De Beers sees double-digit growth this festive season; bets big on middle-class

MUMBAI:  De Beers Forevermark is expecting around at least 10-12% double-digit growth this festive season and plans to open 16 new exclusive boutique stores by the end of the year 2022 taking the total count to 30.

Sachin Jain, managing director of De Beers India in a conversation with TNIE at the company’s annual forum in Mumbai, said the outlook is very optimistic and the company is betting big on the middle class, which he says will grow majorly in the next 7-8 years.

On the question of what price bracket they are betting on with regards to the middle class, Jain said, on average, it would be between Rs 50,000- Rs 1,00000. De Beers Group, the world’s leading diamond company, held its three-day annual Forum this week.

Suggesting that as a brand, the company is not just for high-income groups, Jain says, “Forevermark starts at eight points or 0.08 carat and a 0.08 diamond would be about Rs 5,000-Rs 6,000. So we are also offering very humble prices and a middle class consumer can easily consume it. It’s not prohibitive.” The company is also heavily focusing on sustainability.

David Prager, Chief Brand officer at De Beers Group also mentioned at the forum that according to a survey of 8,000 people across countries conducted by the group, consumers are predisposed to buy diamond jewellery that may have a positive impact. “In fact, consumers are willing to pay a premium of 15% for diamond jewellery that focuses on sustainability.” Adding to it, Jain mentioned that 46% of consumers are focussed on source transparency.