De Beers Forevermark Shines Bright on India’s Festive Horizon: A Sparkling Akshaya Tritiya Ahead
Bangalore, April 28, 2022 – As India gears up for a vibrant festive season, particularly the auspicious occasion of Akshaya Tritiya, De Beers Forevermark, a globally recognized and trusted name in exquisite diamonds, expresses profound optimism for robust sales volumes. This buoyant outlook is underpinned by a rapid economic recovery across the nation and a noticeable surge in consumer demand for luxury goods, especially fine diamond jewellery. The brand, renowned for its commitment to natural, responsibly sourced diamonds, is strategically expanding its presence in the burgeoning Indian market. Currently, De Beers Forevermark boasts an impressive network of 14 exclusive boutique stores and extends its reach through 255 doors across more than 60 key markets in India. Driven by an unwavering belief in the market’s potential, the brand has ambitious plans to significantly broaden its retail footprint, aiming to establish 30 exclusive boutique stores by the close of 2022. With a strong resurgence in demand for diamonds, this year’s Akshaya Tritiya is poised to be an exceptionally promising period for De Beers Forevermark and its valued partners.
The brand’s strategic vision extends beyond traditional urban centers. While De Beers Forevermark has already achieved substantial growth and established a formidable presence, particularly within the dynamic South Indian market, it is now intensifying its focus on the immense potential offered by Tier 2 and Tier 3 cities. These emerging markets are increasingly becoming hotbeds of economic activity and rising disposable incomes, fueling a growing aspiration for luxury products. To ensure a consistent brand experience and uphold its legacy of trust, De Beers Forevermark is meticulously partnering with select authorized retailers who not only share the brand’s core ethos but also its unwavering commitment to quality, integrity, and exceptional customer service. The diamond major anticipates a truly vibrant performance during Akshaya Tritiya, an occasion deeply embedded in Indian culture as a symbol of prosperity and new beginnings, making it an ideal time for individuals to indulge in self-purchase or present the timeless gift of diamonds to loved ones. The intrinsic value and enduring beauty of diamonds perfectly align with the spirit of this auspicious festival, promising a glittering season for the premium diamond sector.
The sentiment of optimism is widely echoed by industry leaders. Commenting on the much-anticipated festive season, Mr. Sachin Jain, Managing Director of De Beers India, shared his insights: “Akshaya Tritiya has always been revered as an auspicious occasion for purchasing jewellery. However, this year, we anticipate the festivity to be grander than ever before, as all markets are fully operational following the challenges of the pandemic. It marks a significant comeback for the Gems & Jewellery industry, a resurgence intrinsically linked to the profound meaning diamonds and jewellery hold for the Indian consumer. In today’s evolving consumer landscape, individuals are increasingly drawn towards acquiring items that embody deep meaning and enduring value. Consequently, diamonds are more sought after than ever due to their inherent preciousness, rarity, and the emotional significance they carry. Furthermore, given that markets experienced closures over the past two years, there is a palpable sense of pent-up demand. This accumulated desire to purchase is expected to culminate in an extremely strong Akshaya Tritiya, which we foresee will significantly accelerate the momentum of diamond jewellery sales. We are truly upbeat about the upcoming season, and beyond commercial success, we wish to celebrate happiness and ensure that everyone feels safe and secure during this joyous festive time.” This statement underscores the blend of cultural importance, economic recovery, and evolving consumer psychology driving the current market enthusiasm.
Echoing this positive sentiment, Dr. C. Vinod Hayagriv, Managing Director of the esteemed C Krishniah Chetty Group of Jewellers, expressed his anticipation for an upward trajectory this festive season. He noted, “We are incredibly optimistic about an upward trajectory this festive season, largely owing to this being the first fully operational Akshaya Tritiya after two years of pandemic-induced disruptions. With our diverse and unique range of designs, which masterfully blend the best of both traditional Indian aesthetics and contemporary global trends in jewellery, our discerning customers are guaranteed to enjoy a truly notable and memorable retail experience this festive season. Our long-standing and cherished association with De Beers Forevermark has consistently witnessed a healthy and robust demand for their fine diamonds. This partnership ensures the stringent selection of the finest natural diamonds, each as unique and individual as the wearer themselves, providing our customers with unparalleled quality and authenticity.” The emphasis on unique designs and the heritage of partnership highlights the brand’s appeal.
Mr. Joseph Prince, Managing Director of Prince Jewellery, provided a valuable perspective on current market dynamics, stating, “We have been consistently witnessing a strong uptick in consumer sentiment and sales over the past six months, and we are confident that the upcoming festive and wedding season will continue to drive this demand even further. At the moment, we are observing a significant and growing trend of self-purchase, particularly among modern, financially independent women. For these empowered individuals, jewellery, and especially diamonds, have transcended their traditional roles to become visible symbols of self-expression, personal achievement, and independence. We have seen wide acceptance and appreciation for the diverse collections offered by De Beers Forevermark, primarily because they are meticulously customized and designed to perfectly suit the varied tastes and evolving preferences of today’s consumers. We eagerly look forward to capitalizing on this popular demand and widespread acceptance in the upcoming festive season as well.” This insight into changing consumer behavior, particularly the rise of women’s self-gifting, illustrates a key growth driver for the diamond market.
The widespread belief in the auspiciousness of the festive season was further reinforced by Mr. G.R. ‘Ananth’ Ananthapadmanabhan, Managing Director of GRT Jewellers, who affirmed, “The festive season has always been revered and considered an exceptionally auspicious time to purchase jewellery in India. We are supremely confident that this year, Akshaya Tritiya, alongside the bustling wedding season, will further spur the ongoing growth and expansion of our industry.” His colleague, Mr. G.R. Radhakrishnan, also a Managing Director at GRT Jewellers, further elaborated on their commitment to quality through their partnership. He added, “Through our long and fruitful association with De Beers Forevermark, we are unequivocally able to ensure and deliver the highest standards of precision, craftsmanship, and quality jewellery to our esteemed customers. A key distinguishing factor is that each and every De Beers Forevermark Diamond comes with a unique inscription number, microscopically etched on the table of the diamond. This inscription serves as an undeniable promise of its natural origin, responsible sourcing, and unique identity, offering unparalleled peace of mind to the wearer.” This dedication to transparency and quality assurance, symbolized by the unique inscription, is a cornerstone of the De Beers Forevermark brand promise.
The confluence of a robust economic recovery, deep-seated cultural traditions, evolving consumer preferences, and strategic brand expansion positions De Beers Forevermark for an exceptionally strong performance during Akshaya Tritiya and the broader festive season. The brand’s commitment to quality, authenticity, and ethical sourcing resonates deeply with the discerning Indian consumer who seeks not just beauty, but also meaning and value in their purchases. As India continues its trajectory of growth, the luxury diamond market, spearheaded by trusted names like De Beers Forevermark, is set to shine brighter than ever, illuminating the path for a sparkling future for both the industry and its cherished customers. The strategic focus on expanding into Tier 2 and Tier 3 cities, coupled with catering to new consumer segments such as independent women, ensures that De Beers Forevermark is well-poised to capture the full spectrum of demand within the dynamic Indian jewellery landscape, solidifying its position as a leader in the premium diamond sector.