Forevermark sees ‘dramatic growth’ in India, plans 40 more stores in 2018

By

Maverick Martins

Published
Feb 14, 2018

Forevermark, a wholly-owned subsidiary of the diamond group De Beers, has witnessed dramatic growth in the Indian market and further looks to expand its retail presence by adding 40 stores this year, said a top company official.
 

The growth in business has made India the second largest market for the diamond firm after China, dethroning USA from the position.
 
Forevermark sold close to 1.5 million diamond pieces for the year 2017 and expects to double that number to 3 million in 2018, as it plans to expand its retail presence especially in Tier 2 and 3 cities.

“We are currently present across 38 countries. India is the second largest market for us after China and this has been due to a dramatic rise in consumption (of diamonds),” Sachin Jain, President of Forevermark India, told BusinessLine.
 
“Consumers in smaller markets are very well equipped and there is a lot of potential. We are not in a rapid expansion mode. We will expand gradually and logically, while strengthening our existing partnership,” he added.
 
Forevermark entered the Indian market in 2011 and is currently has over 230 stores through partnerships with over 91 retailers across the country. It also has one exclusive store in the country in Benguluru and expected to add another one in Kolkata later this year.