Indian Natural Diamond Market Set to Reach Rs 1.5 Lakh Crore by 2030

De Beers report projects India's natural diamond market to reach Rs 1.5 lakh crore by 2030, driven by Gen Z demand and 11% GDP growth.

By: AXL Media

Published: Apr 9, 2026, 3:53 AM EDT

Source: Information for this report was sourced from The Economic Times

Strategic Economic Drivers Fueling Luxury Expansion

The domestic market for natural diamond jewellery is entering a phase of rapid acceleration, with estimates suggesting the industry will hit a valuation of Rs 1,50,000 crore by the end of the decade. This growth is underpinned by strong macroeconomic fundamentals, specifically a forecasted 11 percent annual rise in both gross domestic product and personal disposable income through 2030. According to the De Beers Group, these financial indicators are creating a stable foundation for the luxury sector to expand as the country solidifies its position as a central pillar of the global diamond industry.

Structural Shifts in Consumer Adornment Habits

A profound change is occurring in how natural diamonds are perceived and purchased within the domestic landscape. Traditionally reserved for bridal collections or significant heirlooms, these gemstones are increasingly viewed as a medium for daily self-expression. This transition toward high-frequency, everyday wear is reshaping the retail environment. Shweta Harit, the Global Senior Vice President of De Beers Group, noted that as personal income grows, a new generation of buyers is prioritizing the authenticity and rarity that natural stones provide over traditional luxury alternatives.

Demographic Influence of Younger High Value Buyers

The current market momentum is largely dictated by the aspirations of younger cohorts, specifically Generation Z and millennial consumers. These demographic groups now represent approximately 86 percent of the total market value for natural diamond jewellery. Their influence is shifting demand away from purely ceremonial pieces toward versatile designs that fit a modern lifestyle. The report suggests that this demographic dominance is a primary factor in the sector's resilience and its projected multi-billion-dollar trajectory over the next several years.