Sourcing

How India Became the World’s Second-Largest Market for Diamond Jewelry

SourcingOct 04, 2024

How India Became the World’s Second-Largest Market for Diamond Jewelry

A strong economy, a growing middle class with an affinity for brands, and rapid expansion of organized retail have fueled the market’s rise.

Forevermark store Mumbai India
Forevermark jewelry is now sold at exclusive boutiques and high-end retailers in India; pictured is the Forevermark boutique in Mumbai.
Mumbai, India— In 2005, India’s domestic diamond jewelry market was relatively small, accounting for just 2 percent of total global consumption.  
 
That figure has risen to 11 percent today, according to De Beers Group, making India the second-largest market for diamond jewelry worldwide.  
 
“Diamond jewelry demand in India has grown steadily in recent years,” said Sandrine Conseiller, CEO of De Beers Brands.  
 
“Today, the country is the fastest-growing market in the world in this category.” 
 
Diamond jewelry sales in the country, which stood at $4.6 billion in 2021, rose by 8 percent to $5 billion in 2022 (15 percent in local currency), according to De Beers’ Diamond Insight Report from 2023
 
Sales have continued to climb since then and are widely expected to reach about $8.5 billion to $9 billion this year.  
 
Amit Pratihari, managing director of De Beers India and Forevermark India, said, “The most significant growth in demand in India has come in the last couple of years, with a strong growth profile in 2023 accelerating as we have entered 2024.” 
 
Buoyant Economy, Rising Affluence 
Indian diamantaires describe the local market as one of the bright spots amidst the global economic slowdown.  
 
The country’s economy is among the fastest growing in the world. There is an expanding, and increasingly affluent, middle class, and consumer tastes are influenced by global trends sparking a rising interest in diamond jewelry.  
 
“The Indian natural diamond market is witnessing unprecedented expansion, creating new opportunities and challenges for industry players,” said Venus Jewel Managing Partner Rajesh Shah.  
 
Kisna Diamond & Gold Jewellery, the flagship retail brand of Hari Krishna Exports, recently expanded its exclusive showrooms to 40.  
 
These are primarily located in metropolitan cities and tier 1 (the largest, most established cities) and tier 2 cities (those that are smaller but growing rapidly) in addition to the brand’s presence in more than 1,500 shop-in-shops in local jewelers across the country. 
 
In a presentation at the “InnovNXT, Forty Under 40 Leadership Summit” organized by the Gem and Jewellery Export Promotion Council (GJEPC) earlier this year, Pratihari noted that diamond jewelry demand is urban-centric, with larger cities (tiers 1, 2 and 3) accounting for 80 percent of all purchases.  
 
The buyers are predominantly younger consumers, with 50 percent under 35 years old and the share of millennials (now 28-43 years old) and Gen Z (now 12-27 years old) buyers accounting for about 75 percent of all purchases.  
 
He estimated that the number of mid- to high-end consumers in India will increase 20 percent between 2022 and 2030. 
 
Immense Potential  
“Jewelry containing natural diamonds is one of the most highly desired items among Indian female consumers, for both gifting and self-purchase, and this desirability has also increased in recent years,” Conseiller explained. 
 
Ajoy Chawla, CEO of the jewelry division at Titan Company Ltd., which owns retail chain Tanishq, India’s largest jewelry retailer, noted recently that there is a massive opportunity for diamond sales to increase given the very low penetration of diamond-set jewelry (also referred to as studded jewelry) in the market.  
 
Recent projections by Red Seer, a consultancy firm, estimate that the share of studded jewelry in India, which was about 14 percent in 2020, has risen to 18 percent in 2023 and could touch 25-30 percent in the next five years.  
 
Against this backdrop, De Beers and Tanishq recently entered into a long-term strategic collaboration to boost diamond demand in India.  
 
Conseiller said this is part of De Beers’ refreshed approach to category marketing, which is focused on establishing strategic partnerships with retailers. 

 Related stories will be right here … 

Unique Features 
It is not just affluence that has propelled growth.  
 
De Beers, which has three decades of experience in retail in India, pinpoints some unique characteristics of local demand. 
 
One of these is self-purchase, which accounts for around 60 percent of diamond jewelry demand.  
 
Conseiller noted that the role and influence of women is particularly strong in India.  
 
“Even when the purchase is funded by someone else (such as a gift), women still solely make the decision for 94 percent of purchases,” she said. 
 
Pratihari shared an interesting insight on the growing influence of digitalization and e-commerce, noting that it made diamond jewelry, “more accessible to a broader audience across India’s urban and semi-urban regions.  
 
“E-commerce, in particular, is helping tap into demand from younger and tech-savvy consumers.” 
 
The rapid rise of an organized sector in Indian jewelry retail is another enabling factor.  
 
Though wearing jewelry is an intrinsic part of Indian culture, it was a largely unorganized industry.  
 
In the 1990s, some traditional family jewelers began modernizing their operations, and the Tata Group had entered jewelry retail with Tanishq.  
 
It was only after 2000, however, that the first large jewelry retail chains came into existence.  
 
Some, like Kisna and Orra, were launched by large diamond manufacturers/exporters.  
 
Corporate giant Reliance Industries created Reliance Jewels. And, jewelers like Malabar, PNG, Alukkas, Senco, and others with a strong presence in a city or two, began developing regional or nationwide chains.  

“Once the new Forevermark model is established in India, we will consider launching the brand and collections in other major markets.”— Sandrine Conseiller, De Beers Group   
 
Though they predominantly deal in gold jewelry, these retailers also saw benefits in catering to the burgeoning demand for modern diamond jewelry. 
 
In the 25 years since, the share of organized retail has grown from an estimated 2 percent in 2000 to about 40 percent to 50 percent of India’s jewelry market.  
 
Conseiller said this has been a key driver of growth in diamond demand, as Indian consumers favor trusted brands.  
 
“Our studies show that 57 percent of women would purchase diamonds from a reputable brand even if that meant paying a premium; among millennial women this figure rises to 63 percent.”  
 
According to Pratihari, branded diamond jewelry is estimated to account for around 35-40 percent of the total market, a figure that is likely to grow as the market evolves.
 
Forevermark ring
A Forevermark ring. Jewelry from the De Beers Group-owned brand, which combines both international and local design influence, is popular among young and modern Indian women.

Due to a combination of these factors, De Beers’ Forevermark has resonated strongly with Indian consumers and is seen to have strong potential.  
 
“We’re excited to continue to grow and evolve Forevermark as a finished jewelry brand, with a focus on a unique product offer that combines both international and local design influence to appeal to the modern Indian woman,” Conseiller said.  
 
“Once the new Forevermark model is established in India, we will consider launching the brand and collections in other major markets.”  
 
Bright Prospects 
In the near term, prospects for growth seem bright.  
 
Most large retail chains have announced expansion plans, with more than 150 new store openings expected by 2025. 

One of India’s largest business houses, the Aditya Birla Group, has recently entered jewelry retail under the brand Indriya.  
 
Its expansion plans include launching 10 large-format stores in a few months. Observers say that the initial stocking for these new stores will give a further boost to wholesale demand. 
 
Looking ahead, Conseiller expects that demand for natural diamond jewelry in the Indian market will continue to grow by low double-digit percentages until 2030.  
 
“India will remain the second-largest market for diamond jewelry, after the United States, until at least the 2030s,” she said.  
 
At the InnovNXT Summit, Pratihari revealed that the company’s projections showed that diamond jewelry sales could reach $17 billion by the end of this decade; a glittering future, indeed. 

The Latest

Golconda Blue
AuctionsApr 29, 2025
‘Golconda Blue’ Diamond Pulled From Auction

The 23-carat fancy vivid blue diamond, set to headline Christie’s May jewelry auction, was expected to sell for as much as $50 million.

G.B. Heron Jewelers sign
IndependentsApr 29, 2025
Maryland Jeweler to Close After 36 Years

G.B. Heron Jewelers in Salisbury, Maryland, is set to close as its owner, Jeff Cassels, retires.

National Jeweler Columnist Emmanuel Raheb
ColumnistsApr 29, 2025
Google Ads vs. Social Media Ads: Which Are More Effective?

Emmanuel Raheb outlines the differences between the two platforms and posits that the most successful jewelers use both.

Supplier Spotlight -Recorded-Webinar.png
Brought to you by
Watch: The Winston Red: GIA Examines the Smithsonian’s Newest Addition

Supplier Spotlight Sponsored by GIA

Counterfeit Van Cleef & Arpels Alhambra jewelry
CrimeApr 28, 2025
Customs Seizes Nearly 2,000 Pieces of Counterfeit Van Cleef & Arpels Jewelry

U.S. customs agents in El Paso, Texas, intercepted the package, which would have been worth $9 million if the jewelry was genuine.

Weekly QuizApr 24, 2025
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
Suzanne Kalan Tech Ring Jacket Collection
TrendsApr 28, 2025
Suzanne Kalan Launches Tech Ring Jacket Collection

Health monitors become statement pieces when paired with the brand’s new collection of stackable diamond-studded bands.

JCK Industry Fund
Events & AwardsApr 28, 2025
JCK Industry Fund Announces 2025 Grant Recipients

Ten organizations were selected this year.

ejap cohort 1872x1052.png
Brought to you by
Emerging Jewelers Accelerator Program Announces Second Cohort of Aspiring Jewelry Entrepreneurs

Six new retail businesses were selected for the 2025 program, which began in January.

Kim Carpenter and Sam Gevisenheit
IndependentsApr 28, 2025
John Atencio Appoints 2 to Wholesale Team

Kim Carpenter and Sam Gevisenheit have joined the brand.

Sylvie Jewelry Auranova Collection Campaign Imagery
CollectionsApr 25, 2025
Sylvie Looks to Water in New Sculptural Bridal Collection

“Shell Auranova” is the next generation of the brand’s bridal line, featuring half-bezel engagement rings with bold and fluid designs.

Pomellato Nudo toi et moi ring
FinancialsApr 25, 2025
Kering’s Jewelry Brands Persevere as Q1 Sales Sink 14%

Boucheron and Pomellato performed well in an otherwise bleak quarter for Kering amid struggles at Gucci.

Deborah Meyers Experience The Birds Earrings
EditorsApr 25, 2025
Piece of the Week: Deborah Meyers Experience’s ‘The Birds’ Earrings

Designer Deborah Meyers created her birds from oxidized sterling silver, rose-cut diamond eyes, and Akoya Keshi pearl feathers.

LIM-401 2024 National Jeweler Supplier Bulletin- iD100 Web and Eblast FINAL (1).jpg
Supplier BulletinApr 24, 2025
Protect Your Customers and Your Business

Sponsored by the Gemological Institute of America

Wolf CEO Simon Wolf
EditorsApr 24, 2025
Q&A: Wolf’s CEO Talks U.S. Expansion

Simon Wolf shares why the time was right to open a new office here, what he looks for in a retail partner, and why he loves U.S. consumers.

Iowa jeweler Herman Ginsberg
IndependentsApr 24, 2025
Longtime Iowa Jeweler Herman Ginsberg Dies at 99

A third-generation jeweler, Ginsberg worked at his family’s store, Ginsberg Jewelers, from 1948 until his retirement in 2019.

Charles & Colvard moissanite ring
FinancialsApr 24, 2025
Charles & Colvard Delisted From Nasdaq Due to Noncompliance

The company failed to file its quarterly reports in a timely manner.

Young Diamantaires
SourcingApr 24, 2025
Young Diamantaires Transition to Nonprofit

The organization also announced its board of directors.

Mined + Found "Hope" Matchbox Locket
TrendsApr 24, 2025
Amanda’s Style File: So Charming

Charms may be tiny but with their small size comes endless layering possibilities, from bracelets to necklaces and earrings.

Bulgari’s expanded factory in Valenza, Italy
MajorsApr 23, 2025
Bulgari Doubles Size of Jewelry Factory in Italy

Located in Valenza, the now 355,000-square-foot facility includes a new jewelry school that’s open to the public, Scuola Bulgari.

Jason McNary accepting FGI Fine Jewelry Rising Star award for Paola Sasplugas
Events & AwardsApr 23, 2025
PDPaola Creative Director Wins FGI’s ‘Rising Star’ Award

Paola Sasplugas, co-founder of the Barcelona-based jewelry brand, received the Fine Jewelry Award.

1999 Cosmograph Daytona, Ref.16516
AuctionsApr 23, 2025
Rare Custom Rolex Daytona Heads to Auction

A platinum Zenith-powered Daytona commissioned in the late ‘90s will headline Sotheby’s Important Watches sale in Geneva next month.

Carmelo Anthony and Jaylen Brown David Yurman campaign
MajorsApr 23, 2025
David Yurman’s New Campaign Stars Carmelo Anthony, Jaylen Brown

The basketball stars wear men’s jewelry from the “Curb Chain” collection.

Woman wearing Zales jewelry
MajorsApr 22, 2025
Zales’ Rebrand Takes Playful Approach to Fine Jewelry

The Signet Jewelers-owned retailer wants to encourage younger shoppers to wear fine jewelry every day, not just on special occasions.

JAR Apricot Blossom bracelet
AuctionsApr 22, 2025
Christie’s to Auction JAR Jewelry Collection

The 21 pieces, all from a private collector, will be offered at its Magnificent Jewels auction next month.

National Jeweler columnist Lilian Raji
ColumnistsApr 22, 2025
The PR Adviser: Building Buzz Through Word of Mouth

Lilian Raji answers a question from a reader who is looking to grow her jewelry business but has a limited marketing budget.

Avi Levy
GradingApr 22, 2025
Avi Levy Is GCAL By Sarine’s New Chief Growth Officer

GCAL by Sarine created the new role to sharpen the company’s focus on strategic partnerships and scalable expansion.

Scottsdale Fine Jewelers store exterior
IndependentsApr 22, 2025
Brinker’s Jewelers Acquires Fellow Independent

The Indiana jeweler has acquired Scottsdale Fine Jewelers in Scottsdale, Arizona.

×

This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy