Forever Mark eyes 30% sales growth in India this year

With diamond prices stabilising globally, De Beers' jewellery brand Forever Mark is expecting 30 percent growth in sales in India in 2016.

"In India the demand has been explosive over the years. We saw about 35 percent growth in 2015 in India but this year we are cautious with our estimates as the first half was hampered with jewellers strike that affected sales," Forever Mark CEO Stephen Lussier told PTI here.

"We are expecting 30 percent growth in India this year on the back of stable diamond prices globally," he said.

Forever Mark, he said, is focused on expanding by going deeper with its jeweller partners in the country.

"We are number one diamond brand in the country and we are focused on expanding deeper in the country through our jeweller partners. We continue to increase our partnerships with jewellers every year in India," he added.

Lussier also said that the US, with it economy picking up and dollar becoming stronger, continues to be the strongest market for the company.

"The US, which comprises 45 percent of the world market share in diamonds in terms of value, is seeing growth in demand for both polished and rough diamonds.

"The consumer demand is growing with stable prices and stable economic conditions," he added.

China is the number two market for diamonds, comprising 15 percent of the share, while India is number three with eight percent 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.

To support its customers and attract new ones, De Beers established a sophisticated diamond grading lab, IIDGR in Surat, which currently has the capacity to annually process USD 500 million worth of diamond inscription and grading services.

Initially, International Institute of Diamond Grading and Research (IIDGR), set up with USD 15 million investment, was utilised only for De Beers and Forever Mark jewellery.

However, now it is open for other jewellers as well at a nominal cost, Lussier said.