Swarovski announces plan to focus on lab-grown diamonds and retail expansion in India

The brand will concentrate on both offline and online expansion while introducing lab-grown diamonds to cater to the growing demand for sustainable and affordable luxury jewellery

Mumbai: Swarovski is focusing on expanding its retail presence in India, referring to the country as a “rocket market” due to its significant growth potential. The brand, renowned for its crystals, jewellery, watches and home décor, has recently introduced Swarovski Created Diamonds to the Indian market and is planning to open 7-10 stores by next year. This move follows the successful launch of lab-grown diamonds in the US last year and their introduction in India around June-July 2023. Swarovski aims to build awareness about lab-grown diamonds, highlighting their sustainability, affordability, and identical quality to natural diamonds.

India is considered one of Swarovski’s most important markets, with the company registering more than 20% year-on-year growth in the country. “India is a land of opportunities, and there is a lot of potential in the country as a market,” Nasr Sleiman, MD – Southeast Asia, India, and Middle East, told ETRetail this week. “We call India a rocket market as we see it growing heavily in the next couple of years into one of the top markets for the company.”
Jewellery contributes around 80-85% of Swarovski’s revenue in India, with watches and accessories accounting for the rest. The brand is present in 70 monobrand stores and over 200 multi-brand outlets in the country. Additionally, Swarovski has opened its largest Wonderlux store in India, located in Ambience Mall, Gurgaon, offering a unique, immersive shopping experience.

The brand plans to expand both online and offline, particularly in cities like Hyderabad, Bengaluru, and Chennai. Sleiman emphasized the focus on growing its presence in high-potential locations, including duty-free and travel retail, with plans to open airport retail locations in the near future. “We want to focus on locations that can sustain long-term business,” Sleiman added, highlighting the strategic approach to expansion.

Founded in Austria in 1895, Swarovski is a global leader in crystal-based products. In India, Swarovski has been operating since 2000 and continues to strengthen its retail footprint with a focus on sustainability and long-term growth. The company now operates in over 6,600 points of sale globally, and the brand’s expansion in India reflects the growing demand for luxury and quality products in the country.

Retail Jeweller India News