Forevermark sees Tier 2 cities drive diamond sales revival
De Beers Group diamond brand, Forevermark, has seen shoppers in Tier 2 cities leading its recovery following the pan-India lockdown, spending more than their counterparts in larger cities.
Forevermark sales in Tier 2 cities have reached between 50% and 70% of pre-Covid-19 levels, where sales in Tier 1 cities and metros are only back to 40% to 50% of what they were before the pandemic, TNN reported.
“As large-scale, big bang weddings, travel-honeymoon and other ceremonies are not possible at this hour, people have started spending money on jewellery,” Forevermark’s India president, Sachin Jain, told the Times of India, at the ninth annual Forevermark Forum, held online.
“Consumers are coming to the stores,” said Jain. “From May 20 to June 10, we have registered a significant revival in sales, mostly from Tier 2 cities. Footfall-to-sales conversion rates have gone up considerably.”
Jain reported that bridal jewellery sales have pushed sales to increase in the Indian market.
“The Covid-19 scare is not going to go soon,” said Jain.
“So, we, despite being a retail-dependent industry, have increased our online presence. Customers are consuming more data on diamond and its latest ranges on mobile handsets and other devices.”
India represented one of Forevermark’s swiftest growing markets in 2019, where it maintained 30% year-on-year growth. India also overtook the U.S. and China as the number one market for the business, in terms of volume.
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