India overtakes China as world's No.2 diamond market; sales seen doubling to $18B
Natural Diamond Council positions natural diamonds as a wealth-preservation asset as India's diamond jewellery sales are projected to double to over $18 billion by early next decade. Global market hits $97.57B in 2024, eyeing $138.66B by 2032 at 4.5% CAGR.
What happened
Natural Diamond Council · India has overtaken China as the world's second-largest diamond market, with jewellery sales projected to double to over $18 billion
Key facts
- India diamond jewellery sales projected to double to $18 billion by early next decade
- India low double-digit % of global demand
- global diamond market $97.57 billion in 2024
- expected $138.66 billion by 2032
- CAGR 4.5%
Why this matters
India's overtaking of China as the No.2 diamond market signals a window for M&A or partnerships with regional jewellery brands and supply-chain players ahead of the projected sales doubling.
What to watch
- Lab-grown vs natural price spread and India penetration rate
- Gold price trajectory and gold-vs-diamond allocation in household savings
- India wedding-season and festival sales data (Diwali, Akshaya Tritiya)
- Import duty / GST changes on diamonds in Indian budget
- De Beers / NDC marketing spend and rough diamond pricing moves
- Disposable income and urban consumption indicators
- Global jewellers (Tanishq, De Beers, Malabar) accelerate India store expansion into tier-2/3 cities and launch certified natural-diamond lines with resale/buyback guarantees
- NDC and miners intensify marketing separating natural from lab-grown, pushing provenance and certification standards
- Lab-grown players counter with aggressive India pricing and fashion-forward branding to claim daily-wear share
- Retailers bundle financing/EMI and digital try-on to convert aspirational mid-market buyers