India’s natural diamond jewellery market is showing signs of demand recovery, with consumers increasingly purchasing larger stones and diamond jewellery for everyday wear, according to a media report. The shift comes as the industry navigates prolonged price pressures, competition from lab-grown diamonds and weak global demand.
Shweta Harit, global senior vice president, De Beers and Forevermark, said India’s natural diamond jewellery market had grown 12% over the past couple of years. The market was estimated at Rs 78,500 crore in 2024, with the average diamond size purchased increasing from approximately 0.6 carats to 0.8 carats. Demand for diamonds weighing more than two carats is also showing signs of growth.
Changing consumer behaviour is contributing to the shift. According to De Beers’ Diamond Acquisition Study, natural diamond jewellery ownership among women in India increased to 15%, compared with 11% in 2022. The study also found that 52% of women who purchased diamond jewellery bought it for everyday wear, indicating a move beyond purchases primarily associated with weddings and special occasions.
Younger consumers are another source of demand, with Harit stating that Gen Z accounted for 51% of diamond purchases. De Beers expects India’s diamond jewellery market to reach approximately $20 billion by 2030.
However, the recovery remains uncertain. India’s cut and polished diamond exports declined to around $12.16 billion in FY26, against a peak of approximately $24 billion in FY22. ICRA expects exports to grow 6–8% in FY27 but maintains a negative outlook for the sector, citing pricing pressure, competition from lab-grown diamonds and uncertainty in key export markets.
The upcoming festive and wedding seasons will be important in determining whether changing consumer preferences translate into sustained demand and improved trade conditions.
