India's Diamond Market Sparkles Towards Rs 1.5 Lakh Crore by 2030

The Indian natural diamond jewellery market is poised to reach a staggering Rs 1,50,000 crore by 2030, according to a De Beers Group report released on Wednesday. This growth is supported by strong macroeconomic fundamentals, including an 11 percent annual increase in GDP and personal disposable income.

The market is undergoing a significant transformation, shifting from traditional 'bridal heirlooms' to becoming a high-frequency category worn daily. This change is largely driven by the financial independence of women and the aspirations of Generation Z and millennials, who now make up 86 percent of the market's value.

Furthermore, growth is not confined to metropolitan areas, as tier II and III cities emerge as key drivers. Rising aspirations and access to luxury goods in these areas are fueling the demand for natural diamonds, reinforcing India's position as a leader in the global diamond industry.