Forevermark to strengthen India presence

Forevermark, the jewelry brand of world’s leading diamond

company De Beers, which announced its Indian entry last year with the introduction of its two international collections — Encordia and Forevermark Setting -- is now eyeing 20 per cent of its overall business to come from India, which stands at 10 per cent currently. The two collections were launched in the global market three years back and contribute heavily to the $300 million (Rs 1,603 crores) sales of Forevermark.

The company would also focus on strengthening its distribution network and tie-ups with local as well as multi-city retailers in the country. The company currently represents 7 per cent of the global consumer demand for diamonds and is expected to grow to 11 per cent in 2016. Forevermark is now present in 15 Indian cities and would spread its network in 30 cities in India.

During H1, De Beers Diamond Jewellers saw growth in its core jewellery market, but saw a decline in the high-end market reflecting overall retail trends. De Beers’ retail network expansion continues, with plans to open three new stores in Mainland China before the end of the year. Its online media release states that “in downstream activities, Forevermark continues to grow, particularly in the core markets of China, Japan, India and the US. The brand has also launched in South Africa, Canada and the UAE this year, and is on track for the ambitious growth targets planned.”