The global diamond industry is showing signs of revival in 2025, following two years of sluggish demand. According to Susan Jacques, President and CEO of the Gemological Institute of America (GIA), the gem and jewellery sector faced significant headwinds after a brief boom in 2021, which was fueled by pandemic-era shifts in consumer spending and travel behavior.

While 2022 saw strong pricing and demand, a downturn took hold through 2023 and 2024. Now, a renewed sense of optimism is emerging. “The recovery was expected, and we’re beginning to see positive momentum return,” Jacques noted.

A key driver of this rebound is India, whose cultural affinity for diamonds continues to underpin strong consumer interest. Over the past two decades, India’s share of global diamond demand has surged from just 2% to nearly 11%, positioning it as the world’s second-largest market for natural diamonds—trailing only the United States, which remains dominant with around 55% of total sales.

Pritesh Patel, Senior Vice President and Chief Operating Officer at GIA, remarked that the US market has remained stable in early 2025, and industry stakeholders are optimistic about sustained demand. In India, he observed a notable shift: interest in diamonds is expanding well beyond major metropolitan areas.

“Tier-2 and tier-3 cities are now driving growth, alongside established hubs,” Patel said. He added that demand is strong across India’s southern, northern, and western regions, signaling a broad-based recovery in diamond jewellery purchases.

The global industry is cautiously optimistic as it navigates 2025, buoyed by emerging markets and a renewed appetite for luxury adornments.

The World Federation of Diamond Bourses (WFDB) has expressed strong support for the Luanda Accord, an agreement among major diamond-producing nations and trading hubs to bolster the global promotion of natural diamonds. Under the accord, all signatories will contribute 1% of their annual rough diamond revenue to the Natural Diamond Council’s marketing efforts.

Signed in Luanda, Angola, the accord brings together key industry players, including Botswana, Angola, Namibia, South Africa, Sierra Leone, the DRC, and organizations such as the Antwerp World Diamond Centre, Dubai Multi Commodities Centre (DMCC), India’s Gem & Jewellery Export Promotion Council (GJEPC), and the African Diamond Producers Association.

The agreement follows the WFDB Presidents’ Meeting in New York, where consensus was reached on the urgent need to unite in support of natural diamonds. Industry leaders such as Botswana President Duma Boko, Angolan Minister Diamantino Azevedo, De Beers CEO Al Cook, and DMCC Executive Chairman Ahmed Bin Sulayem were in attendance.

WFDB President Yoram Dvash commended the initiative and particularly praised signatories DMCC and GJEPC, stating, “I am very gratified to see the mobilization of the global diamond industry to promote natural diamonds. As I said at the Presidents’ Meeting, now is the time to lead with unity to protect the value and legacy of the natural diamond. United, we will remind the world why a natural diamond will always be forever.”

The WFDB also launched its own natural diamond video campaign, encouraging members to amplify the message through social media.

Angola’s state-owned diamond giants, ENDIAMA E.P. and SODIAM E.P., have officially announced their joint membership in the Natural Diamond Council (NDC), effective July 1, 2025. Their entry comes with a significant $8 million funding commitment aimed at supporting the NDC’s global marketing efforts during the critical second half of the year.

This move underscores Angola’s expanding influence in the international diamond trade. As the world’s third-largest producer of natural diamonds and a key region for future exploration, Angola is positioning itself as a responsible and proactive leader in promoting the value and integrity of natural diamonds.

“Promoting the values and socioeconomic benefits of our diamond industry is a national priority,” said Diamantino Azevedo, Angola’s Minister of Mineral Resources, Oil and Gas. “By joining the Natural Diamond Council, Endiama and Sodiam are reinforcing our long-term commitment to transparency, sustainability, and global consumer engagement.”

David Kellie, CEO of the NDC, welcomed the partnership, noting, “Endiama and Sodiam’s participation comes at a transformative moment for the industry. Their support will help amplify our message about the natural diamond’s rarity, authenticity, and lasting positive impact.”

Richa Singh, Managing Director of NDC India & Middle East, added, “Diamonds represent deep emotional and cultural significance. With Endiama and Sodiam on board, we are better positioned to educate consumers and share the inspiring stories behind each natural diamond.”

De Beers, a founding NDC member, responded to Angola’s $8 million contribution by pledging a matching amount for 2025, further strengthening the Council’s ability to run impactful global campaigns.

With their membership, Endiama and Sodiam join a prestigious lineup of NDC contributors, including De Beers, Rio Tinto, Petra Diamonds, Murowa, and the Okavango Diamond Company. Together, they aim to promote the enduring value, ethical sourcing, and community benefits of natural diamonds on the global stage.