Bangalore, October 25, 2021: As the vibrant festive season unfolds across India, De Beers Forevermark, a globally recognized and highly trusted name in the diamond industry, is expressing significant optimism regarding the demand for exquisite diamonds in the crucial South Indian market. Following a challenging period, the brand has already observed a remarkable resurgence in consumer interest and purchases subsequent to the second wave of the pandemic. Compared to pre-festive season consumption patterns, the outlook is exceptionally positive, with projections indicating a robust growth of over 35-40% in demand over the coming months. This anticipated surge is attributed to a confluence of factors, including an extended wedding season, substantial pent-up consumer demand, and the timely easing of COVID-19 related restrictions, which have collectively boosted market confidence and spending power. South India continues to be a pivotal region for De Beers Forevermark, representing the largest market for the brand within India. Currently, De Beers Forevermark boasts a substantial presence with 270 retail doors spread across 60 markets nationwide, with approximately 100 of these strategically located in South India. Furthermore, the brand is actively expanding its exclusive boutique store footprint, planning to increase its current count of 10 boutiques to an impressive 30 by next year, signaling a clear commitment to enhancing its premium retail experience for discerning customers.
De Beers Forevermark’s Strategic Focus on South India: A Market of Immense Potential
The company is now embarking on a focused strategy of consolidation within the southern regions, recognizing the immense untapped potential present in the rapidly growing number of metropolitan areas, as well as emerging tier-2 and tier-3 cities across the region. This strategic expansion is meticulously planned, involving partnerships with a select network of authorized retailers who not only possess a deep understanding of the local market dynamics but also unequivocally share the same stringent brand ethos, commitment to quality, and responsible sourcing principles that define De Beers Forevermark. Extensive market research conducted by the company has consistently indicated a burgeoning demand among South Indian consumers for its signature natural, rare, and beautiful diamonds, all of which are guaranteed to be responsibly sourced. A key insight gleaned from this research is the pronounced preference among consumers in South India for the intrinsic quality of a diamond over its mere size, underscoring a sophisticated appreciation for craftsmanship, rarity, and ethical provenance.
Industry Leaders Forecast a Radiant Future for Diamond Demand
The optimistic sentiment is echoed by key figures within the industry, who foresee a strong and sustained recovery for the diamond sector.
Sachin Jain, Managing Director, De Beers India: The Strongest Festive Season in a Decade
Commenting on the promising outlook for the festive season, Mr. Sachin Jain, Managing Director, De Beers India, articulated a robust vision for the market. He stated, “We fully anticipate witnessing a significant rise and a powerful rebound in diamond consumption. This period marks a major comeback for the industry, deeply rooted in the profound meaning that diamonds and fine jewellery hold for the Indian consumer. There is a discernible trend where people increasingly desire to invest in luxurious products, but more importantly, in items that not only retain but appreciate in value, coupled with an absolute assurance of genuineness and authenticity. We are confident that the market will experience substantial growth during the upcoming festive and wedding seasons. While 2020 presented a formidable setback due to the unprecedented challenges of the pandemic, we firmly believe that the 2021 festive season is poised to be the strongest in over a decade. Our projections indicate that we expect to perform an impressive 25-30% higher than our record-setting year of 2019. The growth trajectory for our brand has been exceptionally strong over the past few years, and we are highly optimistic that this momentum will continue unabated. One of the most profound lessons the pandemic has imparted upon us is the invaluable importance of truly cherishing that which is genuine, real, and holds enduring meaning.”
Suraj Shantakumar, Director, Kirtilals: Embracing Modern Aesthetics and Everyday Luxury
Mr. Suraj Shantakumar, Director at Kirtilals, shared insights into evolving consumer preferences, particularly among the younger demographic. He commented, “This year, we are observing a tremendous surge in demand from the younger generation. They are increasingly seeking out jewellery pieces that not only complement their unique personality but also articulate and define their individual style statements. Beyond this significant trend, we are also witnessing a growing preference for minimalistic and versatile everyday wear diamonds. This shift in sentiment reflects a broader cultural change where diamonds are no longer reserved solely for grand occasions but are now embraced for any event, including the joyous festive season. De Beers Forevermark’s diamonds, renowned for their exceptional quality, are meticulously selected through an incredibly rigorous process, ensuring their rarity, natural beauty, and inherent brilliance. We are confident that these exquisite diamonds will continue to resonate deeply and find widespread acceptance among our discerning consumers who seek both elegance and authenticity.”
Vinod Hayagriv, Managing Director & Director, C. Krishniah Chetty Group of Jewellers: The Allure of Solitaires and Assured Authenticity
Mr. Vinod Hayagriv, Managing Director & Director of the esteemed C. Krishniah Chetty Group of Jewellers, highlighted specific trends driving sales during the festive period. He stated, “While the festive season this year is undoubtedly experiencing a significant uptick in overall sales, we anticipate a dramatic and notable rise specifically in solitaire diamond sales, a segment that continues to capture the imagination of luxury buyers. Our enduring association with De Beers Forevermark is not merely a long-standing and excellent relationship spanning over a decade; it is founded on an unparalleled commitment to quality and innovation. Thanks to patented technology, every single De Beers Forevermark diamond is uniquely inscribed with an individual number and comes with an unequivocal guarantee that each diamond is genuine, natural, and sourced in the most responsible and ethical manner. This unparalleled level of assurance provides immense additional confidence and peace of mind to our valued customers, particularly those who are keen on purchasing natural diamonds to celebrate this auspicious festive season. Moreover, millennials, a crucial demographic, are increasingly realizing that diamond jewellery represents more than just an adornment; it is truly a gift that lasts a lifetime, embodying enduring value and timeless sentiment.”
Joseph Prince, Director – Prince Jewellery Chennai: Meaningful Purchases in a Post-Pandemic World
Mr. Joseph Prince, Director – Prince Jewellery Chennai, emphasized the cultural significance and renewed consumer confidence driving demand. He remarked, “The festive season has always been regarded as an auspicious and propitious time for buying jewellery in India. In the recent past, we have observed a dramatic improvement in consumer sentiment, coupled with a significant surge in pent-up demand. Consumers are now actively seeking out meaningful and valuable purchases that resonate deeply with their emotional connections. This presents an exceptional opportunity for the diamond jewellery market to capture a substantial share of consumer spending, especially as people prioritize enduring value and emotional significance. Given that an astonishingly small percentage – less than 1% – of the world’s natural diamonds secure the prestigious De Beers Forevermark inscription, we firmly believe that consumers are increasingly inclined to spend on such valuable, exclusive, and niche products that convey a powerful emotional bonding, particularly in the reflective and value-driven post-pandemic world. This scarcity and unique inscription reinforce the diamond’s intrinsic worth and symbolic importance.”
The Enduring Allure: Why Diamonds Reign Supreme in India
Despite the unprecedented challenges and disruptions experienced globally due to the pandemic, Indian consumers consistently demonstrated a remarkably strong and resilient demand for diamond jewellery. This demand not only held steady but often outstripped that for other luxury categories and even apparel. This compelling trend highlights a fundamental shift in consumer priorities, where individuals actively sought out purchases that offered profound emotional meaning, celebrated milestones, and represented an enduring, tangible value that could withstand uncertain times. Diamonds, with their inherent symbolism of permanence, love, and commitment, perfectly encapsulate these evolving desires. The Indian market’s deep cultural connection to precious jewellery, coupled with the renewed appreciation for authentic and responsibly sourced luxury, solidifies the diamond’s position as a premier investment and an heirloom for generations to come. The future of the diamond market in India, especially for trusted brands like De Beers Forevermark that champion quality, integrity, and ethical practices, appears exceptionally radiant, promising continued growth and consumer loyalty in the years ahead.