India’s natural diamond jewellery market, officially estimated at INR 785 billion in 2024, is projected to reach INR 1,520 billion by 2030, reflecting a sustained 12% CAGR, according to the De Beers India Diamond Acquisition Study 2025.
India has strengthened its global standing with a 12% share of demand, ranking as the second-largest market worldwide, overtaking China (5%) & Japan (5%), and trailing behind the US (53%).
Growth is driven by strong economic tailwinds. GDP and personal disposable income are forecast to expand at 11% annually through 2030, widening the addressable consumer base to 67 million women across SEC A/B segments in Tier 1-5 cities. Average spend per diamond piece stands at approximately INR 1.4 lakh.
Demand is now decisively youth-led. Gen Z alone contributes 51% of market value, with millennials adding 35%, taking their combined share to 86%. Ownership is also rising steadily, with 15% of Indian women now owning natural diamond jewellery, up from 11% in 2022, while annual acquisition rates remain stable at 3%.
A significant structural driver is the expansion of high-income households. The number of households earning above $20,000 annually is expected to more than double from 32 million in 2025 to 67 million by 2030, accelerating discretionary spending on diamonds.
At the same time, market depth is improving beyond metros. While Tier 1 and Tier 2 cities continue to dominate, smaller cities are steadily increasing their contribution, signalling broader consumption-led growth across the country.