The Gem and Jewellery Export Promotion Council (GJEPC) announced that India’s domestic diamond market officially surpassed China’s in 2024, becoming the second-largest diamond market in the world after the United States, according to a report on Diamond World.
The GJEPC predicts that India’s diamond market will continue to expand rapidly, reaching a value of $17 billion by 2030 – a significant increase compared to its current value of $8.7 billion. The current figure accounts for about one-tenth of India’s $85 billion gem and jewellery industry.
According to the report, the lab-grown diamond sector, although smaller, is also contributing to the overall growth of the diamond industry in India. The lab-grown diamond market in the country is currently valued at approximately $2 billion, with the majority of this value driven by exports.
GJEPC Chairman Vipul Shah stated that the strengthening of India’s diamond market is a result of rising consumption and demand for diamonds within the country. Shah emphasized that the growth of India’s diamond market aligns with the overall expansion of the nation’s gem and jewellery sector. The industry is projected to reach an estimated $130 billion by 2030, up from $85 billion in 2024.