Despite softer consumer sentiment, global diamond major De Beers Group said its brand Forevermark has seen rapid growth in India. Stephen Lussier, CEO, Forevermark, part of the De Beers Group of Companies, said: “Forevermark has had a fantastic year in India. Despite the overall slow economy and slow sales, we have nearly doubled sales and are growing strongly.”

Expansion The Forevermark brand is available across 22 key cities in the country and the company is looking to expand in new cities, in partnership with leading jewellery retailers. India has been a success story for the diamond industry, as it is a major diamond centre for cutting and polishing of all qualities and sizes and has a huge skill base, said Lussier, speaking on the sidelines of the World Diamond Conference, which was attended by both Russian President Vladimir Putin and Prime Minister Narendra Modi.

“What is perhaps less known is the extraordinary growth of India as a consumer of diamond jewellery. Over the last decade, we have seen a big increase in the percentage of diamond jewellery purchases, making India and China the two fastest growing markets,” he said.

Lussier said this is due to the growing capacity of the upper middle-class to buy diamonds. The company recently conducted an extensive consumer study that showed growth in consumption and purchases of diamond jewellery in India in the past decade.

India is the third largest diamond consumer, in terms of value, among the top countries.

“Of the diamonds that we sell overall, about 10 per cent are sold to Indian consumers. Of course, nearly nine out 10 diamonds from our mines are cut and polished in India. We are optimistic about the opportunity offered by the economic growth in India,” he added.

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