Q: Forevermark has said it plans to expand from 10 stores to 100 across India by 2030, with a focus on the top-20 cities. What are the key considerations guiding this expansion, and how will you decide when a market is ready for multiple stores?
A: India is the second-largest diamond market globally, after the US, and it is growing at a rapid pace. Natural diamond jewellery in India is growing at 13.5%, which reflects the opportunity in the category. As Forevermark Diamond Jewellery looks to expand to 100 stores by 2030, the focus is on identifying markets where there is a strong consumer base and potential for branded natural diamond jewellery.
The opportunity is not limited to the metros; we are also seeing potential in Tier-II and Tier-III markets. It is important to understand the consumer, the demand for natural diamonds, and the kind of retail presence a market can support. The availability of the right location, and the ability to deliver a consistent Forevermark experience are also key considerations.
When it comes to opening multiple stores in a city, the question is whether there is enough demand to support them. This means looking at how the existing store is performing, whether it is reaching the right consumers, and whether other catchments offer an opportunity to grow. The idea is not simply to open more stores, but to make Forevermark accessible to more consumers, while ensuring that each store has a clear business opportunity.
When it comes to opening multiple stores in a city, the question is whether there is enough demand to support them. This means looking at how the existing store is performing, whether it is reaching the right consumers, and whether other catchments offer an opportunity to grow. The idea is not simply to open more stores, but to make Forevermark accessible to more consumers, while ensuring that each store has a clear business opportunity.
A: The choice between company-owned and franchise stores depends on the market, and the opportunity it presents. Company-owned stores give us a direct understanding of the consumer, and allows us to shape the retail experience, while franchise partners bring local market knowledge, established relationships, and an understanding of consumer preferences. The approach varies, depending on what works best for each market, and how we can build our presence there.
Whichever model we choose, the consumer experience has to remain consistent. A customer walking into a company-owned store or a franchise store should have the same experience. This requires clear operating standards, and the right retail execution. A franchise partner needs to understand the natural diamond jewellery category, and the importance of building consumer trust. The focus is on finding partners who can help us grow, while delivering the experience the brand promises.
The expansion also presents an opportunity for partners to participate in the growth of branded natural diamond jewellery, backed by Forevermark’s brand proposition and De Beers Group’s expertise. Partners can bring their understanding of local consumers and retail markets while building a business around a brand with an established presence in the category. The right partnerships will be important in helping us reach more consumers, and grow Forevermark’s presence across India.
Q: You have attributed much of the growth in diamond jewellery demand to younger consumers, with Gen Z accounting for 51% of the growth cited. How is this generation changing product preferences, price expectations, and purchase occasions? How is Forevermark responding to the changes?
A: Gen Z accounts for 51% of India’s natural diamond jewellery market value, and this generation pays the highest average price per piece at Rs 1.98 lakh. Gen Z-ers see diamonds as everyday self-expression, rather than “locker luxury”; they value versatility, authenticity, and personal milestones over occasion-bound gifting.
That is why 52% of acquired diamond jewellery is now worn daily, and why earrings have become the most popular category. Affordability remains a consideration, but natural diamond prices have corrected 20%-30% from post-pandemic highs. Younger buyers enter through accessible everyday pieces, and trade up over time, while interest in larger solitaires remains firm.
At De Beers, we are building modern-day rituals around the moments this generation cares about through category campaigns focusing on second piercings, bestie bracelets, intentions, and, most recently, empty nester couples, which broaden diamonds beyond weddings and anniversaries. Forevermark complements this by offering international designs for everyday-wear jewellery, solitaires, and unique high jewellery ranges.
Q: Women's ownership of diamond jewellery in India has risen to 15%, according to De Beers's Acquisition Study, while self-purchase and workwear are emerging as demand drivers. How can retailers tap this opportunity beyond bridal and occasion-led jewellery?
A: With women's diamond ownership in India rising to 15%, and self-purchase driving 64% of non-wedding acquisitions, the paradigm has permanently shifted from receiving diamonds to choosing them. Retailers can unlock this momentum by moving beyond heavy bridal sets, and curating versatile, everyday wardrobes centered on fluid workwear, modern stackables, and earrings.
To capture this growing financial independence, jewellers must position natural diamonds as accessible self-reward items for personal milestones, supported by transparent pricing, cut-focused education, and inviting retail environments that encourage self-gifting year-round.
Q: With diamond jewellery becoming more relevant during festive seasons, and across everyday purchase occasions, what steps is Forevermark taking to sustain demand throughout the year?
A: The opportunity is to make diamond jewellery relevant beyond traditional occasions, such as weddings and festivals. We are seeing consumers increasingly view diamonds as a form of self-expression and identity, particularly younger consumers who value authenticity, and the stories behind what they buy. There is also growing interest in celebrating everyday milestones, which has led to self-purchase of daily wear jewellery. The focus is on understanding these evolving preferences, and giving consumers more reasons to choose natural diamonds throughout the year.
At Forevermark Diamond Jewellery, we offer the world’s most beautiful diamonds in contemporary designs to suit various occasions. We are designing versatile jewellery that can be worn across occasions, from everyday wear to festive celebrations, and special milestones.
Consumer education and trust are equally important in sustaining demand. We encourage buyers to ask for a certificate from a reputable gemmological laboratory, and understand the characteristics of the diamond they are purchasing. It is also important to look beyond carat size, and pay attention to cut, which plays a key role in a diamond's brilliance.
Ultimately, the opportunity lies in combining relevant designs with consumer awareness and trust, so that natural diamonds become a consideration for everyday style, personal milestones, and festive celebrations alike.
A: The opportunity is to make diamond jewellery relevant beyond traditional occasions, such as weddings and festivals. We are seeing consumers increasingly view diamonds as a form of self-expression and identity, particularly younger consumers who value authenticity, and the stories behind what they buy. There is also growing interest in celebrating everyday milestones, which has led to self-purchase of daily wear jewellery. The focus is on understanding these evolving preferences, and giving consumers more reasons to choose natural diamonds throughout the year.
At Forevermark Diamond Jewellery, we offer the world’s most beautiful diamonds in contemporary designs to suit various occasions. We are designing versatile jewellery that can be worn across occasions, from everyday wear to festive celebrations, and special milestones.
Consumer education and trust are equally important in sustaining demand. We encourage buyers to ask for a certificate from a reputable gemmological laboratory, and understand the characteristics of the diamond they are purchasing. It is also important to look beyond carat size, and pay attention to cut, which plays a key role in a diamond's brilliance.
Ultimately, the opportunity lies in combining relevant designs with consumer awareness and trust, so that natural diamonds become a consideration for everyday style, personal milestones, and festive celebrations alike.
Q: How can independent retailers benefit from De Beers's brand-building and consumer-marketing initiatives?
A: Independent jewellers are central to the category’s growth, particularly in Tier-II and Tier-III cities, which already account for about a third of demand value. Our largest-ever marketing investment in India over the past two years is designed to build desirability for natural diamonds as a category, so every jeweller can convert that interest in their own showroom without funding a national campaign.
INDRA makes this practical, with multilingual training and AI-powered marketing tools that help independent jewellers sell with confidence, and market locally on a modest budget. We are also building trust, through the BIS standard that reserves the word “diamond” exclusively for natural diamonds, and through verification technology that gives retailers and consumers certainty at the point of sale.