India has emerged as the world’s second-largest diamond market, surpassing China, according to the Gem & Jewellery Export Promotion Council (GJEPC). The domestic diamond market, currently valued at 8.7 billion, is projected to grow rapidly, 17 billion by 2030. This growth represents a significant milestone for India’s $85-billion gem and jewellery industry, of which diamonds account for roughly 10%.
The lab-grown diamond sector, though smaller, is also contributing to the industry’s expansion. With a market size of around $2 billion, lab-grown diamonds are primarily driven by exports. GJEPC Chairman Vipul Shah noted that the surge in diamond demand reflects India’s rising consumption and economic growth.
Shah emphasized that the diamond market’s growth coincides with the overall expansion of India’s gem and jewellery sector. The industry is expected to grow from 130 billion by 2030, further cementing India’s position as a global leader in jewellery trade.
In a recent development, GJEPC announced a partnership with De Beers Group, the world’s largest natural diamond miner, to launch the Indian Natural Diamond Retailer Alliance (INDRA). This initiative aims to support independent retailers by offering marketing assistance, training programs, and multilingual resources. Retailers will also gain access to customizable marketing content and in-depth knowledge about natural diamonds, helping them attract a wider customer base.
“INDRA will empower retailers to deliver better customer experiences and effectively promote natural diamonds at the store level. This alliance is set to transform the industry,” Shah stated.
The partnership with De Beers underscores GJEPC’s commitment to strengthening India’s diamond sector. By fostering a more accessible and sustainable market, the initiative aims to benefit both retailers and consumers.
As India’s diamond market continues to grow, the country is well-positioned to become a global hub for diamond trade. With strategic initiatives like INDRA and strong industry projections, India’s diamond industry is set to shine brighter than ever on the world stage.
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