India has firmly established itself as the world’s second-largest diamond jewellery market, now accounting for about 12% of global demand, according to the latest industry study. This marks a noticeable rise from its earlier 10% share in 2019, reflecting a steady upward trend in consumption patterns. The country has moved ahead of major markets such as China and Japan, each contributing nearly 5% to global demand, while the United States continues to dominate with a significant 53% share.
This shift highlights a broader transformation in India’s luxury consumption landscape. Increasing disposable incomes, particularly among urban households, have played a crucial role in boosting demand for diamond jewellery. Consumers are now more willing to spend on premium products, signaling a change in purchasing behavior and lifestyle aspirations.
Beyond traditional occasions, diamond jewellery is increasingly being embraced as part of everyday fashion. Buyers are no longer limiting purchases to weddings or special events, but are instead viewing diamonds as a form of personal expression. This evolving perception has contributed significantly to the expansion of the market.
Younger consumers are emerging as key drivers of this growth. Their preference for modern, versatile designs and their inclination toward self-gifting have added new momentum to the sector. At the same time, the expansion of organized jewellery retailers into smaller cities and non-metro regions has improved accessibility, bringing diamond products closer to a wider audience.
India’s growing demand also strengthens its position within the global diamond ecosystem. The country is no longer just a manufacturing hub but is becoming an influential consumption market, shaping global demand trends.
With these structural changes in place, the outlook for India’s diamond jewellery market remains strong. Continued economic growth, rising aspirations, and wider retail reach are expected to sustain this upward trajectory, making India a key contributor to future expansion in the global gems and jewellery industry.
