India’s glittering growth story continues till 2033

 

India’s Natural Diamond Market set for long growth streak  

In the accordance with National Diamond Council [NDC] in August 2024, India officially overtook China to become the world’s second-largest consumer of natural diamonds, trailing only the United States. This shift reflects more than global rankings - it signals a profound economic and cultural transformation.  

India’s diamond market is projected to grow at a 5% to 8% CAGR through 2033, with the post-Covid recovery fuelling annual growth of up to 20%, according to The Economic Times. The market now stands at $3.5 to $4 billion, accounting for 11% of global natural diamond consumption.  

Rising disposable income, deeper retail penetration, and increasing formalisation of the jewellery sector are key factors. But more importantly, the shift is being shaped by a new kind of buyer - one that values self-expression over social convention.

Millennials and Gen Z are at the forefront of this change. No longer viewing natural diamonds solely as matrimonial symbols, younger consumers now see them as personal milestones - emblems of identity, freedom, and achievement.  

According to the Natural Diamond Council (NDC), Indian consumers in 2022 spent nearly three times more on diamond jewellery compared to 2018, with average spending rising from approximately $560 to $1,500. These two generations alone accounted for over 75% of the total market value.  

Minimalist, everyday-wearable designs are trending over heavy traditional sets. This reflects a broader global pivot: in the UAE, too, younger consumers are choosing diamond-studded jewellery over pure gold, viewing it as an affordable expression of luxury. Industry insights from De Beers and Bain & Co.’s Global Diamond Report link this to the rise of “revenge spending” - a post-pandemic phenomenon where people prioritise experiences and self-reward over deferred aspirations.

The result? Natural diamonds are no longer reserved for weddings or heirlooms. They’re being worn to celebrate promotions, birthdays, or simply to say, “I earned this.”  

What truly makes natural diamonds irresistible today isn’t just their dazzle - it’s the story they tell. For a generation that values emotion and meaning over materialism, each diamond is a glittering time capsule. A celebration. A memory. A moment frozen in brilliance.  

Interestingly, real diamonds haven’t always been embedded in our cultural imagination this way. Their romantic symbolism is a 20th-century evolution, one crafted by brilliant marketing and cultural shifts. Yet today, that narrative continues to evolve, shaped by new definitions of identity, ownership, and legacy. In an age where authenticity is the new luxury, natural diamonds - timeless yet personal, scarce yet accessible - are quietly reaffirming their enduring allure.