India’s natural diamond jewellery market has overtaken China and Japan to become the world’s second-largest, according to the 2025 Diamond Acquisition Study by De Beers Group. The market now holds a 12% share of global demand and is valued at Rs 497 billion.

The study projects the market to grow to Rs 1,50,000 crore by 2030, supported by evolving consumer behaviour. Diamonds are increasingly being positioned as lifestyle products rather than stored assets.

Generation Z (aged 18–28) has emerged as a key growth driver, contributing 51% of total market value, up 19% since 2022. This cohort records the highest average spend per piece at Rs 198,000, supported by higher acquisition rates.

Combined with Millennials, these consumers account for 86% of the market value, indicating sustained youth-led demand. The findings suggest long-term implications for product positioning and retail strategies.

The study also highlights a shift in usage patterns. In 2014, 56% of diamond jewellery was reserved for special occasions, compared to 27% for daily wear. Currently, 52% of acquired diamonds are worn every day.

Self-purchasing is another significant trend. Outside the wedding segment, 64% of natural diamond jewellery is bought by women for personal use. Within weddings, which account for 29% of market value, 79% of purchases are made by brides themselves.

Shweta Harit of De Beers Group said, “India’s ascent to the position of the world’s second-largest diamond market is a testament to the deep-rooted emotional and cultural connection Indian consumers have with natural diamonds.”

Natural diamonds continue to rank as the most preferred category for gifting and self-purchase, outperforming gold jewellery, smartphones and luxury watches. The addressable market is estimated at 67 million women across Tier 1 to Tier 5 cities.

With high-income households expected to grow by 16% through 2030, demand for natural diamond jewellery is projected to expand further across categories and price segments.