De Beers Forevermark sees strong demand for diamonds in South India in 2022
De Beers Forevermark, one of the most trusted diamond brands, is upbeat about demand for diamonds in South India in 2022. The brand had already witnessed a huge response last year, and is expecting to grow in double digits this year too given the pent-up demand. The brand continues to grow in South India, the largest market for De Beers Forevermark in India. While the brand has 270 doors in India spread over 60 markets, it looks forward to expanding this to 300and expanding its exclusive boutique stores as well from 12 to 30 by the end of this year. Of the 30 exclusive boutique stores, we will be setting up few stores in South India.
The company’s research has shown that there is increasing demand for its natural, rare, beautiful and responsibly sourced diamonds in South India and that consumers here value the diamond’s quality over size. The company is now focused on consolidation in the South as it sees immense potential in the growing number of metros, tier-2 and tier-3 cities in the region, where it partners with select authorized retailers who share the same brand ethos as De Beers Forevermark. The company is betting big on South India as key factors differentiate the region from the rest of the country and presents retailers with unique opportunities.
Commenting on the outlook, Mr. Sachin Jain, Managing Director, De Beers India, said: “The growth trajectory has been very strong for us in the past few years and we expect it will continue. People want to invest in luxury products but ones that hold value and want an assurance of genuineness. Despite the challenges experienced due to the pandemic, Indian consumers have expressed strong demand for diamond jewellery, outstripping demand for other luxury categories. We have created a world of unique precious jewellery - urbane, intricate, minimalistic designs that are informal and experimental for everyday wear. One of the key lessons the pandemic has taught us is to value that, which is genuine and real.”
In recent years, we have seen changing consumer practices by women with more and more of them buying diamond jewellery for themselves. We also see great demand for our natural diamonds from the younger generation this year as they prefer jewellery to complement their personality and define their individual style statement. Our expansion in the South is testament to our commitment to make contemporary jewels accessible to customers across different regions,” he added.
The consumer sentiment has improved dramatically in the recent past and consumers are seeking meaningful purchases. With increasing disposable income, growing middle class population, rapid urbanization, improving standard of living and consumer preference towards investment in gems and jewellery, the diamond industry is looking forward to high growth trajectory and gain a significant share of consumer spending.