Diamonds Are Forever: India’s diamond jewellery Market to Shine at $17 Billion by 2031

SURAT,GUJARAT : The Indian diamond jewellery market is poised for a dazzling future, with projections indicating a growth to a staggering $17 billion by 2031. This exciting news comes courtesy of De Beers Forevermark at the Gem & Jewellery Export Promotion Council’s (GJEPC) InnovNXT Forty Under 40 Leadership Summit.

The summit, designed to empower the next generation of industry leaders, offered valuable insights into the evolving landscape of gems and jewellery in India.  A key highlight was the session on Diamond Consumption Patterns in India, where Amit Pratihari, Vice President of De Beers Forevermark, shared optimistic predictions.  “The Indian diamond jewellery market will surge to $17 billion by 2031, carving out a significant portion of the nation’s total gem and jewellery market, expected to reach $120 billion from $79 billion in 2021,” Pratihari remarked.

This growth is attributed to several factors, including a rising demand for diamond jewellery as gifts (13% of surveyed customers) and a strong trend of everyday wear (51%). Notably, a growing number of Indians (12%) are opting for self-purchased diamond jewellery, reflecting a shift towards personal indulgence and self-expression. Diamonds are also seen as ideal for celebrating milestones (23%) and expressing love (22%).

The summit wasn’t just about diamonds. Vipul Shah, Chairman of GJEPC, emphasized the importance of nurturing young talent for the industry’s future.  “GJEPC’s InnovNXT aims to shape the next generation of leaders by fostering collaboration and creating opportunities,” he declared.  With a goal of achieving $75 billion in gem and jewellery exports by 2030, Shah expressed confidence in exceeding this target, fueled by the “energy, enthusiasm, and passion” of the young minds gathered at the event.

Other speakers at the summit echoed this sentiment. Nirav Bhansali, Convener of National Exhibitions at GJEPC, stressed the need to embrace innovation while honoring tradition. Milan Chokshi, Convener of Promotions & Marketing at GJEPC, highlighted the power of storytelling in jewellery design, allowing each piece to become a personal narrative.

The summit also delved into global gold trends. Kavita Chacko, Research Head for India at the World Gold Council (WGC), predicted 2024 to be a record year for gold mine production, with jewellery demand remaining strong but sensitive to price fluctuations.  Central bank gold buying is also expected to continue at a significant pace.

With a robust diamond market, a growing appetite for gold, and a dedicated focus on nurturing future leaders, the Indian gem and jewellery industry is set to sparkle even brighter in the years to come.