India Diamond Market (2023-2029) | Industry, COVID-19 IMPACT, Companies, Value, Revenue, Trends, Growth, Forecast, Size, Share & Analysis

Market Forecast By Product (Natural, Synthetic), By Application (Jewelry, Industrial) And Competitive Landscape

Product Code: ETC354384	Publication Date: Aug 2023	Updated Date: Apr 2024	Product Type: Market Research Report
Publisher: 6Wresearch	No. of Pages: 75	No. of Figures: 35	No. of Tables: 20

India Diamond Market Shipment Analysis

India Diamond Market registered a decline of -0.24% in value shipments in 2022 as compared to 2021 and an increase of 3.97% CAGR in 2022 over a period of 2017. In Diamond Market India is becoming more competitive as the HHI index in 2022 was 7641 while in 2017 it was 7975. Herfindahl Index measures the competitiveness of exporting countries. The range lies from 0 to 10000, where a lower index number represents a larger number of players or exporting countries in the market while a large index number means less numbers of players or countries exporting in the market. India has reportedly relied more on imports to meet its growing demand in Diamond Market.

India is unable to meet its increasing needs of this product with domestic production hence we see the trend is shifting towards import shipment to meet its demand The import factor of Diamond Market in 2022 was 8.91 while in 2017 it was 6.4. China, Ireland, USA, China, Hong Kong SAR and Rep. of Korea were among the top players of the market in 2022, where China acquired the largest market share of 87.2% with a shipment value of 32.75 million USD in 2022 China also offered the product below the average market price thus having a competitive advantage over others In 2017 China had the largest market share of 89.14% with the shipment value of 26.57 million USD. The country was offering its product with an average price which is lower than the average market price offered in the country. As China price is lower than the average price, it provided a significant edge among other competitor in 2017.

India Diamond Market Competition 2023

India Export Potential Assessment For Diamond Market (Values in Thousand)

Topics Covered in India Diamond Market Report

India Diamond Market report thoroughly covers the market by product, and by application. The market report provides an unbiased and detailed analysis of the on-going market trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.

India Diamond Market Synopsis

India Diamond Market is rising and it will grow more during the forecast period due to the increased demand for diamonds from end consumers leading to rising prices for polished diamonds as well as diamonds used for jewellery manufacturing purposes, the diamond industry`s contribution towards India GDP has grown significantly over recent years.

According to 6Wresearch, the India Diamond Market size is projected to rise higher during the forecast period 2023-2029 and it will reach the value of 30 billion by 2029. The India Diamond Market is primarily driven by the country`s position as a global diamond processing and trading hub. India has a strong diamond cutting and polishing industry, known for its skilled artisans and advanced manufacturing processes. The availability of skilled labor and favorable government policies supporting the gem and jewellery sector have attracted significant investments in the diamond industry. India large consumer base and rising disposable income have also fueled the demand for diamonds in the domestic market. Moreover, the country`s prominence in global diamond exports, with a substantial share in the world`s polished diamond trade, strengthens India position in the global diamond market. The increasing trend of diamond jewellery purchases for weddings, festivals, and special occasions also contributes to the India diamond market growth.

The diamond market in India faces specific challenges that impact its trade and growth. One of the major challenges is the global economic downturn and fluctuations in diamond demand. The diamond market is sensitive to economic cycles, and the slowdown in global trade and consumer spending during the COVID-19 pandemic impacted diamond sales. The closure of retail outlets and travel restrictions affected the sales of diamonds, especially in the luxury segment. Additionally, the challenge of diamond price volatility affects both diamond manufacturers and traders, making it difficult to forecast profitability and plan inventory management. Moreover, the competition from synthetic diamonds, also known as lab-grown diamonds, poses a challenge to the natural diamond market. Synthetic diamonds offer a cost-effective and ethical alternative, and companies need to differentiate their products and create awareness about the unique qualities of natural diamonds to maintain market demand.

COVID-19 Impact on India diamond Industry

The India Diamond Market faced significant challenges during the COVID-19 pandemic, impacting both the domestic and international trade of diamonds. The closure of retail outlets, travel restrictions, and the postponement of weddings and celebrations affected the demand for diamond jewelry in India. The disruptions in global trade and the decline in consumer spending also led to a reduction in international demand for diamonds, affecting India diamond exports. Additionally, the temporary shutdown of diamond processing units and manufacturing hubs further impacted the supply chain. However, the gradual lifting of restrictions and the easing of economic activities supported the market`s recovery. As consumer confidence increased and the diamond industry adapted to the new normal, there were signs of revival in the market. The digital transformation of the jewelry industry and the growing trend of online sales also played a role in the market`s recovery post-pandemic.\

Leading Players in India Diamond Market

The India Diamond Market is home to several renowned players in the diamond processing and trading industry. Some of the key players in the market include Blue Star Diamonds Pvt. Ltd., KGK Group, Rosy Blue (India) Pvt. Ltd., Venus Jewel International Ltd., and Asian Star Company Ltd. These companies are major players in diamond manufacturing, cutting, and polishing and are known for their expertise and global reach. They play a significant role in India position as a leading diamond processing hub and contribute to the country`s substantial share in the global polished diamond trade. These key players also contribute to the growth of Asia Pacific diamond market.

Diamond Market in India: Government Regulations

India has participated in the Kimberley Process, and this process is an international initiative aims to prevent the trade in conflict diamonds. Under this initiative, traders of diamond in the country need to make sure that their diamond is ethically sourced and it does not originate from conflict zone. The government in India also imposed custom duties and tariffs o import as well as exports and these duties can alter in response to government policies and economic conditions. Bureau of Indian Standards sets quality standards for many products, including gemstones and jewelry.

Diamond Market Size in India

Diamond sector in India is the essential contributor to the nation’s economy, providing employment to a number of skilled workers. Surat, which is a state in Gujrat, is renowned for its diamond processing sector. The size of the market is continuing to expand more in the near future since many factors have been contributing to its growth. This market in India is also characterized by its focus on sustainability and ethical sourcing. A number of players in this industry are activity engaged in initiatives in order to ensure responsible mining practices as well as ethical supply chains.

Market by Product

Natural product segment on the basis of product dominated the market since it is rare and is mainly used for jewelry applications. Discovering and processing them involves complex processes, which makes them costly in the jewelry. This segment is projected to dominate the market in the future years.

Market by Application

According to Shivankar, Research Manager, 6Wresearch, jewelry segment on the basis of application is estimated to grow due to the growing middle-class population coupled with rising spending power of millennials as well as generation Z are among the central factors contributing to the growth of jewelry.

Key Attractiveness of the Report

COVID-19 Impact on the Market.
10 Years Market Numbers.
Historical Data Starting from 2019 to 2022.
Base Year: 2022
Forecast Data until 2029.
Key Performance Indicators Impacting the Market.
Major Upcoming Developments and Projects.

Key Highlights of the Report:

India Diamond Market Outlook
Market Size of India Diamond Market, 2022
Forecast of India Diamond Market, 2029
Historical Data and Forecast of India Diamond Revenues & Volume for the Period 2019 - 2029
India Diamond Market Trend Evolution
India Diamond Market Drivers and Challenges
India Diamond Price Trends
India Diamond Porter's Five Forces
India Diamond Industry Life Cycle
Historical Data and Forecast of India Diamond Market Revenues & Volume By Product for the Period 2019 - 2029
Historical Data and Forecast of India Diamond Market Revenues & Volume By Natural for the Period 2019 - 2029
Historical Data and Forecast of India Diamond Market Revenues & Volume By Synthetic for the Period 2019 - 2029
Historical Data and Forecast of India Diamond Market Revenues & Volume By Application for the Period 2019 - 2029
Historical Data and Forecast of India Diamond Market Revenues & Volume By Jewelry for the Period 2019 - 2029
Historical Data and Forecast of India Diamond Market Revenues & Volume By Industrial for the Period 2019 - 2029
India Diamond Import Export Trade Statistics
Market Opportunity Assessment By Product
Market Opportunity Assessment By Application
India Diamond Top Companies Market Share
India Diamond Competitive Benchmarking By Technical and Operational Parameters
India Diamond Company Profiles
India Diamond Key Strategic Recommendations