India has officially surpassed China to become the world’s second-largest market for natural diamonds, marking a pivotal moment for the country’s rapidly growing diamond and jewelry sector. The Gem & Jewellery Export Promotion Council (GJEPC) forecasts that India’s diamond market will expand from its current value of $8.7 billion to $17 billion by 2030, making up a significant portion of the country’s $85-billion gem and jewelry industry.
This rise is not limited to natural diamonds; the lab-grown diamond sector, although still smaller, has also seen growth, with the market for lab-grown diamonds sitting at approximately $2 billion, primarily driven by exports.
With projections predicting India’s overall gem and jewelry sector will reach $130 billion by 2030, India is set to become a global leader in the jewelry trade. The announcement of the Indian Natural Diamond Retailer Alliance (INDRA), a partnership between GJEPC and De Beers, will offer retailers comprehensive support, including multilingual marketing materials and training to help promote natural diamonds to a broader audience.
As India’s diamond market continues to grow, its future as a global diamond trade hub is more certain than ever, and its evolving relationship with natural and lab-grown diamonds is expected to reshape the market for years to come.