India Becomes 2nd Largest Diamond Market, Crosses China

BUOYED by the robust growth that has catapulted the country as the world's second-largest diamond market, overtaking China in 2024, apex trade promotion body Gem & Jewellery Export Promotion Council (GJEPC) expects the domestic diamond industry to double by 2023 to become a $17 billion industry, while the overall gems and jewellery market will touch $130 billion by then from $85 billion in 2024.

- BENN KOCHUVEEDAN @ Mumbai

Currently, the domestic natural diamonds market is only about $8.7 billion or about a tenth of the $85-billion gems and jewellery industry, while the lab-grown diamonds are about $2 billion, most of which are exported. Vipul Shah, the GJEPC chairman, told TNIE here Tuesday.