The Indian diamond market dropped slightly to $X in 2022, approximately equating the previous year. Overall, consumption, however, recorded a drastic downturn. As a result, consumption reached the peak level of $X. From 2017 to 2022, the growth of the market remained at a lower figure.

In financial year 2022, the value of diamond production in India was estimated to have been 18.1 million Indian rupees, a considerable decrease from the previous year when the value amounted to nearly 148 million Indian rupees.

India's demand for polished diamonds amounted to a value of some three billion U.S. dollars in 2022. That was a notable increase compared to 2017, when polished diamond demand amounted to roughly one billion U.S. dollars.

India is by far the world's largest diamond cutting and polishing country.

Get the latest insights on price movement and trend analysis of Diamond in different regions across the world (Asia, Europe, North America, Latin America, and the Middle East Africa).

In 2017, approx. X units of drilling tools with working part of diamond were imported into India; picking up by X% against the previous year. In general, the total imports indicated a prominent expansion from 2007 to 2017: its volume increased at an average annual rate of +X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations throughout the analyzed period.

India: Diamond exports, USD per carat: The latest value from 2024 is 53.93 USD per carat, a decline from 56.73 USD per carat in 2023. In comparison, the world average is 155.57 USD per carat, based on data from 59 countries. Historically, the average for India from 2004 to 2024 is 37.87 USD per carat. The minimum value, 10.78 USD per carat, was reached in 2004 while the maximum of 58.02 USD per carat was recorded in 2019.

The export value of cut and polished diamonds by India was 15.97 billion U.S. dollars in the fiscal year 2024. The export value of cut and polished diamonds continues to fluctuate in the larger picture, but the financial year 2024 is the lowest value since 2009.

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Diamond Market Size 2024-2028

The diamond market size is forecast to increase by USD 42.72 billion, at a CAGR of 8.09% between 2023 and 2028.

The market is experiencing significant growth, driven primarily by the increasing demand for diamond jewelry, particularly for engagement and wedding rings. This trend is fueled by cultural traditions, societal norms, and the desire for luxury and self-expression. Additionally, the emergence of synthetic diamonds in various applications, such as industrial and consumer electronics, is expanding the market's scope and potential. However, the market faces challenges, including the presence of counterfeit products in the e-retailing space. This issue undermines consumer trust and poses a threat to market integrity.
Companies must prioritize authenticity and transparency to mitigate the risks and maintain a strong market position. To capitalize on opportunities and navigate challenges effectively, market participants should focus on innovation, quality, and ethical sourcing. By addressing these factors, they can differentiate themselves and build lasting customer relationships.

What will be the Size of the Diamond Market during the forecast period?

Explore in-depth regional segment analysis with market size data - historical 2018-2022 and forecasts 2024-2028 - in the full report.
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The market continues to evolve, with dynamic interplays between various sectors shaping its landscape. Diamond engagement rings remain a significant application, with GIA certification playing a crucial role in ensuring transparency and trust. Simultaneously, diamond auctions provide a platform for buying and selling polished and rough diamonds, influencing market prices. The 4Cs of diamonds - carat weight, color, clarity, and cut - remain the benchmark for evaluating diamond quality. However, the advent of technology has led to advancements such as irradiation treatment, polishing wheels, and blockchain technology, enhancing diamond certification and traceability. Irradiation treatment alters the diamond's color, while polishing wheels refine its shape.

Blockchain technology offers enhanced transparency and security, ensuring ethical sourcing and traceability. Retail markups vary, with luxury goods commanding premium prices. Meanwhile, the rough diamond sector undergoes continuous transformation, with mining, processing, and value assessment shaping its market dynamics. Rough diamonds are cut and polished to create stunning jewelry pieces, such as earrings, pendants, and bracelets. Investment-grade diamonds attract investors, with conflict-free diamonds gaining popularity due to ethical considerations. Synthetic diamonds, including lab-grown and cultured diamonds, challenge the traditional market, offering cost-effective alternatives. Diamond Mining equipment and processing technologies continue to advance, enabling efficient extraction and refinement. The market's continuous evolution reflects the interplay between technology, consumer preferences, and industry trends.

How is this Diamond Industry segmented?

The diamond industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

Application

  Jewelry making
  Industrial applications


Type

  Natural
  Synthetic


Mining Method

  Open Pit
  Underground
  Alluvial
  Marine


Cut/Shape

  Round Brilliant
  Princess
  Cushion
  Emerald
  Oval
  Pear
  Marquise
  Asscher
  Radiant
  Heart


Geography

  North America

    US
    Canada


  Europe

    France
    Germany
    Italy
    UK


  Middle East and Africa

    Egypt
    KSA
    Oman
    UAE


  APAC

    China
    India
    Japan


  South America

    Argentina
    Brazil


  Rest of World (ROW)

By Application Insights

The jewelry making segment is estimated to witness significant growth during the forecast period.

The market experiences significant growth due to the expanding middle class and their increasing disposable income. This economic shift enables consumers to invest in luxury goods, particularly diamond jewelry. The desire for personal accessories, coupled with evolving lifestyles and urbanization, fuels innovation among manufacturers, resulting in unique designs to attract customers. Key entities shaping this market include diamond mining equipment for extracting rough diamonds, cultured diamonds for ethical sourcing, and diamond certification bodies like GIA and IGI ensuring authenticity and quality. Polished diamonds are then cut and graded based on the 4Cs – carat weight, color, clarity, and cut – before being transformed into various jewelry pieces such as engagement rings, earrings, pendants, and bracelets.

Diamond auctions and wholesale platforms facilitate t

Over 18 billion U.S. dollars worth of rough diamonds was imported into India during financial year 2018, up from over 17 billion dollars in the previous year. Although, the value of uncut diamonds imported into the country had been fluctuating over the past decade, an overall increase in the import value was witnessed.

India: Diamond exports, carats: The latest value from 2024 is 22789356.81 carats, a decline from 26366204.12 carats in 2023. In comparison, the world average is 4151216.61 carats, based on data from 59 countries. Historically, the average for India from 2004 to 2024 is 71324867.66 carats. The minimum value, 22430500.63 carats, was reached in 2009 while the maximum of 801578900.5 carats was recorded in 2020.

India: Diamond production, carats: The latest value from 2024 is 0 carats, unchanged from 0 carats in 2023. In comparison, the world average is 1999317.09 carats, based on data from 59 countries. Historically, the average for India from 2004 to 2024 is 24766.21 carats. The minimum value, 0 carats, was reached in 2007 while the maximum of 78574 carats was recorded in 2004.

India: Diamond imports, USD per carat: The latest value from 2024 is 106.72 USD per carat, a decline from 114.83 USD per carat in 2023. In comparison, the world average is 109.20 USD per carat, based on data from 59 countries. Historically, the average for India from 2004 to 2024 is 84.73 USD per carat. The minimum value, 40.31 USD per carat, was reached in 2004 while the maximum of 114.83 USD per carat was recorded in 2023.

In 2020, overseas shipments of non-industrial diamonds decreased by -X% to X tons, falling for the third consecutive year after two years of growth. In general, exports showed a perceptible setback. The pace of growth was the most pronounced in 2016 when exports increased by X% year-to-year. The exports peaked at X tons in 2017; however, from 2018 to 2020, the exports stood at a somewhat lower figure.

U.S. diamond prices continue to rise due to the demand remains solid while product supply is limited. Jewelry sales in the U.S. keep robust, but global diamond mining and cutting remain low compared to pre-pandemic levels, primarily due to the problematic epidemiological situation in India. The return of work at Indian processing plants should help increase supply in the global diamond market and limit the rise in product prices. The recovery in American tourism activity could lead to a decline in demand for jewelry and constrain the price growth.

From 2022 to 2023, Diamond imports saw a steady decline, with a sharp decrease in value terms to $14.6B in 2023.

In financial year 2021, the value of diamond held as part of physical assets by individuals in India amounted to approximately 8.3 trillion Indian rupees. This was a slight decrease compared to the previous fiscal year: Overall, the figures showed consistency in the last few years.

Rough Diamonds Market Outlook

In 2023, the global rough diamonds market size was valued at approximately USD 15.8 billion, with the market expected to grow at a compound annual growth rate (CAGR) of 5.4% from 2024 to 2032, reaching a projected value of USD 25.1 billion by 2032. The growth of the rough diamonds market is driven by increasing demand from the jewelry sector and industrial applications, driven by economic growth and technological advancements.

The growing affluence of the middle class in emerging economies, particularly in China and India, is a significant driver of the rough diamonds market. As disposable incomes rise, so does the demand for luxury goods, including diamond jewelry. This trend is further bolstered by cultural factors, such as the traditional importance of diamond jewelry in weddings and other significant life events in these regions. Additionally, the proliferation of branded diamond jewelry and marketing campaigns by industry players have significantly contributed to the rising demand for rough diamonds.

Technological advancements in diamond mining and synthetic diamond production are also influencing market growth. Innovations in mining technologies have improved the efficiency and cost-effectiveness of extracting rough diamonds. Furthermore, advancements in synthetic diamond production have led to high-quality lab-grown diamonds that can serve both industrial and jewelry applications. These synthetic diamonds are often more affordable and environmentally friendly, which appeals to a broader consumer base concerned with sustainability and ethical sourcing.

Another major growth factor is the expanding industrial applications of rough diamonds. Diamonds are not only valued for their aesthetic appeal but also for their exceptional hardness and thermal conductivity, making them indispensable in various industrial applications. Industries such as electronics, automotive, and construction utilize synthetic diamonds in cutting, grinding, drilling, and other high-precision operations. The continuous development of new technologies and applications within these sectors is expected to sustain demand for rough diamonds, particularly synthetic ones.

Regionally, North America and the Asia Pacific regions hold significant market shares due to established mining activities and high consumer demand. North America, with its advanced technological capabilities and significant investments in research and development, continues to play a pivotal role in both natural and synthetic diamond markets. Meanwhile, the Asia Pacific region, led by China and India, is expected to witness the fastest growth, driven by rising consumer spending power and a burgeoning middle class. Europe and Latin America also contribute to the market, with Europe being a key player in luxury goods and jewelry, and Latin America benefiting from extensive mining activities.

Type Analysis

The rough diamonds market is categorized into natural and synthetic diamonds, each serving distinct market segments and applications. Natural diamonds, formed through geological processes over billions of years, have traditionally dominated the market. They are highly valued for their rarity, natural beauty, and historical significance, making them a prime choice for high-end jewelry. The allure and perceived value of natural diamonds continue to drive demand, particularly among luxury consumers and collectors. However, the supply of natural diamonds is finite, and mining them is associated with significant environmental and ethical concerns.

On the other hand, synthetic diamonds, also known as lab-grown diamonds, have seen a surge in popularity over the past decade. These diamonds are created using advanced technological processes such as High Pressure High Temperature (HPHT) and Chemical Vapor Deposition (CVD), which replicate the natural conditions under which diamonds form. Synthetic diamonds offer several advantages over their natural counterparts, including lower cost, consistent quality, and a reduced environmental footprint. They are increasingly accepted in the jewelry market, particularly among younger consumers who prioritize sustainability and ethical sourcing.

In addition to jewelry, synthetic diamonds have significant industrial applications due to their unique physical properties. They are used extensively in cutting, grinding, and drilling tools, as well as in the production of electronic devices and semiconductors. The superior hardness and thermal conductivity of synthetic diamonds make them ideal for these high-precision applications. As t

The India lab grown diamond jewelry market was valued at US$ 264.5 million in 2022. Over the next ten years, lab grown diamond jewelry sales will rise at 14.8% CAGR. Total market size is set to increase from US$ 299.9 million in 2023 to 1,192.3 million by 2033.

Attribute	Key Insights
India Lab Grown Diamond Jewelry Market Estimated Size (2023E)	US$ 299.9 million
Projected Market Size (2033F)	US$ 1,192.3 million
Value-based CAGR (2023 to 2033)	14.8%
Collective Value Share: Top 5 Countries (2022A)	~25% to 30%

Scope of the Report

Attribute	Details
Estimated Market Size (2023)	US$ 299.9 million
Projected Market Size (2033)	US$ 1,192.3 million
Anticipated Growth Rate (2023 to 2033)	14.8% CAGR
Forecast Period	2023 to 2033
Historical Data Available for	2018 to 2022
Market Analysis	US$ Million/Billion for Value and (‘000 Carat) for Volume
Key Regions Covered	South Asia
Key Countries Covered	India
Key Segments Covered	Application Technique Cut Type Size Region
Key Companies Profiled	Avtaara Jewelbox Limelight Lab Grown Diamonds Ltd. SYNDIORA Fiona Diamonds Ananta DiAi Designs Maiora Diamond Wondr Diamonds Others
Report Coverage	Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives

The global artificial synthesis diamond market, valued at $24,020 million in 2025, is projected to experience robust growth, driven by increasing demand across diverse applications. The 7% CAGR indicates significant expansion through 2033. Key drivers include the rising adoption of lab-grown diamonds in the jewelry sector, fueled by consumer preference for ethical and sustainable products, along with their cost-effectiveness compared to mined diamonds. Furthermore, the burgeoning industrial applications of synthetic diamonds, particularly in machining and cutting tools where their superior hardness and precision are highly valued, contribute significantly to market growth. The market segmentation highlights the prominence of CVD and HTHP methods in diamond production, with CVD gaining traction due to its ability to produce high-quality diamonds efficiently. Geographical analysis reveals a strong presence across North America and Europe, with Asia-Pacific also showing promising growth potential driven by increasing industrialization and rising disposable incomes in major economies like China and India. While challenges such as potential price fluctuations in raw materials and technological advancements in competing materials exist, the overall market outlook remains positive, fueled by continuous innovation and expanding applications. The competitive landscape is characterized by a mix of established players and emerging companies. Major players like De Beers and Swarovski, known for their expertise in traditional diamonds, are actively investing in synthetic diamond production, leveraging their brand recognition and distribution networks. Simultaneously, specialized companies like Diamond Foundry and LightMark are focused on technological innovation and the development of high-quality, ethically sourced lab-grown diamonds. This competitive dynamic fuels ongoing improvements in production efficiency and quality, contributing to the market's overall expansion. The forecast period anticipates sustained growth, driven by continuous advancements in synthesis technology, ongoing diversification of applications, and growing consumer and industrial demand for high-performance, sustainably sourced diamonds. Regional variations in growth rates are expected, influenced by factors such as economic growth, consumer preferences, and government regulations.

India: Diamond imports, carats: The latest value from 2024 is 114112209.78 carats, a decline from 127745359.8 carats in 2023. In comparison, the world average is 4234592.60 carats, based on data from 59 countries. Historically, the average for India from 2004 to 2024 is 153198304.57 carats. The minimum value, 114112209.78 carats, was reached in 2024 while the maximum of 195003865.7 carats was recorded in 2017.