Falling prices for lab-grown diamonds and their resulting rise in market share are transforming India’s diamond jewellery market and prompting jewellers to take proactive measures.
Indian jewellery retailers and diamond companies are intensifying efforts to boost demand for natural diamonds, focusing on rarity, design, retail staff training, and new purchase occasions as lab-grown diamonds (LGDs) increasingly capture market share.
In the battle for market share, companies such as De Beers, Tanishq, and Indriya are expanding their marketing, retail networks, and product ranges.
According to De Beers, India accounts for 12% of global demand for natural diamond jewellery, making it the world's second-largest market after the US. However, natural diamond prices remain under pressure. De Beers' average realized price for rough diamonds fell by 32% to $105 per carat in the first half of 2026, reflecting ongoing market challenges, particularly regarding smaller and lower-quality stones.
De Beers aims to expand the scope of natural diamond usage beyond just wedding and engagement jewellery to include categories such as piercing, friendship, and personal milestones. By July 2026, its retail brand, Forevermark, had 10 stores in India; the company plans to increase this number to 20 by the end of the year and to 100 by 2030. The company is collaborating with the Gem & Jewellery Export Promotion Council (GJEPC) to establish the Indian Natural Diamond Retailers Association (INDRA) in order to attract more independent jewellers to this category.
Organized retail chains are also investing in product positioning and consumer education. Tanishq has opened diamond expertise centres in approximately 200 stores.
Titan reported a 30% increase in studded jewellery sales in the first quarter of the 2027 fiscal year and growth of around 30% in the quarter ending in September, with studded jewellery sales continuing to outpace gold jewellery sales.
Meanwhile, the Indriya brand is incorporating diamond designs into new collections, including the upcoming Padmika line, which will feature both gold and diamond pieces. The company is also promoting natural diamonds through marketing campaigns that emphasize aesthetic appeal rather than just traditional quality criteria (the "4Cs" system).
The competitive landscape is shifting as major retailers enter both market segments. For instance, in December 2025, Titan launched the lab-grown diamond jewellery brand beYon; Senco Gold & Diamonds is developing the Sennes brand; and Trent is selling lab-grown diamond jewellery under the Pome brand through its Westside chain.
According to the report, the cost of lab-grown diamonds is approximately one-tenth the price of comparable natural stones. The growth of their presence in the retail market is confirmed by data from the International Gemological Institute (IGI): between April and June, revenue from the certification of jewellery featuring lab-grown diamonds rose by 44% year-on-year, whereas for jewellery with natural diamonds, the figure increased by only 2%.
Hélène Tarin, Editor-in-Chief of the Asian Bureau, Rough&Polished
