After a period of strong pricing and demand in 2022, the global diamond industry faced a downturn through 2023 and 2024. However, 2025 has ushered in a revival, with improving demand trends and more positive market sentiment.

Susan Jacques, President and CEO of the Gemological Institute of America (GIA), acknowledged that the past few years have been challenging for the gem and jewellery sector. She noted that the surge in 2021—driven by post-pandemic lifestyle changes such as reduced travel and increased spending on luxury goods—was an exceptional phase. The subsequent slowdown was inevitable, but signs of recovery are now visible across key markets.

India has played a significant role in this rebound. Jacques highlighted the country’s deep cultural ties to diamonds, noting that India’s share of global demand has grown substantially over the last two decades—from just 2% to nearly 11% today. This growth places India as the second-largest consumer of natural diamonds globally, behind only the United States, which still accounts for about 55% of sales.

Pritesh Patel, Senior Vice President and Chief Operating Officer at GIA, added that the US market has held steady in the first half of 2025, with industry players optimistic about continued momentum. In India, he observed that demand is broadening beyond tier-1 cities, with tier-2 and tier-3 locations also showing strong buying patterns.

The uptick is not confined to any one region, as southern, northern, and western parts of the country are all witnessing increased interest in diamond jewellery.

Courtesy: CNBC TV 18