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 o...