Thursday, August 18, 2022

De Beers will continue to woo consumers, says Forevermark

De Beers will continue to woo consumers, says Forevermark

 

 “The company has seen around 30-35 per cent of year-on-year growth both in terms of value and volume. The years, 2020 and 2021 were difficult because of the pandemic but this year there has been a bounce back with double-digit growth.”

— Amit Pratihari, General Manager De Beers Group

PRAVASISAMWAD.COM

Forevermark, Jewellery retail chain De Beers’ Indian unit said that it plans to sell 2.5 lakh diamonds, approximately 65,000 carats in 2022 — around 35 per cent higher than last year, ETRetail reported.

At the recent annual forum of the De Beers Group in Mumbai, General Manager Amit Pratihari said that the company had seen around 30-35 per cent of year-on-year growth both in terms of value and volume. The years, 2020 and 2021 were difficult because of the pandemic but this year there has been a bounce back with double-digit growth.

The GM also said that in the long term, the company was looking at expanding its retail sales. He said that in the “next 5 to 10 years, we are focusing on building our retail network. We are looking at exclusive stores”.

Forevermark has chalked out expansion plans for the establishment of 16 exclusive boutique stores across the country. That would take the total number of stores to 30.

By 2030, the Indian diamond industry would be a 75 billion dollars market opportunity and since De Beers was the market leader, the company would hold top position

South India, said the GM, was where the brand grew contributing to around 40 to 45 per cent of volume followed by West and East. South India would remain on top in sales due to better retail infrastructure for jewellery.

As for the rise in diamond jewellery prices due to the sanctions on Russia and overall shortage in the market, Pratihari said that while the prices would go up higher, the impact will not be belt because of the consumer demand.

By 2030, the Indian diamond industry would be a 75 billion dollars market opportunity and since De Beers was the market leader, the company would hold top position. De Beers supplies about 30 per cent of the world’s diamonds, according to Sachin Jain, Managing Director, De Beers India who was also present at the annual forum.

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