The Gem and Jewellery Export Promotion Council (GJEPC) predicts that the domestic diamond market will continue to grow significantly, reaching $17 billion by 2030. This is a huge increase from the existing $8.7 billion value, which represents almost one-tenth of the country’s $85 billion gem and jewellery business.
The lab-grown diamond sector, while currently modest, is contributing to the industry’s growth. The market for lab-grown diamonds is worth around $2 billion, with exports driving the majority of it. According to GJEPC Chairman Vipul Shah, the thriving diamond market reflects India’s growing consumption and demand.
Shah emphasized that the growth of India’s diamond market coincides with the expansion of the country’s total gem and jewellery sector. With forecasts indicating that the industry will grow to $130 billion by 2030, up from $85 billion in 2024, India’s position as a global leader in jewellery commerce appears to be secure.
Shah recently announced that GJEPC had formed a relationship with De Beers Group, the world’s largest natural diamond miner, to establish the Indian Natural Diamond Retailer Alliance (INDRA). This new association intends to help independent retailers by offering complete marketing and training packages. The program will provide merchants with multilingual resources, expertise of natural diamonds, and tailored marketing content to assist them reach a larger client base.
“INDRA will help retailers provide better customer experiences and efficiently sell natural diamonds at the shop level. “We believe this alliance will be a game changer in the industry,” Shah stated.
The GJEPC‘s actions are consistent with its overall mission of promoting the expansion of the diamond sector in India, resulting in a more robust, accessible, and sustainable market for both retailers and consumers. The relationship with De Beers is a crucial step toward improving India’s diamond industry, laying the groundwork for the country to cement its position as a worldwide hub for diamond trading in the coming years.