De Beers Forevermark, diamond brand, 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, it said in a press statement. The brand continues to grow in South India, the largest market for De Beers Forevermark in India, it said.
While the brand has 270 doors in India spread over 60 markets, it looks forward to expanding this to 300 and expanding its exclusive boutique stores as well from 12 to 30 by the end of this year. Of the 30 exclusive boutique stores, it will be setting up a few stores in South India.
The company’s research has shown that there is increasing demand for its natural diamonds in South India and consumers here value the diamond’s quality over size, it said. It 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.
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 on that which 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. One of the key lessons the pandemic has taught us is to value that, which is genuine and real."
