De Beers India Managing Director Amit Pratihari said the plan is to establish 100 retail stores by 2030 with a revenue target of $1 million
New Delhi: De Beers, a global leader in the diamond industry, on Wednesday said it will foray into the retail segment with the opening of 15 Forevermark brand stores in India this year.
De Beers India Managing Director Amit Pratihari said the plan is to establish 100 retail stores by 2030 with a revenue target of $1 million.
“We are investing in retail through Forevermark jewellery brand. We will open 15 stores, eight in Delhi and the rest in Mumbai this year,” he told reporters here.
The retail space for opening the stores has been identified, and probably, the first retail store will open in June-July, the official said but declined to share the financial details.
Pratihari said the company plans to scale down its current business model through leading chains and focus more on exclusive stores, either owned or franchisee, to expand its market share.
There is huge scope for expansion given only 10 per cent diamond jewellery penetration in India, the world’s second-largest diamond jewellery market, he said.
De Beers India chief said the company has launched a small instrument with diamond verification technology, which is being commercialised in India. It is a simple technology that can detect whether a diamond is natural or synthetic.
He also said there is no threat to the natural diamond industry from synthetic diamonds while emphasising the need for quality certification to differentiate both to protect the interest of consumers.
The company is working closely with the government in this regard, he added.
