Forevermark eyes 20% from Indian business
Mumbai: Forevermark, the diamond brand from the De Beers group, is eyeing about 20 percent contribution from India in its overall business pie in next one year, a top company executive has said.
“At present India contributes about 10 percent to the overall business and we are planning to double it in the next one year by strengthening our distribution network in the country,” Forevermark Worldwide Marketing Director Dominic Brand told PTI here.
Forevermark, which entered Indian markets last year, currently represents 7 percent of the global consumer demand for diamonds and is expected to grow to 11 percent in 2016.
Forevermark is now present in 15 Indian cities and will account for 20 per cent of the global sales soon, Brand said.
“After seeing such overwhelming growth, we are planning to further penetrate in the country through a strong distribution network. For this, we are planning to enter into tie-ups with organisations supplying high quality cut and polished diamonds,” he said.
The company is also looking at tie-ups with both local as well as multi-city retailers, he said, adding Forevermark will make substantial investment in building its brand as well. In the next five years, the company is looking at expanding its presence in 30 cities in the country, Brand said.
Observing that the demand for diamonds in India is picking up, Brand said, “Pre-economic crisis, the demand for diamonds in India was over 20 percent. However, after the crisis it has come down to 15-20 percent. But the demand is still going strong”.
Forevermark is the retail brand of De Beers Group, whose core business is mining.