India's diamond exports shrink, but retailers bet big on domestic demand
Cut & polished exports fell to Rs 1.07 lakh cr in FY26 from Rs 1.12 lakh cr, and lab-grown slipped too. Yet Titan, BlueStone and Senco are doubling down on design-led diamond jewellery for younger Tier-II/III buyers, launching lab-grown brands like Shaya from Rs 5,000.
What happened
India's diamond exports declined across natural and lab-grown segments over two years, but jewellery retailers Titan, BlueStone and Senco are aggressively
Key facts
- cut & polished exports Rs 1.07 lakh cr FY26 vs Rs 1.12 lakh cr FY25
- lab-grown exports Rs 10,012 cr
- $800 mn LGD investments
- Senco 9% diamond volume growth, 32% sales value growth
- Shaya from Rs 5,000
Why this matters
The shift toward affordable lab-grown and design-led diamond jewellery for Tier-II/III markets opens M&A and brand-launch opportunities as players like Titan, BlueStone and Senco build domestic-first portfolios.
What to watch
- FY27 quarterly diamond studded-ratio and same-store sales data from Titan/Senco
- Lab-grown vs natural diamond price spread and consumer mix shift
- US and China retail diamond demand indicators affecting export recovery
- Gold price volatility diverting consumer wallet share away from diamonds
- GJEPC monthly export figures for continued contraction or stabilization
- Titan, BlueStone, Senco expand affordable lab-grown sub-brands and studded jewellery in Tier-II/III via new store openings and franchise formats
- Increased marketing spend targeting Gen-Z/millennial first-time diamond buyers with design differentiation
- Exporters redirect polished inventory to domestic wholesale channels to clear stock
- Push toward omnichannel and D2C to reach smaller-town buyers economically