How the Natural Diamond Industry Is Rewriting Its Playbook for Young India
Diamonds in India have always been associated with generational wealth, to tradition and celebrations, especially weddings. However, India today is predominantly a country of young people—its Gen Z makes about 25-30 per cent of the country's population, according to a joint report by Boston Consulting Group (BCG) and Snap Inc., influencing 43 per cent of household consumption, of which $200 billion comes directly from their own earnings.
Younger people have more disposable wealth—than earlier generations did. They also live away from families, i.e. parents, asserting independence and self-reliance. In this scenario, the association natural diamonds share with this generation, therefore, has also evolved.
Millennials and Gen Z buyers are not moving away from luxury—on the contrary, the growth of luxury in fashion, for example, is an indication that luxury spending is on a steady rise. Gen Z (aged 18-28) generate 51% of the total diamond market value, according to the 2025 De Beers India Diamond Acquisition Study (DAS), driven by population growth, a high acquisition rate (3.4%), and the highest average price paid per piece (Rs198,000).
