India has gone from a minor player to a diamond jewelry superpower — rising from just 2% of global demand in 2005 to a massive 11% today, making it the world’s second-largest market for diamond jewelry. And according to De Beers, it’s not slowing down anytime soon. 🚀
💰 Diamond Boom by the Numbers:
- 💵 2021: $4.6 billion in diamond jewelry sales
- 💸 2022: $5 billion (+8%, or 15% in local currency)
- 📊 2024: Expected to hit $8.5–$9 billion
- 🔮 2030: Forecasted to hit $17 billion!
🌟 What’s Fueling the Surge?
- Explosive economic growth
- A booming affluent middle class
- Rising brand obsession and global fashion influence
- Massive retail expansion in tier 1, 2, and 3 cities
- Young buyers: Over 75% are Gen Z or Millennials, and 50% under 35!
🛍️ Diamond Shopping in India Is Changing
- 60% of purchases are self-bought
- Women make 94% of purchase decisions — even if someone else is paying
- Branded jewelry (like Forevermark, Tanishq, etc.) now makes up 35–40% of sales
- E-commerce and digital platforms are making diamonds more accessible than ever
🏬 Retail Revolution
- Organized retail grew from 2% (2000) to nearly 50% of the market today
- Mega-chains like Tanishq, Reliance Jewels, Malabar, Kisna, and now Indriya (Aditya Birla Group) are transforming how India buys jewelry
- Over 150 new stores expected to open by 2025
📈 Studded Jewelry on the Rise
- In 2020: Only 14% of jewelry was diamond-studded
- In 2023: Hit 18%
- By 2028: Expected to hit 25–30%
🤝 De Beers x Tanishq = Power Duo
- Strategic collab to boost diamond demand
- Forevermark’s unique blend of local + international design is killing it with Indian consumers
- Plan to take Forevermark global once India model is solidified
📌 Bottom Line?
India isn’t just buying more diamonds — it’s reshaping the future of the industry. With unmatched demand growth, a younger customer base, and a wave of retail innovation, the country is set to sparkle all the way through the 2030s.