Indian Women's Aspirations Fuel Natural Diamond Demand in India

By: Women Entrepreneurs Review Team | Tuesday, 2 June 2026

Natural diamond jewelry ownership among Indian women has risen from 11% in 2022 to 15% in 2025, reflecting stronger consumer aspiration, rising financial independence and growing demand for self-purchase, the Natural Diamond Council (NDC) said.

India has emerged as the second-largest diamond jewelry market, accounting for 12% of global demand for the jewelry against 10% in 2019, while China and Japan are in the third and fourth positions.

According to NDC, the younger segment is the one contributing to the growth in the category, with Gen Z and Millennial taking 86% of the value of all natural diamonds sold in India. The average spend of consumers is estimated at INR 198,000 per piece and the market is expected to expand at 12 per cent CAGR to INR 1,520 billion by 2030.

The NDC noted the performance of retailers recently as additional evidence of the momentum in demand. P N Gadgil, the Chairman of the company, recently reported the sales of the diamond segment grew by 61% year-on-year, while Malabar Gold & Diamonds Chairman M.P. Ahammed reported a 45% year-on-year growth in sales of studded jewelry in the 2026 Akshaya Tritiya period.

Natural diamonds are gaining more and more appeal with younger consumers as a symbol of individuality, authenticity and emotional value, the release said. A recent Deloitte study showed that diamond is the second preferred jewelry material among the 20-25 age group, after gold, with 58% of the respondents saying that they prefer diamonds.

The NDC has been keen on developing the relevance of the category in India via education-based campaigns, cultural stories, retail partnerships and lifestyle-based stories, it said.

Key Highlights:

• Natural diamond ownership among Indian women rose from 11% to 15% between 2022 and 2025
• India is now the world's second-largest diamond jewelry market and is expected to reach ₹1.52 lakh crore by 2030
• Gen Z and Millennial account for 86% of natural diamond sales in India, driving strong market growth

Diamonds have been a workhorse, we have never been in need of glamour, we have never been in need of red carpets, we have never been in need of fashion moments and we are here to take it all on board,” said Richa Singh, Managing Director, Natural Diamond Council. This year's findings, however, are the most compelling thing of all - it's a number.

“Indian consumers are choosing the natural diamond because it is real, it is rare, and it has the emotional and heirloom value that transcends today's trend. For each retailer, craftsperson and partner who helped make this market possible, these numbers are a hard fact that this market is real, measurable and ours to build.”

The NDC stated that the natural diamond has a good chance of being a part of India's growing luxury market, given the country's expected personal disposable income of 11% per year.

The Indian market is expected to grow by 12 per cent CAGR to reach ₹1.52 lakh crore by 2030. This growing liking for diamonds among Indians can also be seen in the changing preferences of consumers.

According to a recent study by Deloitte, diamonds rank second only to gold in terms of preference among 20-25 year olds as jewelry material as 58 per cent of respondents in this age group opted for the diamond. According to a recent study conducted by Deloitte, 58 per cent of respondents aged 20-25 said they preferred diamonds as jewelry material, making it the second most preferred choice, after gold.

“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.”

According to NDC, the top jewelry retailers have confirmed that the natural diamond division is consistently outperforming the growth in the market. Chairman of the jewelry makers P N Gadgil, said that the growth of the diamond segment was remarkable at 61 per cent year-on-year, as compared to their gold segment.