Indian jewellers going global are doing more than opening stores — they are fuelling the next phase of diamond demand. With diaspora markets in focus, the industry’s growth story is increasingly being written outside India.
The Indian consumer remains the diamond industry’s target growth market. Domestic diamond jewellery sales are expected to more than double to upwards of $18 billion by early-next decade – with the bulk of that presumably coming from natural diamonds.
As it stands, India is estimated to represent a low double-digit percentage of global consumer diamond demand, making it the world’s second largest market after outpacing China in recent years.
Consequently, India has become the chosen market for De Beers’ upscale diamond brand Forevermark, with the company planning to expand the store count in India from under five to 25 by year-end 2026 – with plans to grow to 100 stores thereafter. The development comes as the Forevermark brand is wound down in the US and China.
India’s largest jewellery retailer, luxury conglomerate Titan Company, has grown jewellery sales at a 20%-plus compound annual growth rate over the last five years, a pace unmatched anywhere else in the world by a major.
While diamonds have historically represented a relatively small share of total fine jewellery sales in India (12-15% compared to a western market like the US where the figure is closer to 50%), the outsized broad-based growth cannot be ignored in a nation approaching 1.5 billion people -– almost a third of which are approaching middle-class status.
Titan exclusively sells natural diamonds at its legacy fine jewellery brands which include Tanishq, Mia, Zoya and CaratLane, although the company did recently introduce an exclusive lab-grown diamond brand called beYon with the opening of an inaugural store in Mumbai. At the time, management estimated that LGD represent 2-4% of diamond sales in India – for context, the figure is closer to 50% in the US.
Notably, India’s demand for natural diamonds expands beyond its boarders. With over 30 million Indians living abroad, companies like Titan are targeting aggressive international expansion to cater to Indian diaspora.
For instance, there are now 5 million Indians (including Indian Americans) living in the US. Notably, Indian Americans have the highest median household income of any ethnic group in the US at over $150,000 –- almost twice the national average. Out of the 500 largest publicly traded companies in the US, approximately 20 are run by Indian-born CEOs, and Indian immigrants (non-citizens) represent the largest portion of high-paying Silicon Valley’s non-US-born workforce.
In recent months, Titan opened multiple new Tanishq stores in America, bringing the total store count to ten, giving it a presence in every major US metro market.
Another corporate Indian jeweller, Malabar Gold & Diamonds, has grown its presence in the US with seven stores. Kalyan Jewellers is expanding in America as well.
Titan is targeting 50 international Tanishq stores by the end of this year, with locations in the UK, Canada, Australia, Malaysia, Oman, and Bahrain. The expansion aims to drive upwards of 5% incremental sales growth at Tanishq. For context, Titan’s jewellery business is forecast to generate over $6 billion in total revenue in the fiscal year ending March 2026, much of which will be driven by Tanishq.
A Tanishq representative has noted that a common customer response to new international locations is: “What took so long to get here?”
Indian jewellery is unique, especially compared to merchandise typically available in markets like the US where lower-karatage gold, synthetic gemstones and less-ornate stylisation leaves Indian-heritage customers wanting more.
Paul Zimnisky, CFA is an independent diamond industry analyst and consultant based in the New York metro area. For regular in-depth analysis and forecasts of the diamond industry please consider subscribing to his State of the Diamond Market, a leading monthly industry report; an index of previous editions can be found here. Also, listen to the Paul Zimnisky Diamond Analytics Podcast on Spotify or Apple Podcasts for exclusive full-length conversations with special guests from the gem and jewelry industry. Paul is a graduate of the University of Maryland’s Robert H. Smith School of Business with a B.S. in finance, and he is a CFA charterholder. He can be followed on X @paulzimnisky and on YouTube @paulzimnisky.
Paul will be giving a keynote presentation at the Canadian Jewellers Association Industry Summit in Toronto, Canada on October 26, 2026.
Disclosure: At the time of writing Paul Zimnisky held a long equity position in Brilliant Earth Group.
