Natural diamond jewellery remains a significant part of India’s market, but the way it is discussed is changing: market estimates point to continued growth, while consumer-protection guidance and standards work stress clear disclosure when a stone is laboratory-grown. The figures available show an expanding market—not a definitive account of what individual buyers value or why.
What the market figures say—and when they apply
India has been an important natural-diamond market for years, but the available figures come from different sources and periods. They should not be combined as if they describe one current measure.
- Historical demand: 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. The case study says India accounted for 11% of global demand in the period it discusses. These are historical figures, not current-year growth rates. De Beers’ India case study
- Estimated 2024 market value: GJEPC’s Solitaire summary of the De Beers India Diamond Acquisition Study 2025 puts India’s natural diamond jewellery market at INR 785 billion in 2024. GJEPC’s study summary
- Projection to 2030: The same summary projects a value of INR 1,520 billion by 2030 and reports a 12% CAGR. This is a forecast, not a realized result. The underlying study was not available directly in the retrieved material, so these figures are attributed to GJEPC’s account of it. GJEPC’s study summary
The 2025 study summary also says India held 12% of global demand and ranked second at the time of that study. That differs from the 11% share in De Beers’ older case study; each figure belongs to its own source and time context.
What “natural” and “lab-grown” mean in the disclosure discussion
The distinction matters in consumer-facing descriptions: natural and laboratory-grown diamonds are separate categories, and a product should not be presented in a way that leaves buyers unsure which one it is. India’s Ministry of Consumer Affairs described a stakeholder consultation on diamond terminology and disclosure in a release dated 19 November 2024. It framed transparent labeling as part of the consumer-protection concerns addressed by the Consumer Protection Act, 2019. Ministry of Consumer Affairs release
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The ministry’s 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 stones, it says the production method, such as CVD or HPHT, should also be declared. The release documents the requirement; it does not establish enforcement outcomes.
A 2026 GJEPC show-daily account says BIS launched standard IS 19469:2025, based on a modified version of ISO 18323:2015. According to that trade-body summary, the standard covers natural, laboratory-grown, treated, composite and imitation stones; it says the term “diamond” refers to natural diamonds and that laboratory-grown stones should use approved descriptive terminology. This is a summary of the standard, not a substitute for consulting its full text. GJEPC’s account of IS 19469:2025
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How industry promotion is responding
De Beers says it announced 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 intended to support independent retailers with tools, multilingual marketing assets and training in local languages. These are stated aims, not an independent assessment of results. De Beers’ India case study
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What buyers can take from the changing terminology
For anyone comparing jewellery, the practical takeaway is to look for a clear description of the stone rather than assume that an unqualified label resolves the distinction. The ministry’s account of the customs circular specifies disclosure of natural or lab-grown status and, for lab-grown stones, production method. That makes precise terminology useful not only for standards and trade, but also for making product descriptions understandable.
The available market reporting supports a story of substantial demand and an optimistic forecast, while the public guidance and standards summary emphasize clarity about what is being sold. It does not support broader conclusions about resale value, environmental effects, quality differences or individual motives for choosing one category over another.
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