Editor’s Note
India has overtaken China to become the world’s second-largest natural diamond market by value in 2024, a significant milestone for its gem and jewelry sector. This shift highlights the dynamic changes within the global luxury goods landscape.
In 2024, India’s diamond market experienced robust growth and is estimated to have surpassed China in market value, making it the world’s second-largest natural diamond market. This marks a significant milestone for India’s evolving gem and jewelry industry.
The Gem & Jewellery Export Promotion Council (GJEPC) of India now forecasts that the country’s domestic natural diamond market will continue to expand rapidly, projected to reach a size of $17 billion by 2030. The current value of India’s domestic natural diamond market stands at $8.7 billion, accounting for approximately one-tenth of the country’s $85 billion gem and jewelry industry.
Simultaneously, the lab-grown diamond industry, though smaller in scale, has also contributed to the growth of the diamond sector. The Indian lab-grown diamond market is valued at approximately $2 billion, primarily driven by exports.
