De Beers Forevermark sees strong demand in South India this festive season

Bangalore, October 25, 2021: With the onset of the festive season, De Beers Forevermark, one of the trusted diamond manufacturers, is upbeat about demand for diamonds in South India. The model has already witnessed an enormous response publish the second wave, and in comparison with the pre-festive season consumption, it’s wanting ahead to development of over 35-40% per cent over the subsequent few months given the prolonged marriage ceremony season and pent-up demand coinciding with the well timed easing of Covid-19 restrictions. The model continues to develop in South India, the most important marketplace for De Beers Forevermark in India. Whereas the model has 270 doorways in India unfold over 60 markets, it has round 100 doorways in South India at present. The model additionally has 10 unique boutique shops in India and plans to extend this to 30 by subsequent yr.

The corporate is now targeted on consolidation within the South because it sees immense potential within the rising variety of metros, tier-2 and tier-3 cities within the area, the place it companions with choose approved retailers who share the identical model ethos as De Beers Forevermark. The corporate’s analysis has proven that there’s growing demand for its pure, uncommon, lovely and responsibly sourced diamonds in South India and that buyers right here worth the diamond’s high quality over measurement.

Commenting on the festive season outlook, Mr. Sachin Jain, Managing Director, De Beers India, mentioned: “We anticipate to see important rise and rebound in diamond consumption and it has been a giant comeback for the business that has obtained to do with what diamonds and jewelry imply for the Indian shopper. Individuals need to put money into luxurious merchandise however ones that maintain worth and wish an assurance of genuineness. The market will witness good development within the upcoming festive & marriage ceremony season. Whereas the yr 2020 was a giant setback as a result of pandemic, we see the 2021 festive season to be the strongest one in a decade and anticipate to carry out at 25-30% larger than 2019 which was our greatest yr. The expansion trajectory has been very sturdy for us prior to now few years and we’re hopeful it’s going to proceed. One of many key classes the pandemic has taught us is to worth that which is real and actual.”

Mr. Suraj Shantakumar, Director Kirtilals mentioned: “We see nice demand from the youthful technology this yr as they like jewelry to enrich their persona and outline their particular person model assertion. Apart from this, we see demand for minimalistic and on a regular basis put on diamonds because the sentiment has now shifted in direction of carrying diamonds for any event together with the festive season. De Beers Forevermark’s diamonds are produced by means of a really rigorous choice course of and are uncommon, pure and exquisite and we consider they are going to proceed to seek out an enormous acceptance amongst our discerning customers.”

Mr. Vinod Hayagriv, Managing Director & Director, C. Krishniah Chetty Group of Jewellers mentioned: “Whereas the festive season this yr is seeing a big uptick in gross sales, we are going to see a dramatic rise in solitaire diamond gross sales. Our affiliation with De Beers Forevermark has not solely been an previous and an incredible relationship since a decade, however with patented expertise, every De Beers Forevermark diamond is uniquely inscribed and comes with a assure that each diamond is real, pure and responsibly sourced. This supplies extra assurance to our clients who’re eager on shopping for pure diamonds to have fun this festive season. Millennials notice that diamond jewelry is actually a present that lasts a lifetime.”

Mr. Joseph Prince, Director – Prince Jewelry Chennai mentioned, “The festive season has at all times been thought of auspicious to purchase jewelry. The buyer sentiment has improved dramatically within the current previous and there may be pent-up demand and customers are searching for significant purchases. This is a chance for the diamond jewelry market to realize a big share of shopper spending. On condition that lower than 1 per cent of the world’s diamonds safe the De Beers Forevermark inscription, we consider customers want to spend on priceless and area of interest merchandise that convey a powerful emotional bonding, particularly within the post-pandemic world.”

Regardless of the challenges skilled as a result of pandemic, Indian customers expressed sturdy demand for diamond jewelry, outstripping demand for different luxurious classes and attire, as they sought out purchases with emotional which means and enduring worth.