Forevermark bets big on India for growth
today Jul 19, 2019
Forevermark, a wholly owned subsidiary of the diamond group De Beers, is betting big on the Indian market for growth and looking to make deeper inroads in the Indian diamonds market.
The company is looking to strengthen its presence across the country by partnering with jewellers and aims to touch a partner store count of 280 by the end of this year.
Forevermark is optimistic that India will surpass USA and China by 2020 and become the number one market for the company in terms of sales. It expects to sell 250,000-260,000 diamonds this year.
“We are present in 60 markets in India. We are present in Tier I, II, III and IV markets. Forevermark has plans to go deeper in India and has a target to take its partner store count to 275-280 by the end of this year," Sachin Jain, president of Forevermark India, told Moneycontrol.
Forevermark chairman Stephen Lussier added, “India has been our fastest-growing market for four years now. India was number two last year in terms of the number of diamonds sold. And it (India) is chasing China. In the US, we sell fewer diamonds but they are bigger. So, in terms of volume, I think India can be number one by 2020.”
The company is expecting its sales in India to jump by 50 percent in 2019 which will make India its second largest market in the world.
Forevermark currently has around 240 partner stores and two exclusive brand outlets in the country.
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