De Beers set to increase India business

Diamond major De Beers has targeted India as one

of its major contributors to sales. In the next five years, the company expects 10 per cent of its global sales to come from India through its brand Forevermark. It also expects to increase its number of retailers in the country. Recently, Forevermark organized a trade forum where retailers and its diamantaires came together to discuss marketing strategies and plans for the future. Sachin Jain, Managing Director, Forevermark Diamonds said that the company has its presence in over 60 location across nine cities in India and by the end of this year, it plans to push it up to 100 stores. Since its entry into India, it has been adding cities and branching out to more towns. De Beers focuses on the Tier II, III cities as most of its business come from there. Soon, it plans to enter Kochi and Coimbatore. Jain said that its South Indian market has been one of our best performing in India.

According to Jain, there has been a huge impact on the prices of the diamonds with the depreciating rupee value. The changing demand from gold to diamond along with a strong dollar has led to an increase in prices. Despite mounting prices, more people are investing in diamonds looking at its long-term value.

Currently, more than half of its global sales come from China and Hong Kong followed by India, US and Japan. According to Stephen Lussier, CEO, Forevermark, India’s diamond business is growing at 20 per cent year-on-year. Due to price rise, De Beers expects diamond production at its mines to decrease slightly as compared to last year. So far, production is 14 million carats and the company expects to end the calendar year at 28-30 million.