Popular Diamond manufacturing brand De Beers is looking towards the market of India to contribute about ten percent of its global sales in five years . The company is also aiming to expand in the country by increasing the number of retailers.
A trade forum was recently held by Forevermark where the retailers and its diamentaires came together to discuss the marketing strategies and also a road map for the upcoming years. Sachin Jain the Managing director of Forevermark Diamonds Private Ltd said, “While presently we have over 60 doors in India, we are looking at taking that to 100 by the end of the year, hopefully by the festive season. We are in nine cities right now and looking at expanding into Kochi and Coimbatore as well. In fact, our South Indian market has been one of our best performing markets in India”.
Jain added that the economic situation does not actually affect the consumer demand too much as more people look for the inherent quality which is present in diamonds. The customers buy it looking at the long term value. The market has also noticed a shift in demand from gold to diamonds along with a strong dollar has resulted in the increase in the diamond prices.