The global diamond jewellery market may be entering a new phase of growth as consumer demand gradually expands beyond its traditional strongholds. While the United States remains the dominant market and India continues to strengthen its role, Indonesia, Vietnam and Brazil are emerging as promising long-term opportunities for the diamond industry.
Independent diamond analyst Paul Zimnisky highlights these three countries as potential engines of growth over the next decade. Their appeal is supported by ongoing economic expansion, favourable demographic profiles, rapid urbanisation and an increasingly sophisticated appetite for luxury goods and branded jewellery.
New Consumer Markets Have Transformed the Diamond Industry Before
The diamond industry has a history of dramatic shifts in demand when new consumer markets adopt diamond jewellery. De Beers’ post-war marketing success in the United States was followed by deliberate expansion into Japan in the late 1960s and China in the mid-1990s. At the time, both Japan and China had limited traditions of gifting diamond jewellery.
Within roughly two decades in each market, diamond engagement rings became common in a large share of marriages. Those changes illustrate how targeted marketing combined with rising incomes and evolving cultural preferences can create entirely new categories of demand.
India is now undergoing a comparable transformation. It has become a key growth market, attracting global brands as well as strong investment from domestic jewellery companies. Marketing, product innovation and expanding retail networks are shifting local consumption patterns toward diamonds and branded fine jewellery.
De Beers, for example, has positioned its Forevermark brand specifically for the Indian market, while Titan’s Tanishq continues to introduce campaigns designed to broaden diamond adoption. Collections such as the Soulmate Diamond Pair, which presents two rings fashioned from a single cleaved diamond, show how the industry is connecting diamonds to contemporary ideas of relationships and gifting.
The Global Demand Map Is Shifting
Today, diamond jewellery consumption is concentrated in a few markets. The US accounts for more than 60% of global demand, India slightly above 10% and China just under 10%. That concentration marks a notable shift from 25 years ago when the US made up roughly half of demand, while Europe and Japan together represented a much larger share.
This evolution underscores the link between economic growth and luxury consumption: regions with sustained income gains and urbanisation tend to expand their share of global jewellery spending. The next phase of growth may come from countries that currently contribute a small portion of global diamond consumption but show strong potential for future expansion.
Indonesia: Young, Urban and Increasingly Affluent
Indonesia combines a large, relatively young population with significant urbanisation and rising incomes. As more people move to cities and household wealth grows, spending habits shift toward brand-conscious and premium products.
Gold has long been the dominant metal in Indonesian jewellery traditions, but younger consumers are increasingly drawn to international brands and jewellery that reflects modern, cosmopolitan lifestyles. That shift creates an opportunity for diamonds to gain traction not only in engagement and wedding markets but also as pieces of personal luxury and everyday wear.
Vietnam: Rapid Growth and Evolving Tastes
Vietnam presents a compelling, fast-growing market with a youthful population and accelerating urbanisation. Although its overall economy is smaller than Indonesia’s, Vietnam’s rapid economic expansion and rising middle class make it attractive to luxury brands.
Traditional preferences still favour gold, but younger Vietnamese consumers are increasingly comfortable with international luxury goods. As wedding customs evolve and buyers seek jewellery that expresses personal style and status, diamonds could see growing adoption. Because current diamond penetration is relatively low, even modest gains in consumer uptake could yield strong percentage growth.
Brazil: A Large Market with Long-Term Potential
Among these three countries, Brazil represents the most significant Western-market opportunity. Included in the BRIC concept two decades ago, Brazil’s economic progress has been uneven, affected by political and structural challenges. Still, the country has developed important strengths, including a large consumer base and a substantial middle class estimated in the tens of millions.
As household wealth and urban incomes increase, jewellery spending could rise in parallel. Brazil’s market size means that incremental increases in diamond consumption could translate into meaningful absolute demand for the industry.
Small Current Share, Large Upside
A key reason these markets matter is their small current footprint. According to Zimnisky’s analysis, Indonesia, Vietnam and Brazil together account for less than 5% of global diamond jewellery demand. That low base offers significant upside: the opportunity is to grow consumption rather than replace established markets.
If even a fraction of consumers in these countries adopt diamonds for engagements, weddings, gifting and self-purchase, the incremental volumes could become meaningful for global supply chains, retail strategies and brand priorities.
Luxury Brands Are Establishing a Foothold
Major jewellery houses are already building presence in these regions. Cartier opened boutiques in São Paulo (1977), Jakarta (1994) and Ho Chi Minh City (2010), and other luxury names such as Tiffany & Co., Bulgari and Van Cleef & Arpels have expanded into these markets over the past two decades. Their local operations help raise awareness of premium jewellery and support future adoption of diamonds.
Preparing for a New Map of Global Demand
The diamond industry’s history shows that demand can shift rapidly when economic growth, demographics, cultural change and effective marketing align. The US is likely to remain the largest single market, and India will continue to drive significant incremental demand. However, the next wave of growth could increasingly come from markets that currently seem small.
Indonesia, Vietnam and Brazil offer three complementary growth stories: youthful populations and urbanisation in Southeast Asia, rapid economic momentum in Vietnam, and Brazil’s vast consumer base with long-term wealth potential. For diamond companies, retailers and luxury brands the strategic imperative is clear: build consumer awareness early, adapt marketing to local culture and establish brand relationships before these markets fully mature.
The experience of Japan, China and India suggests that today’s emerging diamond consumers could become tomorrow’s major sources of global jewellery demand if the industry invests thoughtfully in these markets.