The ownership of natural diamond jewellery among Indian women has increased by 4 percentage points from 11 per cent in 2022 to 15 per cent in 2025, with Gen Z and Millennials accounting for 86 per cent of the market value, says a De Beers India Diamond Acquisition Study 2025. 

It reflects rising aspiration, accessibility, and desirability for natural diamonds in India, the study said. 

“The category’s resilience is being driven significantly by younger consumers, with Gen Z and Millennials now accounting for 86 per cent of India’s total natural diamond market value. This demographic increasingly views natural diamonds as symbols of individuality, authenticity, and emotional meaning, with consumers spending an average of ₹1,98,000 per piece,” it said. 

Seen growing at 12% CAGR

The Indian market is further projected to grow at a 12 per cent CAGR, reaching ₹1.52 lakh crore by 2030. India’s growing affinity towards diamonds is also reflected in evolving consumer preferences. 

A press release from Natural Diamonds Council (NDC) said a recent Deloitte study found that diamonds are second only to gold in jewellery material preference among 20–25-year-olds, with 58 per cent of respondents in the age group choosing diamonds. 

“This signals a significant cultural shift where natural diamonds are increasingly becoming part of everyday luxury and self-expression for younger Indian consumers,” said the release.

NDC said leading jewellery retailers, who reported that the natural diamond category is consistently outpacing overall market growth. Saurabh Gadgil, Chairman of jewellers P N Gadgil, said the company’s diamond segment grew at a remarkable 61 per cent year-on-year, significantly higher than their gold segment’s growth. 

Akashaya Tritiya sales

Malabar Gold & Diamonds Chairman MP Ahammed said diamond studded jewellery sales were up 45 per cent during the Akshaya Tritiya period this year. 

These are pointers that Indian consumers are redefining the category as an essential expression of individuality and lasting value in an era of fleeting trends.  

Richa Singh, Managing Director, Natural Diamond Council said, “In just three years, natural diamond ownership among Indian women has grown from 11 per cent to 15 per cent. Numbers like that tell us that for a growing number of Indian women, natural diamond is a deliberate choice, real, rare, and made to be passed on, an expression of who she is rather than just an occasion she marks.” 

The natural diamond’s place in India is no longer a matter of sentiment. It is a matter of record. 

She said as India’s personal disposable income is projected to grow by 11 per cent annually, the natural diamond is uniquely positioned to remain the definitive standard for luxury. 

Published on May 29, 2026