“We are confident of a minimum growth of 30 per cent in the coming year”
Forevermark, the diamond brand from the De Beers Group of Companies, entered the Indian market in 2011 and since then, the brand has grown from strength to strength. Currently operating in 230 doors across 40 cities in India and working with 91 retailers across India, the brand has been in the news lately for inscribing over 2 million diamonds. We caught up with Sachin Jain, President, Forevermark India, who has been with the company since it commenced the operations in India, to know about the company’s core operations in India, its contribution in developing the diamond industry and how the company plans to grow further in the Indian market.
How has been Forevermark’s journey so far in India? Can you share the company’s key milestones and accomplishments?
India is one of the most important growth markets for Forevermark. It is currently the second largest market. Over the past few years, Forevermark has expanded its presence to over 40 cities across India and today the brand is established not only in the key metro cities but also in Tier 2 and Tier 3 locations. In these locations, we have and will continue to partner with select authorised jewellers who share our brand ethos. We have also recently opened our first exclusive store of Forevermark diamonds in Bangalore with CKC Jewellers and will be opening another one in Kolkata shortly. Our focus has always been to build a network with jewellers and create brand awareness amongst our young consumers between the age group of 28-35 years. We are very happy and proud to say that our offering has been well received by the educated and differentiated experience seeker. The growth has been steady so far and we look forward to creating and designing more collections fit for the discerning Indian consumer.
How differently is the brand positioned in India?
Jewellery in India has been seen as an investment but at the same time is intrinsic in cultural traditions. Wearing jewellery has a deep rooted cultural significance of a woman’s fertility and the social standing of the family. When it comes to jewellery purchase, a trusted family jeweller is always preferred. When Forevermark launched in India, we understood this cultural significance and have worked with these trusted authorised jewellers creating designs to suit the Indian demand.
Moreover, the modern Indian woman looks at purchasing jewellery that is simple yet traditional and can be everyday wear. Delving into this sentiment, Forevermark created a unique product specially designed for the Indian woman, the Capricci Nose Pin collection. Through our research we found that after a ring, nose pins are the most popular form of jewellery worn by women across the country. This Collection is a reinterpretation of this traditional piece of jewellery bringing modern concepts to the way it is worn as an adornment. This year we launched two extensions of this line- The Four Seasons collection and Color Therapy to add variety to the designs. Apart from this versatile collection, Forevermark has also partnered with ace fashion designers like Bibhu Mohapatra and Sabyasachi Mukherjee to launch the Artemis and the Zanyah Collection which are exquisite lines of couture diamond jewellery. These are not just designs in isolation but are based on global trends, consumer research and apt visual merchandising.
Can you walk us through Forevermark’s latest initiative to boost diamond jewellery demand in India?
Focussing on the qualities of the Forevermark diamond and understanding the concerns of a diamond buyer, we released the Credential Campaign which addresses the concerns of potential buyers and reassures them, that when they purchase a Forevermark diamond it is a beautiful, rare and responsibly sourced diamond. Every consumer looks for a validation while purchasing diamond jewellery and Forevermark provides this validation, with the brand promise and the unique inscription number on each diamond. With this campaign, we have reinforced consumer confidence and created brand awareness by highlighting the benefits and differentiating factors of Forevermark, thereby creating trust and loyalty for the brand in the minds of our audience.
How many retailers/POS does Forevermark have now in India? Which other markets the brand is focusing on?
Forevermark launched in India in 2011 and has enjoyed strong growth ever since in fact in May 2017 we celebrated a landmark of inscribing over 2 million diamonds. The brand in India to date has opened 230 doors and is currently working with 91 retailers across India who share similar values and provide fashion forward jewellery to its consumers. Forevermark India also manages markets in the Middle East (including UAE, Saudi, Kuwait, Oman, Bahrain etc.) and recently we expanded to Bangladesh, Nepal and Pakistan.
According to you what measures need to be taken to make diamond jewellery popular among millennial consumers?
Buying a diamond is a not just an emotional purchase but quite an overwhelming one. Millennials believe in the stories and emotions that a product offers but at the same time consumers find it hard to understand the 4Cs and how to purchase a diamond. Keeping this in mind, we released the Credential Campaign. Each Forevermark diamond is genuine, untreated and natural, which reflects the qualities of millennials today. Every Forevermark diamond has a unique inscription number which is an assurance that the diamond is beautiful, rare and responsibly sourced. This inscription is from 10 pts upwards which allows jewellery to be created for every day wear as well. We see the needs of the current generation as an opportunity to offer our unique products and everyday wear jewellery.
What is also your projection of the state of the diamond industry in 2018?
India has been a bright spot in the diamond industry, expanding its market share in the past five years. It is upward growth trajectory and we see a lot of consumer interest and demand in our product. We are confident of a minimum growth of 30 per cent in the coming year.
What is Forevermark’s roadmap for the future in terms of growth and expansion?
Ever since we launched Forevermark, we envisaged that consumers will be more aware of ethics and the provenance of a diamond in the future and Forevermark is all about responsibility sourced diamonds. We are always looking at new collaborations as well as strengthening the relationships with our retailers and partners and will continue to do so in the future as well. We will expand gradually and logically while strengthening our existing partnership.