Indian G&J market to reach $228 bn by 2033 with a growth rate of 9,20% during 2025 – 2033 

The International Market Analysis Research & Consulting Group (IMARC Group) expects the market to reach $227.66 bn by 2033, exhibiting a growth rate (CAGR) of 9.20% during 2025-2033. The market is driven by rising disposable incomes, increasing consumer preference for gold and diamond investments, and growing demand for customized and heritage designs. Digitalization, e-commerce expansion, and lab-grown diamonds are reshaping purchasing trends, while government initiatives and export opportunities further fuel the market growth.

Lab-grown diamonds (LGDs) have emerged as a key growth driver within the sector. The Indian LGD market is projected to reach $1.2 billion by 2033, growing at a CAGR of nearly 15%. Exports of LGDs have grown eightfold since FY21, and India now contributes around 15% of global LGD production, the report states. 

The industry has the best skilled manpower for designing and producing high volumes of exquisite jewellery at low labour costs. India is the largest diamond cutting and polishing centre in the world—the industry enjoys 60 per cent value share, 82 per cent carat share and 95 per cent share of the world market in terms of number of pieces. In other words, nearly 9 out of 10 diamonds sold worldwide are cut and polished in India. India exported cut and polished diamonds worth US$ 14.18 billion in 2007-08. Moreover, the government allows 51 per cent FDI in single-brand retail outlets, attracting both global and domestic players to this sector. The World Gold Council recently estimated the size of India’s gold coin market at about $2.11 billion.