Podcast: How India Has Come to Love Diamonds

The latest episode of the Rapaport Diamond Podcast delves into the Indian market with Richa Singh, managing director for India and the Middle East at the Natural Diamond Council (NDC).

Singh explained why India had grown into the world’s second-largest consumer market for diamonds, benefiting from wealth expansion, a shift in preferences toward international styles, and the growing influence of social media and celebrities.

India snatched the number-two spot from China around two years ago, putting it behind the US.

“We haven’t lost our love for gold, but we have also developed a love for diamonds,” Singh said.

Singh also observed an improvement in sentiment following India’s trade deal with the US, which President Donald Trump had announced a day earlier.

“2026 has begun on a great note for us,” she said, adding that new terminology guidelines for natural and lab-grown from the Bureau of Indian Standards (BIS) would also benefit the sector.

In conversation with Rapaport’s Joshua Freedman, Singh addressed the recent expansion of India’s lab-grown sector, the impact of gold prices, how jewelers use WhatsApp to sell, and why BIS now frowns on the term “synthetic diamond.”

Listen to the episode here:

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