The demand for diamond jewelry in India has grown consistently in recent years, paralleling the country's economic growth. This has resulted in an increase in middle-class income, leading to greater spending on luxury items like diamond jewelry. Consequently, India currently boasts the fastest-growing diamond jewelry market in the world.

        According to De Beers Group, in 2005, the Indian diamond jewelry market accounted for only 2% of global consumption. Today, it has risen to 11%, making India the world's second-largest consumer of diamond jewelry, following the United States.

Source: www.vyapaarjagat.com

        In 2021, diamond jewelry sales in India amounted to USD 4.6 billion, increasing by 8% to USD 5 billion in 2022. By 2024, the market value is expected to reach approximately USD 8.5–9 billion. The primary consumer base resides in major cities, with most buyers being women and younger individuals. About 50% of buyers are under the age of 35, with Millennials (currently aged 28–43) and Gen Z (currently aged 12–27) accounting for approximately 75% of total purchases. It is anticipated that the number of middle-to-upper-class consumers in India will grow by 20% between 2022 and 2030.

        India's robust demand for diamonds, often used in ceremonies and significant events, has established the country as a major influence on global trends and demand for diamond jewelry.

Wasana Somnate

The Gem and Jewelry Institute of Thailand (Public Organization)

December 2024