De Beers Group plans to expand its Forevermark Diamond Jewellery retail network in India to 100 stores by 2030, up from its current 10 outlets, as the company looks to capitalise on rising diamond jewellery demand and changing consumer preferences.
The expansion will follow a combination of company-owned and franchise stores, with the initial focus on establishing a stronger presence in the country’s top 20 cities. The brand currently operates six company-owned stores and four franchise outlets.
Shweta Harit, Global Senior Vice President, De Beers Group, said India was the company’s largest and fastest-growing market, with diamond demand increasing at an average annual rate of 13%. She said a combination of ownership models would help the brand accelerate its expansion and establish a wider retail footprint.
Forevermark currently operates in Mumbai, Delhi, Chandigarh and Bengaluru, with plans to expand into Pune and Kolkata. The company intends to establish multiple outlets in key cities before extending its presence to other markets.
Demand for diamond jewellery is increasingly being driven by younger consumers, self-purchases, workwear and fashion-led buying. According to Harit, Gen Z accounts for 51% of the growth in diamond jewellery sales.
The company’s acquisition study also indicated that women’s ownership of diamond jewellery in India had increased to 15%. Average diamond caratage demand has risen to 0.79 carats from 0.64 carats previously, with the company expecting demand for higher-caratage diamonds to increase further over the next two to three years.
Harit said Forevermark had recorded a positive performance in September and expressed confidence in the brand’s prospects during the festive season.
The planned expansion underscores De Beers’ strategy to strengthen its retail presence in India and build demand for natural diamond jewellery among a broader consumer base.
