India Diamond Jewelry Market Research Report: Forecast (2025-2030)

Market Definition

Diamonds are widely used in jewelry items such as rings, necklaces, and earrings due to their deep cultural and emotional value and their association with luxury and social status.

Market Insights and Analysis: India Diamond Jewelry Market (2025-30):

The India Diamond Jewelry Market size was valued at around USD 18.12 billion in 2025 and is projected to reach USD 28.15 billion by 2030. Along with this, the market is estimated to grow at a CAGR of around 9.21% during the forecast period, i.e., 2025-30. This consistent growth is likely to be driven by a strong cultural association, premiumization & branded retail expansion, and the emergence of lab-grown diamonds (LGDs). Weddings and festive purchases constitute the majority of the demand for diamond jewelry in India. The wedding industry in India is valued at around USD50+ billion and drives the sales of bridal sets and engagement rings in the country, irrespective of short-term price fluctuations in the market. This is exemplified in the double-digit growth in diamond jewelry sales witnessed by Tanishq even during periods with high gold prices. The company also markets exclusive diamond collections aimed at premium wedding purchases under the ‘Zoya’ brand. The cultural importance of precious jewelry thus contributes to a strong market demand for diamond jewelry in India.

Moreover, India has seen a growing shift in jewelry purchases from local shops to branded jewelry stores in recent years. Major retail chains like Malabar Gold & Diamonds are expanding their presence with rising incomes and urban development across India. Diamond jewelry remains a major contributor to this growth as brands continue to expand their product lines due to 3-5% higher margins compared to gold. Market demand is supported by the emergence of LGDs as a cheaper alternative to natural diamonds. This is expanding the reach of the diamond jewelry market in India because LGD-based jewelry is up to 40-60% cheaper than traditional diamond jewelry. Brands like CaratLane are normalizing LGDs for value-conscious buyers through product offerings and price comparisons. Market growth is further supported by the fact that India is emerging as a major hub for cutting and certification of LGDs as the International Gemological Institute (IGI) continues to expand its facilities.

India Diamond Jewelry Market Scope:

India Diamond Jewelry Market Driver:

Social Aspirations & Cultural Factors Driving Market Growth – The tradition of purchasing precious jewelry for weddings and cultural occasions in India creates a strong demand in the market. The wedding season that usually extends from October to March alone contributes 40-50% to the annual sales of diamond jewelry in India. Brands drive diamond jewelry purchases on festive occasions like Akshaya Tritiya through promotional campaigns and offers. Consumers also purchase diamond jewelry to gift on milestone events due to the high emotional value and symbolism attached to diamonds.

There is a strong demand for diamond jewelry across India due to social aspirations and lifestyle shifts resulting from the country's economic progress. A growing purchasing power and exposure to global lifestyle trends are driving the sales of mass-market offerings from brands like CaratLane, which are offering affordable diamond jewelry with minimalist designs to attract lifestyle-driven younger consumers. Luxury brands like Cartier are similarly driving market demand for high-end purchases through custom designs and exclusive events. Purchases linked to traditions and evolving consumer preferences are thus driving the India Diamond Jewelry Market.

India Diamond Jewelry Market Opportunity

Untapped Tier 2 & 3 Cities Offering Lucrative Growth Opportunities – Industry players are expanding their footprint beyond major cities to tap into the underserved demand for diamond jewelry in smaller cities. These cities are experiencing a strong growth in diamond jewelry sales due to rising incomes as a result of infrastructure development and remittance growth. This is highlighted by the double-digit growth in branded jewelry sales witnessed by cities such as Indore, Lucknow, and Bhubaneswar. The room for expansion in these cities is also highlighted by the low penetration of branded jewelry stores. These stores contribute to less than 20% of diamond jewelry sales in tier-2 & 3 cities compared to 40-45% in major metropolitan cities.

The expansion into smaller cities offers another advantage to industry players. Outlets in these cities allow better margins even with low sales volumes due to lower establishment and operational costs. This is also allowing companies to expand faster due to the better financial viability of these stores. This is evident in the opening of multiple outlets by Tanishq and Malabar Gold & Diamonds in cities like Durgapur and Salem within 5 months of the financial year (FY) 2025-26.

India Diamond Jewelry Market Challenge:

Tariff Shocks & Trade Uncertainties –  India Diamond Jewelry Market faces a considerable challenge in the form of tariff shocks and trade uncertainties due to its strong dependence on exports. India accounts for 90% of the world’s rough diamond processing and 25% of global cut and polished diamond exports. The exports to the US alone constitute more than 40% of the country’s total polished diamond exports. Tariff hikes implemented by the US in the last few weeks that increased the rate to 50% are threatening USD 10+ billion worth of exports from India.

Trade policy uncertainties similarly affect the market share of the diamond jewelry industry. The industry saw a 15% drop in annual revenues during FY 2024-25 due to weak demand resulting from uncertainties in the US and EU. This saw exporters facing working capital issues due to individual shipment delays worth USD5-10 million as a result of policy uncertainties in the United States. Market growth was further affected by the temporary closures of industry units as a result of the trade slowdown.

India Diamond Jewelry Market Trend:

Fusion of Traditional and Modern Designs – The Diamond Jewelry Market in India is witnessing a growing trend of fusion of traditional jewelry settings like Kundan and Polki with modern brilliant cut diamonds. This is expanding the target base for these collections by appealing to consumers with varied design preferences. For instance, the ‘Rivaah’ collection by Tanishq targets brides who have traditional and contemporary tastes through the fusion of traditional bridal motifs with modern-cut diamonds. It is also driving diamond jewelry sales as these purchases often involve multiple generations in the decision-making process.

This trend is also influencing consumer choices in the casual wear segment as brands are offering similar products in lighter formats that appeal to a broader set of users. The ‘Ethnix’ line by Malabar Gold and Diamonds offers fusion jewelry items that go equally well with traditional sarees and western dresses.  Design fusion is also driving premiumization of the market as traditional craftsmanship and high-grade diamonds command a significant price premium. This is exemplified in the 20-30% price premium commanded by fusion diamond necklaces over similar weights in simpler modern designs.

India Diamond Jewelry Market (2025-30): Segmentation Analysis

The India Diamond Jewelry Market study of MarkNtel Advisors evaluates & highlights the major trends and influencing factors in each segment. It includes predictions for the period 2025-2030 at the national level. Based on the analysis, the market has been further classified as:

Based on Product Type:

• Rings
• Necklaces
• Earrings
• Bracelets
• Others

Rings represent the dominant segment based on product type in the India Diamond Jewelry Market.  The segment leads the market due to a strong adoption of wedding/engagement rings across urban and young consumers in the country. These rings are also driving the lead of the segment through high item value due to the presence of solitaires in most of these rings. Higher margins are further compelling retailers to drive sales in the segment through targeted promotions and offers.

The dominance of the segment is also supported by the strong sales of rings through online platforms. Their easier showcasing through focused images and videos drives conversions from younger and urban consumers looking to make purchases through the convenience of their homes. This is exemplified in the engagement/solitaire ring-driven 39% year-on-year (YOY) growth witnessed by CaratLane between April and June 2025. These aspects are thus likely to contribute to the continued dominance of the segment during the forecast period as well.

Based on Distribution Channel:

• Jewelry Stores
• Online
• Department Stores
• Others (Duty-Free Stores, Exhibitions, etc.)

Jewelry stores represent the dominant segment based on distribution channel in the India Diamond Jewelry Market.  The segment includes both branded jewelry outlets and local jewelry shops that lead the market due to consumer trust expectations and wedding purchase behavior. These stores drive market demand as a result of their alignment with consumer preference for physical verification and quality assurance through trusted brands and vendors. High-value sales like bridal jewelry purchases often involve the decisions of multiple family members who find it convenient to use this channel.

Organized retail through branded jewelry outlets is emerging as the biggest contributor within the jewelry stores segment. These outlets provide an enhanced buying experience through curated collections and customer loyalty programs, along with added assurance through product certifications and buyback policies. The growth of organized retail is evident in the rise of its market share from an estimated 22% in 2019 to over 36% in 2024. A strong revenue growth of 53% by industry leader Titan further showcases the sustained dominance of this segment.

Top Diamond Jewelry Companies in the Indian Market: Players, Analysis & Future Outlook

The leading diamond Jewelry brands in india, including De Beers India Pvt. Ltd., Tiffany & Co. (LVMH), Richemont India Pvt. Ltd. (Cartier, Van Cleef & Arpels), Pan India Charms & Jewellery Pvt. Ltd. (Pan India), Bulgari S.p.A., Swarovski India Pvt. Ltd., Venus Jewel Pvt. Ltd., H.K. Jewels Pvt Ltd. (Kisna), Titan Company Ltd. (Tanishq, Zoya, Mia, CaratLane), Reliance Retail Ltd. (Reliance Jewels), Malabar Gold & Diamonds, PNG Jewellers Ltd., Senco Gold & Diamonds, Kalyan Jewellers India Pvt. Ltd., Thangamayil Jewellery Ltd., Rajesh Exports Ltd. (SHUBH), PC Jeweller Ltd., and others, are looking forward to increase their market size & share.

India Diamond Jewelry Industry Recent Development:

• July 2025: De Beers introduced its digital platform and a diamond verification service at the 41^st India International Jewelry Show, reinforcing its long-term commitment to the market.
• March 2025: H.K. Jewels announced its plan to open 60+ new stores in 2025 across major and smaller cities, signaling an aggressive retail expansion to cater to rising market demand.

 Gain a Competitive Edge with Our India Diamond Jewelry Market Report 

1. India Diamond Jewelry Market Report by MarkNtel Advisors provides a detailed & thorough analysis of market size & share, growth rate, competitive landscape, and key players. This comprehensive analysis helps businesses gain a holistic understanding of the market dynamics & make informed decisions.
2. This report also highlights current market trends & future projections, allowing businesses to identify emerging opportunities & potential challenges. By understanding market forecasts, companies can align their strategies & stay ahead of the competition.
3. India Diamond Jewelry Market Report aids in assessing & mitigating risks associated with entering or operating in the market. By understanding market dynamics, regulatory frameworks, and potential challenges, businesses can develop strategies to minimize risks & optimize their operations.

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