De Beers' Forevermark foresees diamond demand recovery in India
Forevermark’s CEO Stephen Lussier and India managing director Sachin Jain held a virtual press briefing to discuss current trends in the diamond market. The executives also spoke about upcoming activities with parent entity De Beers to work towards its 2030 Building Forever sustainability goals. Lussier and Jain shared their confidence that demand in India will pick back up as the second wave of Covid-19 subsides.
“As India’s vaccination drive builds up, we expect to see a desire for diamond jewellery and need to capitalise on it,” said Lussier at the virtual press briefing, the Gem and Jewellery Export Promotion Council reported.
The business saw diamond jewellery lead the luxury segment with Forevermark’s total sales rising by 50% year-on-year from January to May, 2021, according to Lussier. India also had a strong start to the year, affirmed Jain.
“We were surprised by the speed and strength with which consumers returned to spend on diamonds,” said Lussier. “Retailers sold everything they had. Demand remains strong and inventories are historically low and there is a pull on the manufacturing side.”
Trending items include larger diamonds, solitaire ear studs, and diamond necklaces, according to the business. This is due to increased spending on diamonds in response to the psychological effects of the pandemic by both customers shopping for themselves and their loved ones, Lussier said.
In order to associate more strongly with its parent company’s ‘Building Forever’ sustainability efforts, Forevermark will soon be rebranded as De Beers Forevermark, Lussier announced.
“The younger consumers today want to associate with brands that are contributing positively to the world,” said Lussier. “Sustainability is the key and we, at De Beers, want to make sure that our brand and diamonds, as a generic category, are seen as making a positive impact. In our Building Forever initiative, De Beers will want to achieve carbon neutrality by 2030.”
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