India Diamond Market: Size, Share, Trends, Key Players, Opportunity Analysis & Future Forecast 2026-2034

The latest report by IMARC Group, 'India Diamond Market Size, Share, Trends and Forecast by Product, Application, and Region, 2026-2034', provides a comprehensive industry analysis. It delivers deep insights into the Indian diamond ecosystem, highlighting growth drivers, competitive landscapes, and emerging segment trends for the 2026-2034 forecast period.

What is the India Diamond Market Size, Share, Trends, and Growth Forecast (2026-2034)?

According to the latest analysis by IMARC Group, the India diamond market size reached USD 3.49 Billion in 2025. Looking forward, the market is projected to reach USD 5.29 Billion by 2034, exhibiting a stable compound annual growth rate (CAGR) of 4.72% during the forecast period (2026-2034).

Key Market Statistics (2025-2034):

Here are the essential figures from the IMARC Group report:

• Market Size (2025): USD 3.49 Billion
• Projected Market Value (2034): USD 5.29 Billion
• Growth Momentum: 4.72% CAGR
• Regional Scope: India
• Study Period: 2026-2034

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What is driving the growth of the India Diamond Market?

The expansion of the India diamond market is propelled by a combination of supportive government policies, retail modernization, and cultural affinity.

Key Growth Drivers:

• Supportive Government Policies: Initiatives like the Diamond Imprest Authorization Scheme (providing duty-free imports for exporters) and safe harbour tax rates for foreign mining companies are strengthening India's position as a global processing hub.

• Aggressive Retail Expansion: Major jewelry chains like Tanishq, Malabar Gold & Diamonds, and Kalyan Jewellers are expanding rapidly into tier-2 and tier-3 cities, capitalizing on the rising purchasing power of the middle class.

• Cultural & Wedding Demand: The deep-rooted cultural affinity for diamond jewelry during weddings and festivals remains a primary demand driver.

• Changing Consumer Preferences: There is a growing shift among millennials and working women towards diamond jewelry for everyday wear and self-expression, moving beyond just traditional occasion wear.

• Lab-Grown Diamond (LGD) Boom: The emergence of LGDs as a sustainable and affordable alternative is expanding the market reach, supported by favorable policies like the elimination of customs duty on diamond seeds.

What are the Key Trends Shaping the India Diamond Market (2026-2034)?

The Indian diamond landscape is undergoing a transformation, shifting towards technology-driven manufacturing and sustainable luxury.

Emerging Market Trends:

• AI in Diamond Processing: Artificial Intelligence is transforming the industry by enabling precision manufacturing. AI-powered systems analyze rough diamonds to determine optimal cutting strategies, maximizing yield and value while reducing waste.

• Rise of Lab-Grown Diamonds: India is emerging as a global leader in LGD production using advanced CVD technology, concentrated in Gujarat and Maharashtra. Retailers are increasingly introducing LGD collections alongside natural stones.

• Retail Premiumization: Organized players are adopting multi-brand approaches (e.g., Titan's Tanishq, Zoya, CaratLane) to cater to distinct market segments, from luxury buyers to aspirational youth.

• Digital Integration: Retailers are integrating digital channels for personalized shopping experiences, educating consumers about diamond quality (4Cs), and offering transparency through certification.

Who are the Key Players in the India Diamond Market?

The competitive landscape of the India diamond market is driven by a mix of organized retail giants and specialized processing firms.

Explore the Full Report with Charts, Table of Contents, and List of Figures: https://www.imarcgroup.com/india-diamond-market

How is the India Diamond Market Segmented?

The market segmentation of the India diamond market is characterized by diverse product types and applications, driving specialized growth across various consumer segments.

The following section provides a detailed breakdown of the market categories analyzed in the IMARC Group report:

Analysis by Product:

The industry is evolving with the coexistence of natural and lab-created stones.

• Natural
• Synthetic (Lab-Grown)

Analysis by Application:

The versatility of diamonds allows them to serve both luxury and industrial needs.

• Jewelry & Ornaments
• Industrial

Analysis by Region:

Regional distribution highlights the key processing hubs and consumption centers in India.

• North India
• South India
• East India
• West India

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What are the Recent Developments in the India Diamond Market?

The India diamond market is witnessing strategic policy reforms and major infrastructure projects.

The following are the latest developments and news highlights as noted in the IMARC Group report:

• Policy Reforms: In January 2025, the government introduced the Diamond Imprest Authorization Scheme, allowing duty-free imports of cut and polished diamonds for re-export to boost MSME competitiveness.

• State Initiatives: The Maharashtra government approved the Gems and Jewellery Policy 2025, targeting investments of Rs. 1 Lakh Crore and the creation of the India Jewellery Park Mumbai in Navi Mumbai.

• Taxation Simplification: The Union Budget 2024 introduced safe harbour rates for foreign mining companies selling raw diamonds in India, simplifying compliance and reducing dispute risks.

What is the Future Outlook for the India Diamond Market?

The future outlook of the India diamond market is characterized by steady growth driven by domestic consumption and manufacturing excellence.

The following are the key future projections as highlighted in the IMARC Group report:

• Steady Market Growth: The market is projected to reach USD 5.29 Billion by 2034, growing at a CAGR of 4.72%.

• Processing Dominance: India will maintain its leadership in diamond processing, handling approximately 90% of global rough diamonds by volume.

• Organized Retail Growth: The rapid expansion of organized retail networks into tier-2 and tier-3 cities will sustain positive market momentum, reducing the share of the unorganized sector.

Why IMARC Group is a Trusted Industry Authority:

• Global Strategic Partnership: We partner with clients across all sectors and regions to transform their businesses by addressing their most critical market challenges.

• Comprehensive Information Products: Our research covers major scientific, economic, and technological developments tailored for business leaders in the luxury and retail sectors.

• Specialized Domain Expertise: We specialize in providing accurate market forecasts and deep-dive analysis for diverse industries, including gems and jewelry, retail, and consumer goods.

• Advanced Methodology: Our expertise lies in identifying novel processing methods and delivering data-driven insights that empower organizations to stay ahead of the competitive curve.

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