The Gem & Jewellery Export Promotion Council (GJEPC) has projected that the domestic diamond market will continue to expand rapidly, with expectations to reach $17 billion by 2030. This marks a significant increase from the current $8.7 billion value, representing about a tenth of the country’s $85-billion gem and jewellery industry.
The lab-grown diamond sector, while still smaller, is also contributing to the industry’s growth. The market for lab-grown diamonds stands at approximately $2 billion, primarily driven by exports. According to GJEPC Chairman Vipul Shah, the booming diamond market is a reflection of India’s rising consumption and demand.
Shah highlighted that India’s diamond market growth comes at a time when the country’s overall gem and jewellery sector is also poised for expansion. With projections estimating the industry will reach $130 billion by 2030, up from $85 billion in 2024, the future looks promising for India’s position as a global leader in jewellery trade.
During a recent announcement, Shah revealed that GJEPC had entered into a partnership with De Beers Group, the world’s largest natural diamond miner, to launch the Indian Natural Diamond Retailer Alliance (INDRA). This new alliance aims to assist independent retailers by providing comprehensive marketing support and training programs. The initiative will equip retailers with multilingual resources, knowledge of natural diamonds, and customizable marketing content to help them connect with a broader customer base.
“INDRA will enable retailers to offer enhanced customer experiences and effectively promote natural diamonds at the store level. We believe this alliance will be a game-changer for the industry,” Shah said.
The GJEPC’s efforts align with its broader goal of bolstering the growth of the diamond sector in India, creating a more robust, accessible, and sustainable market for both retailers and consumers. The partnership with De Beers marks a significant step in strengthening India’s diamond industry, providing a solid foundation for the country to solidify its position as a global hub for diamond trade in the years ahead.
