DeBeers Forevermark lists India as third largest market, plans two store openings
Diamond business DeBeers Forevermark has listed India as its third largest market globally. The company plans to continue to expand its brick-and-mortar footprint in the country with a store launch planned for Aurangabad this month followed by another in Indore.
“Last year was a hugely successful year, post-lockdown,” De Beers Forevermark’s director of marketing Toranj Mehta told the Deccan Herald. “There was a lot of demand this year too. While Indians are intrinsically inclined buying jewels. they are very different from what you will see around the world. But, having said that, diamonds are catching the fancy of women as a fashion statement, lending a positive trend for us as an industry.”
To capitalise on this positive trend, Forevermark plans to open a mix of exclusive brand outlets and shop-in-shops across the country. The business also offers an expanding range of lightweight designs suitable for everyday wear, an increasingly popular product category, especially with younger shoppers who have increasingly more to spend on themselves.
“Presently we are looking to deepen the ties with our existing partners,” said Mehta. “Chennai-based GRT, Bangalore-based CKC, Udupi’s Abaran Jewellers are our partners. We’re not looking to expand our ‘doors’ (a special segment of the shop-floor in the jewellery in the jewellery stores) to new partners. We have our own boutiques, two each in Bengaluru, Mumbai and Kolkata, one in Hyderabad and five others in the North. We’re opening a new store in Aurangabad this month and then in Indore. So far we have 15 exclusive stores and around 50 doors across the country.”
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