India becomes 2nd largest diamond jewelry market, De Beers says
India moved up in 2025 to become the second-largest diamond jewelry market worldwide, overtaking China and Japan with a 12% global share, according to De Beers's 2025 study.
The US still leads by a huge margin at 53%.
What's really driving India's growth? Gen Z and millennials are making diamonds part of their everyday style, not just saving them for special occasions.
Gen Z dominates India diamond market
Gen Z makes up over half of India's diamond market value as of 2025, jumping from 32% in 2022 to 51% in 2025, with millennials adding another 35%.
While big cities still buy the most, smaller towns are catching up fast.
Self-purchases for personal milestones make up 11% of natural diamond jewelry outside the wedding segment.
In 2024, female consumers reported acquiring lab-grown diamond jewelry representing over one-fifth of the total diamond market value