18 Aug 2019
DiamondWorld Directory
Home |
News
Home
India may overtake China in De Beers's Forevermark diamond biz
India may overtake China in the branded diamond business of De Beers--Forevermark in volume terms by end of 2019
By: Diamond World News Service
|
Mar 11 2019 11:51AM
|
Reference: 17061  

DecreaseIncrease

"If Forevermark in India grows by 50 per cent in 2019 (calendar year) then we may overtake China to become number two after the USA in volume terms. We had been growing at this pace since the last 3 years in India," Forevermark Diamonds president Sachin Jain said.

 

"We are 100 per cent sure to achieve 50 per cent growth in 2019 over 2018," De Beers Group Executive VP Stephen Lussier said.

 Choosing to remain cautiously optimistic, he said that demonetisation, Goods and Services Tax and rupee depreciation had impacted the gems and jewellery sector in the past but now things have stabilised and getting brighter since October 2018.

Though the diamond sector faced hiccups, Forevermark's growth remained robust in India as it sold around 1 lakh pieces diamond in 2018, against 1.2 lakh in China.

USA is the world's biggest market followed by China.

Though India accounts for 25 per cent of the global volumes for De Beers branded diamond, it is much less in revenue terms, company officials said, declining to divulge country-specific numbers.

Lussier estimated that global sales for Forevermark at the retail level was around USD 1 billion.

Forevermark said it plans to be present in 275 stores from 240 stores now in India.

Lussier said diamond prices have been stabilising though trade issues between US and China lurk.

 

 

Have Your Say
* Your view
* Name:
* Email:
* Town/city:
* Country/State:
Advertisement
M. Suresh234x60
Search News by City
Advertisement
Kosher 23460
Advertisement
HouseAd_Trade Fair
Recent Issue
2019
AVAILABLE NOW...!
Advertisement
Kosher 23460
News in Pictures
Videos
Stunning Jewellery from Cannes 2019
Pictures: 24
Sparkly Jewels at Oscars 2019
Pictures: 19
Golden Globes 2018
Pictures: 15
Spotted: Who Wore What (December 2018)
Pictures: 4
India Diamond Week
Pictures: 8
Spotted: Who Wore What (October 2018)
Pictures: 7
Spotted: Who Wore What (September 2018)
Pictures: 6
70th Emmy Awards
Pictures: 11
35th India International Jewellery Show 2018
Pictures: 46
Spotted: Who Wore What (August 2018)
Pictures: 4
JJS - IJ Jewellers Choice Design Awards 2015 powered by GIA
Views: 16514
GJEPC Chairman Interview
Views: 15287
IJ Jewellers Choice Design Awards 2012 - Part 1
Views: 22142
Promo for IJ Awards 2012 at NDTV Profit
Views: 34950
IJ Jewellers Choice Design Awards 2012- Part 2
Views: 38389
Couture India 2016 - A Business Boutique Show by IJ Magazine
Views: 12692
Savjibhai Dholakiya, Surat Businessman (Diamond Merchant) speaks in Vibrant 2015
Views: 36433
IJ Jewellers Choice Design Awards 2013 - NDTV Video
Views: 34390
Member of:
Supporter of: