{"id":35581,"date":"2026-03-16T14:09:03","date_gmt":"2026-03-16T08:39:03","guid":{"rendered":"https:\/\/gjepc.org\/solitaire\/?p=35581"},"modified":"2026-03-16T14:09:03","modified_gmt":"2026-03-16T08:39:03","slug":"indian-jewellers-expanding-to-new-markets-a-driving-force-for-diamond-demand","status":"publish","type":"post","link":"https:\/\/gjepc.org\/solitaire\/indian-jewellers-expanding-to-new-markets-a-driving-force-for-diamond-demand\/","title":{"rendered":"Indian Jewellers Expanding to New Markets a Driving Force for Diamond Demand"},"content":{"rendered":"

Indian\u00a0<\/span>jewellers<\/span>\u00a0going global are doing more than opening stores \u2014 they are\u00a0<\/span>fuelling<\/span>\u00a0the next phase of diamond demand. With diaspora markets in focus, the industry\u2019s growth story is increasingly\u00a0<\/span>being written<\/span>\u00a0outside India.<\/span><\/span>\u00a0<\/span><\/p>\n

The Indian consumer\u00a0remains\u00a0the diamond industry\u2019s target growth market. Domestic diamond\u00a0jewellery\u00a0sales\u00a0are expected\u00a0to\u00a0more than\u00a0double to\u00a0upwards of\u00a0$18\u00a0billion by\u00a0early-next\u00a0decade \u2013\u00a0with the bulk of that\u00a0presumably\u00a0coming\u00a0from natural diamonds.\u00a0<\/span>\u00a0<\/span><\/p>\n

As it stands, India\u00a0is estimated\u00a0to\u00a0represent\u00a0a low double-digit percentage of global consumer diamond demand, making it the world\u2019s second largest market after outpacing China in recent years.\u00a0<\/span>\u00a0<\/span><\/p>\n

Consequently,\u00a0India has become the chosen market for De Beers\u2019 upscale\u00a0diamond\u00a0brand\u00a0Forevermark, with the company planning to expand the store count\u00a0in India\u00a0from under\u00a0five\u00a0to\u00a025\u00a0by year-end 2026 \u2013\u00a0with plans to grow to\u00a0100\u00a0stores\u00a0thereafter. The development comes as the\u00a0Forevermark\u00a0brand\u00a0is wound\u00a0down in the US and China.\u00a0<\/span>\u00a0<\/span><\/p>\n

India\u2019s largest\u00a0jewellery\u00a0retailer, luxury\u00a0conglomerate Titan Company,\u00a0has grown\u00a0jewellery\u00a0sales\u00a0at a 20%-plus\u00a0compound annual growth rate over the last five years,\u00a0a pace unmatched anywhere else in the world by a major.\u00a0<\/span>\u00a0<\/span><\/p>\n

\"\"
Traditional Indian jewellery on display at a Tanishq store in New Jersey, USA. Source: Paul Zimnisky<\/figcaption><\/figure>\n

While\u00a0diamonds have historically represented a\u00a0relatively small\u00a0share of\u00a0total fine\u00a0jewellery\u00a0sales in India\u00a0(12-15%\u00a0compared to\u00a0a western market like the\u00a0US\u00a0where the figure is closer to\u00a050%),\u00a0the\u00a0outsized\u00a0broad-based\u00a0growth cannot\u00a0be ignored\u00a0in\u00a0a nation approaching 1.5 billion people\u00a0-\u2013\u00a0almost a third of which are approaching middle-class status.\u00a0<\/span>\u00a0<\/span><\/p>\n

Titan exclusively sells\u00a0natural\u00a0diamonds\u00a0at\u00a0its legacy fine\u00a0jewellery\u00a0brands which include Tanishq, Mia, Zoya and\u00a0CaratLane, although the company did\u00a0recently\u00a0introduce an exclusive lab-grown diamond brand called\u00a0beYon\u00a0with the opening of an inaugural store in Mumbai.\u00a0At the time, management estimated that LGD represent 2-4% of diamond sales in India\u00a0\u2013\u00a0for\u00a0context, the figure is closer to 50% in the US.<\/span>\u00a0<\/span><\/p>\n

Notably,\u00a0India\u2019s demand for\u00a0natural\u00a0diamonds expands beyond its\u00a0boarders. With\u00a0over\u00a030\u00a0million Indians living abroad,\u00a0companies like Titan are targeting aggressive international expansion to cater to Indian diaspora.<\/span>\u00a0<\/span><\/p>\n

For instance, there are\u00a0now\u00a05\u00a0million Indians (including Indian Americans) living in the US.\u00a0Notably,\u00a0Indian Americans have the highest median household income of any ethnic group in the US at over $150,000 \u2013-\u00a0almost twice\u00a0the national average.\u00a0Out of the\u00a0500\u00a0largest publicly traded companies in the US, approximately\u00a020\u00a0are run\u00a0by Indian-born CEOs, and\u00a0Indian immigrants\u00a0(non-citizens)\u00a0represent the largest\u00a0portion\u00a0of high-paying Silicon Valley\u2019s non-US-born workforce.\u00a0<\/span>\u00a0<\/span><\/p>\n

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.\u00a0<\/span>\u00a0<\/span><\/p>\n

Another corporate Indian\u00a0jeweller, Malabar Gold & Diamonds,\u00a0has grown its\u00a0presence in the US with seven stores.\u00a0Kalyan\u00a0Jewellers\u00a0is expanding in America\u00a0as well.\u00a0<\/span>\u00a0<\/span><\/p>\n

\"\"
Paul Zimnisky<\/figcaption><\/figure>\n

Titan is targeting\u00a050\u00a0international Tanishq stores by the end of this year, with locations in the UK, Canada, Australia, Malaysia,\u00a0Oman,\u00a0and Bahrain. The expansion aims to drive upwards of 5% incremental sales growth at Tanishq. For context, Titan\u2019s\u00a0jewellery\u00a0business\u00a0is forecast\u00a0to\u00a0generate\u00a0over $6 billion in total revenue in the fiscal year ending March 2026,\u00a0much\u00a0of which will\u00a0be driven\u00a0by Tanishq.\u00a0<\/span>\u00a0<\/span><\/p>\n

A Tanishq representative has noted that a common customer response\u00a0to\u00a0new international locations is: \u201cWhat took so long to get here?\u201d\u00a0<\/span>\u00a0<\/span><\/p>\n

Indian\u00a0jewellery\u00a0is unique, especially compared to merchandise typically available in markets like the US where lower-karatage\u00a0gold, synthetic gemstones\u00a0and less-ornate\u00a0stylisation\u00a0leaves Indian-heritage customers\u00a0wanting more.\u00a0<\/span>\u00a0<\/span><\/p>\n

\n

Paul\u00a0Zimnisky, 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\u00a0<\/span><\/i>State of the Diamond Market<\/span><\/i><\/a>, a leading monthly industry report; an index of\u00a0previous\u00a0editions can be found\u00a0<\/span><\/i>here<\/span><\/i><\/a>. Also, listen to the\u00a0<\/span><\/i>Paul Zimnisky Diamond Analytics Podcast<\/span><\/i><\/a>\u00a0on 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\u00a0finance,\u00a0and he is a CFA\u00a0charterholder. He can be followed on X\u00a0<\/span><\/i>@paulzimnisky<\/span><\/i><\/a>\u00a0and on YouTube\u00a0<\/span><\/i>@paulzimnisky<\/span><\/i><\/a>.<\/span><\/i>\u00a0<\/span><\/p>\n

Paul will be giving a keynote presentation at the\u00a0Canadian\u00a0Jewellers\u00a0Association Industry Summit\u00a0in Toronto, Canada on\u00a0October\u00a026, 2026.<\/span><\/i>\u00a0<\/span><\/p>\n

Disclosure:\u00a0At the time of\u00a0writing\u00a0Paul\u00a0Zimnisky\u00a0held a long equity position in Brilliant Earth Group.<\/span><\/i>\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Indian\u00a0jewellers\u00a0going global are doing more than opening stores \u2014 they are\u00a0fuelling\u00a0the next phase of diamond demand. With diaspora markets in focus, the industry\u2019s growth story is increasingly\u00a0being written\u00a0outside India.\u00a0 The Indian consumer\u00a0remains\u00a0the diamond industry\u2019s target growth market. Domestic diamond\u00a0jewellery\u00a0sales\u00a0are expected\u00a0to\u00a0more than\u00a0double to\u00a0upwards of\u00a0$18\u00a0billion by\u00a0early-next\u00a0decade \u2013\u00a0with the bulk of that\u00a0presumably\u00a0coming\u00a0from natural diamonds.\u00a0\u00a0 As it stands, India\u00a0is…<\/p>\n","protected":false},"author":7,"featured_media":35582,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[107,79],"tags":[],"thb-sponsors":[],"class_list":["post-35581","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-retail","category-viewpoint"],"acf":[],"yoast_head":"\nIndian Jewellers Expanding to New Markets a Driving Force for Diamond Demand - Solitaire magazine is a International jewellery magazine - India\u2019s leading B2B gem and jewellery magazine<\/title>\n<meta name=\"robots\" content=\"index, follow\" \/>\n<meta name=\"googlebot\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta name=\"bingbot\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/gjepc.org\/solitaire\/indian-jewellers-expanding-to-new-markets-a-driving-force-for-diamond-demand\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Indian Jewellers Expanding to New Markets a Driving Force for Diamond Demand - Solitaire magazine is a International jewellery magazine - India\u2019s leading B2B gem and jewellery magazine\" \/>\n<meta property=\"og:description\" content=\"Indian\u00a0jewellers\u00a0going global are doing more than opening stores \u2014 they are\u00a0fuelling\u00a0the next phase of diamond demand. With diaspora markets in focus, the industry\u2019s growth story is increasingly\u00a0being written\u00a0outside India.\u00a0 The Indian consumer\u00a0remains\u00a0the diamond industry\u2019s target growth market. 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