A body has been found by police divers searching for a man missing at a popular waterfall spot in the Bay of Plenty.

A police spokeswoman confirmed the body had been found at Omanawa Falls this afternoon. A hearse and a kaumatua have just arrived at the scene.

New Zealand police divers and emergency services have spent the day searching for a man who went missing at the falls yesterday.

The man has since been confirmed as a Waikato University student.

The man came to New Zealand in November from India to study towards his Masters' degree, a friend said.

He was among a group of Waikato University students swimming in the pool at the base of the falls yesterday when he went missing mid-afternoon.

The university released a statement from director of student services Mike Calvert, who said the university's thoughts were with the family and friends of the missing student.

"We are offering them all the support we can at this incredibly difficult time."

"Our staff are in contact with the other students involved in the incident as well as those who are on the same course as the missing man, and are making sure they have access to all appropriate student services and assistance."