India Dethrones China as World's Second-Largest Diamond Market Amid Luxury Sector Shift

India has surpassed China to claim the title of the world’s second-largest diamond market, driven by robust domestic demand and double-digit growth, according to De Beers Group CEO Al Cook. This shift reflects China’s luxury sector slump amid economic headwinds, while India’s rising affluence fuels diamond consumption. Cook noted India’s growth trajectory contrasts sharply with China’s “longer-term” recovery challenges, though stabilization is emerging. Despite declining exports to the US and China, India’s domestic market surged, offsetting global trade dips. Analysts highlight India’s strategic pivot to self-reliance in luxury goods as a key growth driver.

Source: Bloomberg, Reuters