevermark has identified India as its key growth market. The company plans to open around 100 exclusive stores by 2030, targeting annual sales of $100 million.
Despite growing international attention on lab-grown diamonds (LGDs), their footprint in India remains limited. LGDs currently account for only a small fraction of diamond sales by value, compared with over one-third in the US. Analysts say cultural preferences play a major role: while American consumers often seek larger and more affordable stones, Indian buyers typically value quality and authenticity over size.
“In fact, the biggest question our customers ask is: are your diamonds natural?” noted the CEO of Tanishq in a recent CNBC interview, highlighting persistent consumer concerns despite the brand’s exclusive focus on natural stones.
Industry experts argue that the sharp decline in LGD prices has further discouraged Indian jewellers from entering the segment. CaratLane CEO told the Economic Times earlier this year: “We are not going to get into LGD, that’s very clear. At the falling rate of LGDs, making money would be very difficult for anybody who is venturing into it.”
Instead, retailers are seeing strong momentum in smaller-sized natural diamonds. CaratLane reported that its “mini solitaire” category—stones ranging from 0.2 to 0.7 carats—has become the fastest-growing segment, particularly popular among young, first-time buyers.
The contrast with Western markets extends to gold jewellery as well. While US consumers often purchase 10- to 14-karat gold, Indian buyers overwhelmingly prefer higher purities of 18 to 22 karats, underscoring the cultural emphasis on long-term value.
With global diamond dynamics shifting, India’s jewellers appear resolute in their strategy: doubling down on natural diamonds while positioning them as aspirational yet accessible for a new generation of consumers.
