With diamond prices stabilising globally, De Beers’ jewellery brand Forever Mark is expecting 30 per cent growth in sales in India in 2016.
“In India the demand has been explosive over the years. We saw about 35 per cent growth in 2015 in India but this year we are cautious with our estimates as the first half was hampered with jewellers strike that affected sales,” CEO, Forever Mark, Stephen Lussier was quoted by PTI as saying.
“We are expecting 30 per cent growth in India this year on the back of stable diamond prices globally,” he was further quoted by PTI as saying.
According to a PTI report: Forever Mark, he said, is focused on expanding by going deeper with its jeweller partners in the country.
“We are number one diamond brand in the country and we are focused on expanding deeper in the country through our jeweller partners. We continue to increase our partnerships with jewellers every year in India,” he was quoted by PTI as saying.
Lussier also said that the US, with it economy picking up and dollar becoming stronger, continues to be the strongest market for the company.
“The US, which comprises 45 per cent of the world market share in diamonds in terms of value, is seeing growth in demand for both polished and rough diamonds. The consumer demand is growing with stable prices and stable economic conditions,” he was further quoted by PTI as saying.
China is the number two market for diamonds, comprising 15 per cent of the share, while India is number three with eight per cent market share.
“This is the right opportunity for India to grow its market share and catch up with China, which is facing slow demand following sluggish economic growth that is reflected in the consumer demand as well,” Lussier was quoted by PTI as saying.
To support its customers and attract new ones, De Beers established a sophisticated diamond grading lab, IIDGR in Surat, which currently has the capacity to annually process US$ 500 million worth of diamond inscription and grading services.
Initially, International Institute of Diamond Grading and Research (IIDGR), set up with US$ 15 million investment, was utilised only for De Beers and Forever Mark jewellery.
However, now it is open for other jewellers as well at a nominal cost, Lussier said.