Natural diamond jewellery ownership among Indian women has increased from 11% in 2022 to 15% in 2025, reflecting rising consumer aspiration, greater financial independence and growing preference for self-purchase, according to the Natural Diamond Council.
India now accounts for 12% of global diamond jewellery demand, up from 10% in 2019, making it the world’s second-largest diamond jewellery market ahead of China and Japan.
Younger consumers driving growth
Citing the De Beers India Diamond Acquisition Study 2025, the NDC said Gen Z and Millennials are driving category growth, accounting for 86% of India’s total natural diamond market value.
Indian consumers spend an average of ₹1.98 lakh per diamond jewellery piece, while the domestic natural diamond jewellery market is projected to grow at a CAGR of 12% to reach ₹1.52 lakh crore by 2030.
Retailers report strong demand momentum
The NDC said recent retailer performance also points to sustained growth in the category. P N Gadgil Jewellers Chairman Saurabh Gadgil recently reported 61% year-on-year growth in the company’s diamond jewellery segment.
Similarly, Malabar Gold & Diamonds Chairman M.P. Ahammed said studded jewellery sales grew 45% during the 2026 Akshaya Tritiya season.
Diamonds gaining relevance among Gen Z
According to the NDC, natural diamonds are increasingly resonating with younger consumers as symbols of individuality, authenticity and emotional value.
Supporting this trend, a recent Deloitte study found diamonds ranked second only to gold among jewellery material preferences for consumers aged 20-25 years, with 58% of respondents choosing diamonds.
NDC focuses on category development
The NDC said it has been strengthening category relevance in India through education-led campaigns, cultural storytelling, retailer collaborations and lifestyle-driven narratives.
Natural Diamond Council Managing Director Richa Singh said: “Indian consumers are choosing the natural diamond because it is real, it is rare, and it carries emotional and heirloom value that endures long after a trend has passed. For every retailer, craftsperson and partner who helped move this market, these numbers are hard proof that the category’s growth is real, measurable, and ours to build on.”
The council added that with India’s personal disposable income projected to grow by 11% annually, natural diamonds remain well positioned to benefit from the country’s expanding luxury consumption market.