Forever Mark, a jewellery brand of De Beers is eyeing to increase its sales growth to 30 per cent in India this year. Since the prices of diamonds have stabilized globally, the brand wants to capture the nerve of the Indian customers who are more inclined towards gold rather than diamonds.
Stephen Lussier, CEO, Forever Mark said that In India the demand has been explosive over the years. We saw about 35 per cent 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. Company is expecting 30 per cent growth in India this year on the back of stable diamond prices globally.
Quoting further, he added that Forever Mark is focused on expanding by going deeper with its jeweller partners in the country. The US, with its economy picking up and dollar becoming stronger, continues to be the strongest market for the company. The US, which comprises 45 per cent 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.
After US, China holds the second largest market for diamond trade with 15 per cent share and third position has been acquired by India with eight per cent share. Further sharing his views, Lussier added 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.