India is expected to elbow the US aside this year to become the second largest market after China for De Beers brand Forevermark, according to the brand’s chief executive Stephen Lussier.
Currently, China accounts for 50 per cent of sales, with the US and India accounting for 15 percent each. This year, however, India’s share of the Forevermark global market is set to to climb to between 20 and 25 percent.
According to Lussier, who is also the De Beers executive vice president of marketing, Forevermark sold 60,000 pieces last year in India. This year, sales are expected to be between 100,000 and 130,000 pieces.
Forevermark has been focussing on the daily-wear category in India and has largely steered clear of the extremely large bridal category. This year, with new technology making it possible to lower the minimum size limit for the Forevermark brand from 0.14 carat to 0.10 carat, De Beers expects the brand to be able to offer even lower price points in its offerings to the consumer.
Currently, Forevermark products in the Indian market range between ₹25,000 ($389) and ₹2,500,000 ($38,858). This price segment accounts for 35 percent of all diamond sales in India and Forevermark has a 20 percent slice of the segment. Global average prices for the brand range between $2,500 and $3,000.
The jewellers’ strike against the imposition of excise duty and the government’s demonetisation of old ₹500 and ₹1,000 notes last year impacted Forevermark’s top line in the country. However, volumes grew a staggering 80 percent on a year-to-year comparison with 2015.
This year, Lussier expects a further increase with heightened consumer spending and interest in the brand’s two-diamond ring range. The brand also plans to increase its market footprint from the current 200 stores to 230 by the end of the year, including three high end outlets in Delhi, Mumbai and Kolkata. Forevemark already has a high end store in Bangalore.
https://www.gemkonnect.com/news/india-will-become-second-largest-market-forevermark-year