De Beers projects India natural diamond demand to double by 2030 as Gen Z drives 76% of value
India's natural diamond demand grew ~11% in 2025, among the fastest globally, with De Beers and the Natural Diamond Council projecting it to double by 2030. Millennials and Gen Z account for 76% of market value, favoring lightweight, design-led pieces. The gems and jewellery sector employs 5M+ and contributes ~7% of GDP.
What happened
De Beers Group · India's natural diamond demand grew ~11% in 2025, among fastest-growing globally, with De Beers projecting it to double by 2030.
Key facts
- rough imports ₹921.6B FY20 to ₹1,411.7B FY22
- India diamond demand +11% in 2025
- demand to double by 2030
- millennials/Gen Z 76% of market value
- 5M+ employees in gems & jewellery
- ~7% of national GDP
- IDEX polished index -2.08% Sept 2025
Why this matters
The doubling-by-2030 trajectory and Gen Z value concentration make India design-led jewellery brands and supply-chain assets attractive M&A or partnership targets to capture share early.
What to watch
- Lab-grown diamond price spread vs natural (widening favors lab-grown share)
- India gold price trajectory and festival/wedding-season spend data
- Quarterly De Beers/NDC India demand revisions
- Gen Z repeat-purchase frequency and average ticket size
- Import duty or GST changes on gems and jewellery
- Domestic and global brands launch India-specific lightweight, design-forward collections targeting under-35 buyers
- Increased marketing spend co-funded by Natural Diamond Council to differentiate natural vs lab-grown provenance
- Retail expansion into Tier 2/3 cities and digital-first jewellery DTC channels
- Certification and traceability messaging to defend natural-stone premium