India has become the world’s second-largest natural diamond jewellery market, accounting for 12% of global demand value in 2024, up from 8% in 2021. India recorded 12% year-on-year growth, highlighting the market’s resilience and structural strength.
Long recognised as the global hub for diamond cutting and polishing, processing over 90% of worldwide diamond volumes, India is increasingly shaping the demand side of the industry. Rising consumer confidence, higher disposable incomes and aspirational spending are extending diamond adoption well beyond metropolitan centres. Tier 2 and Tier 3 cities now account for more than one-third of India’s natural diamond jewellery demand, supported by the rapid expansion of organised retail, broader access to financing and deeper consumer awareness.
Indian consumers are also trading up in value. The average price of a diamond jewellery piece increased from INR 1.24 lakh in 2022 to INR 1.41 lakh in 2024, while the average size of the largest diamond in a piece rose from 0.64 carats to 0.79 carats over the same period. Diamond ownership among Indian women reached 15% in 2024, reflecting steady growth in household penetration.
Commenting on India’s strategic importance, Al Cook, CEO, De Beers Group, said, “India represents the strongest growth opportunity for natural diamonds globally. Rising incomes, a rapidly expanding middle class and a deepening emotional connection with natural diamonds as symbols of enduring value are reshaping the market. India is expected to remain a key engine of global diamond growth, with demand continuing to expand across cities and generations.”
Reflecting De Beers Group’s long-standing focus on transparency and consumer trust, recently published Bureau of Indian Standards (BIS) guidelines on diamond nomenclature and disclosure are expected to further strengthen confidence in the Indian.
With India’s GDP and personal disposable income projected to grow at approximately 11% annually in the near term, natural diamond jewellery being both the most desired gift to receive and the most desired purchase to make for oneself, and high-income households on the rise, the outlook for natural diamonds remains robust. The market’s younger, more regionally diverse consumer base, including Gen Z and Millennials, signals growing adoption of self-purchase, everyday diamond jewellery, and long-term brand engagement.
As demand broadens geographically and regulatory frameworks reinforce transparency, India is set to continue anchoring the global diamond value chain while driving the next phase of market growth.
About De Beers Group
Established in 1888, De Beers Group is the world’s leading diamond company with expertise in the exploration, mining, marketing and retailing of diamonds. Together with its joint venture partners, De Beers Group employs more than 20,000 people across the diamond pipeline and is the world’s largest diamond producer by value, with diamond mining operations in Botswana, Canada, Namibia and South Africa. Innovation sits at the heart of De Beers Group’s strategy as it develops a portfolio of offers that span the diamond value chain, including its jewellery houses, De Beers Jewellers and Forevermark, and other pioneering solutions such as diamond sourcing and traceability initiatives Tracr and GemFair. De Beers Group also provides leading services and technology to the diamond industry in the form of education and laboratory services and a wide range of diamond sorting, detection and classification technology services. De Beers Group is committed to ‘Building Forever,’ a holistic and integrated approach for creating a better future – where safety, human rights and ethical integrity continue to be paramount; where communities thrive and the environment is protected; and where there are equal opportunities for all. De Beers Group is a member of the Anglo American plc group. For further information, visit www.debeersgroup.com.
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