Forevermark Expects Consumer Demand for Diamonds To Rise in India

Retail and Consumer Confidence
25/07/2016 18:06

Following a strong 2015 that saw Indian demand for De Beers' jewelry brand Forevermark grow by 35%, the brand is expecting 30% growth in sales in India in 2016, according to an interview with the Forevermark CEO Stephen Lussier in The Economic Times. Lussier said they are being cautious with their estimates due to the jewelers strike earlier in the year. "We are expecting 30% growth in India this year on the back of stable diamond prices globally. We are the number one diamond brand in the country and we are focused on expanding deeper in the country through our jeweler partners. We continue to increase our partnerships with jewelers every year in India," said Lussier. He also said that the US, with its economy picking up and the dollar becoming stronger, continues to be the strongest market for the company. 

The US is by far the leading consumer of diamonds,  as it is good for 45% of the world market share in diamonds in terms of value and is seeing growth in demand for both polished and rough diamonds, Lussier said. He also sees India at 8% market share as prepared to hit Chinese levels, with 15% market share. "This is the right opportunity for India to grow its market share and catch up with China, which is facing slow demand following sluggish economic growth that is reflected in the consumer demand as well," Lussier said.