Even as the demand for natural diamond jewellery continues to surge, across the Indian market, the focus on diamonds is no longer limited to cut, clarity or carat. The conversation has evolved, way beyond those limited questions, to include an interest in sourcing and origins.
Consumers now seek deeper knowledge and understanding of what they are buying, wearing, and passing on to the next generation. India accounts for 11 per cent of the global demand for natural diamond jewellery, which makes it the world’s second largest market ahead of China.
Demand for natural diamond jewellery in the country surged post-pandemic, which allowed Indian jewellers to dwell on how natural diamonds traverse through the supply chain, with emphasis on ethical sourcing and verified provenance.
It has been reported earlier that the global diamond market was valued at approximately $97.57 billion in 2024. That market is projected to grow to $138.66 billion by 2032, reflecting a compound annual growth rate (CAGR) of 4.5 per cent over this period. With natural diamonds becoming increasingly rarer to find—there have been no significant deposits discovered in recent years—they have become even more valuable as possessions and as a symbol.
The Gem and Jewellery Export Promotion Council (GJEPC), India’s apex body for the trade, had reported recently that the domestic gems and jewellery market is currently valued at $85-90 billion, and could touch $120 billion by 2030. It quoted a recent Deloitte report that projects a rise to $235 billion by 2035.
India’s diamond market is estimated at $6.2 billion in FY25, according to Wazir Advisors. It estimates that the market will grow by 2028, reaching $8.6 billion.
Aspirational spending
As India grows economically, with more disposable incomes among younger people, aspirational spending will rise, especially on categories like diamond jewellery. Understanding the origins of diamonds and their journey from rock to retail therefore becomes useful, for buyers and sellers.
The journey starts with identifying where a diamond comes from and which mine it was sourced from. This requires ascertaining the right manufacturing partners, who supply authentic and ethically sourced diamonds from proven mining companies like Rio Tinto, ODC (Okavango Diamond Company), De Beers and others.
Oversight follows identification, with audits across the supply chain. This covers the sourcing of raw materials to manufacturing of diamonds and jewellery to screening for natural diamonds. The Indian jewellery sector follows global standards set by the Responsible Jewellery Council (RJC), which establishes the premise for ethical practices—from sourcing through to delivery to the end consumer. Certification and audit checks help maintain discipline across each stage of the process, adding transparency and traceability for the customer’s satisfaction.
Technology has become central to how provenance is recorded. Blockchain platforms such as Tracr are used to document a diamond’s movement as it changes hands across the supply chain. RFID enables individual diamonds to be identified, while Sarine technologies, combined with blockchain and artificial intelligence (AI), support scanning and imaging that capture data at multiple points—from mine to market.
Kimberley process
Despite these measures, achieving complete transparency remains a challenge to the diamond supply chain. The chain incudes multiple players, from artisanal miners and rough dealers to cutters, polishers, certification laboratories, wholesalers and retailers. With such a wide network, maintaining visibility at every stage is difficult.
The Kimberley Process Certification Scheme (KPCS) marked an early effort to address sourcing concerns, though its limited scope restricts traceability. The cost of blockchain systems also create barriers for miners and its complexity excludes them from traceability platforms.
Consumers are also looking for third party verification, hence RJC has been widely used as a global standard and hallmarking certification is also provided to them. Overall, due to the various technologies, diamond platforms and certification benchmarks, consumers are gaining trust and confidence around ethics, sustainability and provenance across the Indian jewellery sector.
Supported by certification frameworks and technology platforms, these efforts are strengthening confidence and shaping how Indian jewellers approach responsibly across the diamond supply chain.
(The author is Managing Director, PMJ Jewels)
Published on January 17, 2026
