The ownership of natural diamond jewellery among Indian women has risen by 4 percentage points, from 11% in 2022 to 15% in 2025, according to the De Beers India Diamond Acquisition Study 2025. This growth is largely attributed to Gen Z and Millennials, who collectively account for 86% of the market value.
The study highlights a shift in consumer preferences, indicating that younger generations increasingly perceive natural diamonds as symbols of individuality, authenticity, and emotional significance. On average, these consumers are spending ₹1,98,000 per piece.
As the Indian market is projected to expand at a compound annual growth rate (CAGR) of 12%, it is expected to reach ₹1.52 lakh crore by 2030. A recent Deloitte study, cited by the Natural Diamonds Council (NDC), reveals that diamonds are the second most preferred jewellery material among 20 to 25-year-olds, with 58% of respondents choosing diamonds over other materials.
“This signals a significant cultural shift where natural diamonds are increasingly becoming part of everyday luxury and self-expression for younger Indian consumers,” the NDC stated.
Leading jewellery retailers have reported that the natural diamond segment is consistently outpacing overall market growth. For instance, Saurabh Gadgil, Chairman of P N Gadgil, noted that the company’s diamond segment experienced a remarkable year-on-year growth of 61%, significantly surpassing the growth of their gold segment.
In a related development, MP Ahammed, Chairman of Malabar Gold & Diamonds, reported a 45% increase in diamond-studded jewellery sales during the 2023 Akshaya Tritiya period.
Richa Singh, Managing Director of the NDC, commented, “In just three years, natural diamond ownership among Indian women has grown from 11% to 15%. 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.” Singh highlighted that the significance of natural diamonds in India has evolved from sentiment to an established fact.
As India’s personal disposable income is projected to grow by 11% annually, Singh emphasized that natural diamonds are strategically positioned to maintain their status as the definitive standard for luxury.
Published on May 29, 2026.
