Forevermark shines in India

India has emerged as the second largest market for Forevermark, a wholly-owned subsidiary of the diamond group – De Beers, after China.

According to Sachin Jain, President, Forevermark, India has surpassed the US, and become the largest market in terms of volume sales backed by a ‘dramatic growth in consumption’.

“We are currently present across 38 countries. India is the second largest market for us after China and this has been due to a dramatic rise in consumption (of diamonds),” Jain told BusinessLine.

The total domestic gem and jewellery market is estimated at $35 billion and diamond jewellery accounts for nearly 18 per cent.

The demand for diamond jewellery has been growing at close to 12-15 per cent, he said.

The company sold close to 1,50,000 diamond pieces in the calendar year 2017 and is looking to grow by a healthy double-digit number in 2018.

There has been a marked change in consumer preference as far as diamond jewellery is concerned.

“Consumers are now looking for simpler pieces of jewellery which they can wear rather than keep it in the locker,” he said.

Retail presence

The company, which forayed into Indian market in 2011, is present across 44 cities, including tier II and III towns.

It is working through 91 retailers and the brand is present across 230 stores. Plans are afoot to increase the store count to 270 soon.

Forevermark has seen a good traction in demand from smaller towns and cities.

“Consumers in these markets are very well equipped and there is a lot of potential,” he said.

South is the largest market followed by North, West and East.

Expansion mode

The company plans to add four more markets in the East and Central India.

“We are not in a rapid expansion mode. We will expand gradually and logically, while strengthening our existing partnership,” he said.

Forevermark India also manages markets in West Asia, including the UAE, Saudi, Kuwait, Oman and Bahrain.

It also recently expanded to Bangladesh, Nepal and Pakistan.