India is now the world’s second-largest market for diamonds and jewelry and is projected to grow by over 40% by 2030, according to Amit Pratihari, Managing Director of De Beers India, as reported by IDEX Online.
Pratihari shared these insights during a recent event marking the launch of a long-term strategic collaboration between De Beers and Tanishq, India’s largest jewelry brand.
According to De Beers, India currently accounts for approximately 11% of global demand for natural diamonds, having surpassed China to become the second-largest market after the United States. However, acquisition rates in India remain significantly lower compared to more mature markets, such as the U.S. Pratihari noted that this presents “a significant opportunity to catalyse further growth for natural diamond jewellery in India.”
“India’s gems and jewellery market domestic consumption of India is $85bn and it is expected to reach $120bn by 2030,” said Pratihari, as reported in The Indian Express. “India’s economy is presently a $3.5 trillion economy and by 2030, it is expected to reach $7.9 trillion […] Major growth in the Indian market is into the desirable products which includes gems and jewellery industry.”
