India’s diamond export industry is beginning to show signs of a turnaround, fueled by a renewed appetite for natural diamonds in China — a market that had seen a sharp downturn in recent years. After exports to China dropped from over $6.5 billion in 2021 to around $3.3 billion by 2024, Indian traders are now witnessing a modest but encouraging uptick in inquiries and deals.

This positive shift is being largely attributed to innovative retail strategies adopted by leading Chinese jewellery chains, particularly diamond buyback programs that promise customers guaranteed resale value. These initiatives appear to be restoring consumer trust in diamonds as both luxury items and viable investments. Retailers have reported increased foot traffic and renewed interest since the programs were launched.

Between 2021 and 2024, the slump in Indian diamond exports to China was driven by multiple factors — including a pivot toward gold jewellery, broader economic uncertainty, reduced post-pandemic retail activity, and intermittent health crises. However, 2025 is bringing a cautiously optimistic outlook.

Demand is stabilizing, particularly for smaller, natural diamonds often used in lightweight or gold-accented designs. Trade fairs in Hong Kong this year have reflected this shift, with growing interest among young, urban Chinese buyers.

India, which cuts and polishes more than 90% of the world’s diamonds, is preparing for a potential rebound. While overall exports remain below pre-pandemic levels, the pace of decline has slowed, and trade associations report a notable rise in inquiries from Chinese buyers.

Industry players anticipate a more visible impact by the second half of 2025, aligning with China’s traditional wedding and festive buying seasons. The buyback schemes, still in their infancy, are seen as a game-changer that could help the natural diamond industry regain lost ground — especially as lab-grown alternatives gain popularity.

Nevertheless, challenges persist. Other global exporters are also targeting the recovering Chinese market, increasing competition. Additionally, shifting consumer tastes toward smaller, lower-cost stones may limit the scale of recovery.

Despite the hurdles, the policy and retail shifts in China are being welcomed across the global diamond sector. Key exporting nations such as Belgium, Israel, and African producers are closely monitoring the Chinese market for signs of sustained recovery.

While the road ahead remains uncertain, there is a growing belief that the worst may be over for the natural diamond trade. As the year progresses, India is positioned to capitalize on any resurgence in Chinese demand, especially if momentum carries into the critical year-end shopping period.

A rare pink diamond with ties to Marie Antoinette stole the spotlight at Christie’s Magnificent Jewels auction on June 17, leading the sale to a record-breaking total of $87.7 million — the highest ever for a various-owner jewelry auction at Christie’s in the Americas.

The top lot was a JAR ring featuring the Marie-Thérèse Pink Diamond, a 10.38-carat, kite-shaped fancy-purple-pink stone believed to date back to the 18th century. Allegedly part of the jewels the French queen entrusted to her hairdresser during her ill-fated 1791 escape attempt, the diamond was later passed down through the royal family.

Estimated at $7 million, the historic gem fetched $14 million, doubling expectations and setting two world auction records — one for a JAR creation and another for a fancy-purple-pink diamond.

“This season’s results highlight the tremendous demand for jewels of exceptional rarity, provenance, and craftsmanship,” said Rahul Kadakia, international head of jewelry at Christie’s. “Private collections and superb jewels were met with enthusiastic and competitive bidding.”

Auction Highlights: From Royal Provenance to Record Sapphires

The sale included notable private collections, such as those of Anne Hendricks Bass and Lucille Coleman, and featured three Mughal-era treasures from a royal archive. In total, every single lot sold, marking a second white-glove result for Christie’s this year — the first being its Geneva sale that garnered $72.4 million.

Top 10 Highlights:

• The Blue Belle Necklace, showcasing a 392.52-carat Ceylon sapphire discovered in 1926 and once intended for Queen Elizabeth (Queen Mother), achieved $11.3 million, near the high end of its estimate.

• Mughal Emerald Necklace #1: Featuring five Colombian emeralds (470 to 106.5 carats), it soared past its $3 million high estimate to $6.2 million.

• Mughal Emerald Necklace #2: Centered around a 297-carat emerald duo with spinels, rubies, and pearls, it brought in $5.6 million, nearly doubling its estimate.

• A 66.74-carat unmounted round brilliant-cut D-color, VVS1 diamond sold within range at $3.8 million.

• The third Mughal jewel, a three-strand necklace of spinel beads and natural pearls, achieved $3 million, well above its $2 million estimate.

• A Harry Winston necklace featuring a 17.50-carat pear brilliant-cut D-color, VVS1 diamond among others smashed its $1.8 million estimate to reach $2.4 million.

• A necklace with a 25.45-carat D-flawless diamond pendant sold for $2.3 million, just above its expected range.

• Van Cleef & Arpels pendant earrings, set with 11.93- and 11.83-carat D-color diamonds, brought in $2 million, exceeding their $1.8 million high estimate.

• A Harry Winston ring featuring a 23.26-carat emerald-cut D-color, internally flawless diamond closed at $1.8 million, slightly above the top estimate.

Jewelry-tech startup Gemist has raised $6 million in seed funding to scale its first-of-its-kind, full-stack SaaS platform designed to transform the global custom jewelry market. The round was led by Entrada Ventures, with participation from The Artemis Fund and Collide Capital, bringing Gemist’s total funding to $9 million since its 2021 launch.

At the heart of Gemist’s platform is a customizable 3D visualization engine, offering photorealistic, real-time rendering that allows customers to design bespoke jewelry pieces online or in-store with confidence. The white-labeled solution empowers retailers to provide a seamless, branded design experience while streamlining production and sales.

Modernizing a $300 Billion Industry

Despite its global value, the $300 billion jewelry industry has remained technologically outdated, with many custom orders still managed manually—often involving lengthy email exchanges, CAD file iterations, and showroom visits.

Gemist addresses these inefficiencies by giving jewelers a digitally native, end-to-end solution for design, visualization, dynamic pricing, quoting, and checkout—fully integrated with their existing e-commerce infrastructure. 

“We’re solving the biggest pain point in the industry: how to confidently sell jewelry online,” said Madeline Fraser, Founder and CEO of Gemist. “Our platform gives every jewelry company the ability to let customers dream big – and buy without friction.”

Gemist reports that its users design more than 14,000 custom pieces weekly, with partner brands seeing up to 400% faster sales cycles and a 300% increase in average order value.

Michelle Berlinger, CEO of Berlinger Jewellery, said, “We’ve tried other tools, but nothing comes close to the realism and responsiveness of the Customise Experience. It cut our design process from days to minutes and helped customers confidently purchase high-ticket pieces without ever stepping into our showroom.”

Designed for Jewelers, Built for Growth

Gemist’s platform is accessible via web, tablet, and mobile, offering a fully brandable interface with features including real-time 3D styling, dynamic pricing, and omnichannel sales capabilities.

The new funding will fuel further development in advanced rendering, pricing tools, and deeper commerce integrations to support both digital and brick-and-mortar retailers.

“Gemist is bringing jewelry sales into the digital age,” said Julie Henley, Partner at Entrada Ventures. “Consumers demand personalization, transparency, and beautiful digital experiences. Gemist delivers all three, helping the industry grow without adding operational complexity.”

Headquartered in Los Angeles, Gemist is positioned as a leader in digital transformation for the jewelry sector—giving retailers the tools to enhance customer experience, speed up workflows, and unlock new revenue streams.