India is world’s second largest diamond jewellery market

India has emerged as the world’s second largest diamond jewellery market, surpassing China and Japan, as younger consumers and financially independent women drive a major shift in buying behaviour.

According to a report,  India now accounts for 12 per cent of global demand for natural diamond jewellery, with the domestic market valued at Rs 497 billion. It is projected to expand to Rs 1.5 lakh crore by 2030.

The growth marks a significant transformation in consumer preferences, with diamonds increasingly seen as lifestyle products rather than assets stored for special occasions.

Generation Z, aged between 18 and 28, has emerged as the strongest force behind this trend, contributing 51 per cent of the total market value, up 19 per cent since 2022.