Natural diamond ownership among Indian women has seen a significant increase, rising from 11% in 2022 to 15% in 2025, according to the De Beers India Diamond Acquisition Study 2025. This growth is largely driven by Gen Z and Millennials, who now account for 86% of the market value.
Market Dynamics
The study highlights a growing aspiration and accessibility for natural diamonds in India. Richa Singh, Managing Director of the Natural Diamond Council, notes that diamonds are increasingly seen as symbols of individuality and emotional meaning. The market is projected to grow at a 12% CAGR, reaching ₹1.52 lakh crore by 2030.
Supply and Demand Drivers
- Supply: The supply of natural diamonds remains stable, with no significant disruptions reported.
- Demand: A Deloitte study found that diamonds are second only to gold among 20–25-year-olds, with 58% choosing diamonds over other materials.
Consumer Trends
Leading jewellery retailers report that the natural diamond category is outpacing overall market growth. Saurabh Gadgil, Chairman of P N Gadgil, noted a 61% year-on-year growth in their diamond segment. Similarly, Malabar Gold & Diamonds reported a 45% increase in diamond-studded jewellery sales during the Akshaya Tritiya period.
"In just three years, natural diamond ownership among Indian women has grown from 11% to 15%. This tells us that for a growing number of Indian women, natural diamond is a deliberate choice," said Richa Singh.
Outlook
The natural diamond market in India is expected to continue its upward trajectory, supported by increasing personal disposable income projected to grow by 11% annually. Upcoming reports from the Natural Diamond Council and further consumer studies will provide additional insights into this evolving market.
| Year | Diamond Ownership (%) |
|---|---|
| 2022 | 11 |
| 2025 | 15 |
The natural diamond's place in India is no longer a matter of sentiment but a matter of record.
