India’s diamond jewellery market is undergoing a decisive transformation, propelled by younger consumers and evolving buying behaviour. According to a recent study by De Beers Group, the country has now moved ahead of China and Japan to become the second-largest diamond market globally, accounting for 12% of worldwide demand.
Currently valued at ₹49,700 crore, the domestic natural diamond segment is expected to grow rapidly, with projections touching ₹150,000 crore by 2030. This expansion is not being driven by traditional investment mindsets, but by a cultural and behavioural shift—diamonds are increasingly being purchased as part of everyday life rather than reserved for special occasions.
At the centre of this evolution is Gen Z. Consumers aged 18–28 now contribute over half of the market’s value, marking a sharp rise in just a few years. Not only are they buying more frequently, but they are also spending more per purchase, indicating a growing preference for premium, expressive pieces. Alongside Millennials, these younger groups dominate the market, collectively accounting for 86% of total value.
The way diamonds are worn is also changing. Daily wear now makes up more than half of all purchases—a significant jump from a decade ago—signalling a clear move toward lifestyle-driven consumption. Diamonds are no longer seen as assets to be stored, but as pieces to be styled, worn, and experienced.
A major driver behind this shift is the rise of self-purchasing. Women are increasingly buying their own diamond jewellery, both for personal milestones and discretionary spending. Outside bridal, nearly two-thirds of purchases are self-driven. Even within weddings, brides themselves account for a substantial share of buying decisions.
Shweta Harit, Global SVP at De Beers Group, highlights that India’s growth reflects a deeper cultural connection with natural diamonds—one that is now being reinterpreted by a younger, more independent consumer. This new generation values rarity and authenticity but also seeks relevance in everyday life.
With an estimated 67 million women forming the addressable market across urban and emerging cities, and high-income households set to rise steadily, the outlook remains strong. Diamonds in India are no longer just heirlooms—they are becoming a visible, personal expression of modern luxury.