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Natural diamonds remain a significant part of India’s jewellery market, but the category is changing alongside rising demand, visible lab-grown alternatives and clearer expectations about how stones are described. The evidence points to a growing market—not a single explanation for what diamonds mean to every buyer.
India’s natural diamond market is growing, but the figures have different dates
De Beers’ 2023 Diamond Insight Report, as cited in the company’s India case study, says Indian natural diamond demand grew 20% in 2021 and 15% in 2022. It also says India accounted for 11% of global demand in the period discussed. These are historical figures, not growth rates for the current year. De Beers describes India as the world’s second-largest natural diamond jewellery market in that case study. De Beers’ India case study
A later estimate points to a larger market. GJEPC’s Solitaire publication, summarizing the De Beers India Diamond Acquisition Study 2025, puts the value of India’s natural diamond jewellery market at INR 785 billion in 2024. The summary projects INR 1,520 billion by 2030, with a reported compound annual growth rate (CAGR) of 12%. The 2030 figure is a projection, not a realized result. The same summary says India held 12% of global demand and ranked second at the time of the study. GJEPC’s Solitaire summary
The 11% and 12% global-demand shares should not be combined into one timeless figure: they come from different accounts and periods. The underlying 2025 acquisition study was not directly available in the cited material, so its figures are best read as estimates and forecasts reported by Solitaire.
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What “natural” means as lab-grown diamonds become more visible
Natural and laboratory-grown diamonds are distinct categories, even when both are used in jewellery. The Ministry of Consumer Affairs’ 19 November 2024 release describes a Central Consumer Protection Authority (CCPA) stakeholder consultation on terminology and disclosure in the diamond sector. It says the Consumer Protection Act, 2019 provides a framework addressing unfair trade practices and transparent-labeling concerns. Ministry of Consumer Affairs release
The ministry release also describes CBIC Circular No. 21/2024, dated 30 October 2024, as requiring an explicit declaration of whether a diamond is natural or lab-grown. For lab-grown diamonds, it says the production method—such as CVD or HPHT—must also be declared. This is the requirement as summarized in that release; it does not establish how the rules have been enforced in practice.
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GJEPC’s 2026 show-daily account says the Bureau of Indian Standards launched IS 19469:2025, based on a modified version of ISO 18323:2015. Its summary says the standard covers natural, laboratory-grown, treated, composite and imitation stones; it also says “diamond” refers to natural diamonds and lab-grown stones must use approved descriptive terminology. This is a trade-body summary, not the full standard, so more detailed labeling decisions should be checked against the standard itself. GJEPC’s account of IS 19469:2025
Retail initiatives aim to make natural diamonds easier to understand
De Beers says it entered a long-term collaboration with Tanishq in August 2024 and partnered with GJEPC in January 2025 to create the Indian Natural Diamond Retailer Alliance. The company describes the alliance as a way to support independent retailers with tools, multilingual marketing assets and local-language training, while promoting education about natural diamonds. These are the stated aims of the initiatives; the available accounts do not independently assess their impact. De Beers’ India case study
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What the market figures do—and do not—say about buyers
Market growth and retailer education show that natural diamonds remain commercially important in India. They do not explain why any individual chooses a natural stone, what it symbolizes across generations, or how purchasing choices vary by region or occasion. The available figures establish demand and market value, not a definitive account of changing consumer motivations.
For buyers, the practical point is simpler: ask whether a stone is natural or laboratory-grown, and look for that distinction to be stated clearly. Natural diamond jewellery is one category; lab-grown jewellery is another. Clear terminology helps shoppers know which one is being offered without assuming that the categories are interchangeable.
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