De Beers to focus on smaller cities in India for expansion
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Global diamond producer De Beers is looking to partner local retailers in smaller cities to boost sales which it claims grew at 100 percent last year.
According to a PTI report: The company sells its diamond jewellery through 250 partnered retail stores in the country under the brand ‘Forevermark’.
“There is a strong appetite for diamonds in smaller cities. We plan to increase stores gradually in those cities by partnering local retailers,” Stephen Lussier, Forevermark CEO and Executive VP De Beers Group of Companies told PTI.
Sales during January-June, 2018 remained robust and the overall sales volumes may double as compared to the last year, he said.
“We are doing much better with our brand. We had 100 percent growth in 2017. In 2018, we will double again,” he told PTI adding that the Forevermark brand has 30 per cent market share in India.
The company is not only investing in marketing of its brand but also organising special events to equip partners with the new retail innovations, latest technology and consumer insights to help them leverage their business better and stay ahead of the consumer curve, he added.
Stating that the fundamentals of diamond are strong worldwide, Lussier said the sale of Forevermark brand jewellery grew on a monthly basis notwithstanding the banking fraud by diamantaire Nirav Modi.
Diamond prices are stable globally though prices of polished ones are on the rise when compared with rough diamonds, he added.
De Beers sources diamonds from its seven mines in South Africa and Canada.
Questions & Answers
Q.How many partnered retail stores does De Beers currently have in India under the Forevermark brand?
How many partnered retail stores does De Beers currently have in India under the Forevermark brand?
De Beers sells its diamond jewellery through 250 partnered retail stores across India. These stores operate under the brand name 'Forevermark'.
Q.What was the growth in sales for De Beers' Forevermark brand in 2017?
What was the growth in sales for De Beers' Forevermark brand in 2017?
The Forevermark brand experienced a 100 percent growth in sales during 2017. Sales during the first half of 2018 also remained robust, with overall sales volumes expected to double compared to the previous year.
Q.Where does De Beers source its diamonds from globally?
Where does De Beers source its diamonds from globally?
De Beers sources its diamonds from seven mines located in South Africa and Canada. This ensures a consistent supply for its operations and products, including the Forevermark brand.