De Beers Forevermark is upbeat about demand for diamonds in South India

With the onset of the festive season, De Beers Forevermark is upbeat about demand for diamonds in South India

The brand is looking forward to growth of over 35-40 per cent over the next few months given the extended wedding season and pent-up demand coinciding with the timely easing of Covid-19 restrictions.

“People want to invest in luxurious products but ones that hold value and want an assurance of genuineness. The market will witness good growth in the upcoming festive & wedding season. While the year 2020 was a big setback due to the pandemic, we see the 2021 festive season to be the strongest one in a decade and expect to perform at 25-30% higher than 2019 which was our best year. The growth trajectory has been very strong for us in the past few years and we are hopeful it will continue. One of the key lessons the pandemic has taught us is to value that which is genuine and real”, said Sachin Jain, Managing Director, De Beers India.

The company is now focused on consolidation in the South as it sees immense potential in the growing number of metros, tier-2 and tier-3 cities in the region, where it partners with select authorized retailers who share the same brand ethos as De Beers Forevermark.

“This is an opportunity for the diamond jewellery market to gain a significant share of consumer spending. Given that less than 1 per cent of the world’s diamonds secure the De Beers Forevermark inscription, we believe consumers would like to spend on valuable and niche products that convey a strong emotional bonding, especially in the post-pandemic world”, said Joseph Prince, Director – Prince Jewellery Chennai.

The company’s research has shown that there is increasing demand for its natural, rare, beautiful and responsibly sourced diamonds in South India and that consumers here value the diamond’s quality over size.

Suraj Shantakumar, Director Kirtilals said, “We see great demand from the younger generation this year as they prefer jewellery to complement their personality and define their individual style statement. Besides this, we see demand for minimalistic and everyday wear diamonds as the sentiment has now shifted towards wearing diamonds for any occasion including the festive season.”

Despite the challenges experienced due to the pandemic, Indian consumers expressed strong demand for diamond jewellery, outstripping demand for other luxury categories and apparel, as they sought out purchases with emotional meaning and enduring value.

Courtesy: Business World