Gen Z buyers and self-purchasing women fuel rapid growth as India overtakes China and Japan in diamond jewellery demand, Says De Beers Study
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 the 2025 De Beers India Diamond Acquisition Study (DAS).
The report said 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. The segment also recorded the highest average spend per purchase at Rs 1.98 lakh, reflecting strong appetite for premium and authentic luxury products.
When combined with Millennials, the two younger generations now account for 86 per cent of India’s diamond jewellery market value, signalling sustained long-term demand.
The study also highlighted changing usage patterns. In 2014, around 56 per cent of diamond jewellery purchases were reserved for special occasions, while only 27 per cent were worn daily. Today, 52 per cent of acquired diamond jewellery is worn every day, indicating a clear move towards everyday luxury.
A major factor behind this shift is the rise of self-purchasing women. Outside the wedding segment, 64 per cent of natural diamond jewellery is bought by women for themselves, either to celebrate milestones or as impulse purchases. Even within the wedding category, which contributes 29 per cent of market value, brides account for 79 per cent of the value through self-purchases.
Shweta Harit, Global SVP, De Beers Group, said: “India’s ascent to the position of the world’s second-largest diamond market is a testament to the deep-rooted emotional and cultural connection Indian consumers have with natural diamonds. As global markets evolve, India stands out as a beacon of growth, driven by a generation that values authenticity and rarity. At De Beers, we see this as a journey where the timeless artistry of a natural diamond meets the modern, fast-paced aspirations of the Indian Gen Z and Millennial consumer. India is now a primary driver of global demand, shaped by a consumer base that is younger, more independent, and more style-conscious than ever before.”
Natural diamonds continue to outperform gold jewellery, smartphones and luxury watches as preferred gifting and self-purchase options in India, the study added.
With the addressable market expected to grow to 67 million women across Tier 1 to Tier 5 cities, and high-income households forecast to rise by 16 per cent by 2030, the outlook for India’s diamond industry remains strong.
Industry analysts say the trend positions India as a key global demand driver, as diamonds transition from occasional heirlooms to everyday fashion statements.
