Getting future ready with Forevermark Forum

Sachin Jain, Managing Director, Forevermark India, in a conversation with Samit Bhatta, Publisher, The Retail Jeweller India, shares details of the upcoming digital forum of Forevermark, explaining how it will be different from the previous editions.

Samit Bhatta (SB): The entire industry is looking forward to the digital avatar of Forevermark Forum 2020. So, what do you have in store for all of us?

Sachin Jain (SJ): Over the years, we have tried to build a platform that is inspiring and exciting, has an idea of what the future should entail, and enables us to have a visibility into this future. We can either get bogged down by the on-going pandemic, or have faith in our industry. In that spirit, the Forevermark and De Beers team believes that this year, we have to put in more effort to meet the challenges faced by the sector, and introduce new concepts.

SB: What is going to be different for the participants this year?

SJ: First and foremost, you can be a part of the Forum right from your bedroom. Perhaps, it will be the first virtual conference of this nature. This is going to be a proper conference, and not a webinar. I urge participants to be interactive and provide an opportunity to consumers to view their brands the way they would have, had it been a physical conference. The whole digital experience will be as close to a physical one as possible. For example, you will get loaded on to a ship or an aircraft, you will arrive at the venue of the Forum, you will walk in, go around, and so forth. Manufacturers will get a virtual (almost like a physical) booth. We will have areas designated as Forevermark spots, where you can interact with other participants. We are also creating a De Beers zone, and bringing in all the expertise of the De Beers auction team and the sight holder team from Botswana. We will have a sustainability section, in which experts will guide all retailers on how to go about their business.

Besides, there will be a whole section on consumer research, where the participants can find out more about their target customers. We will also have a section on technology and design, which is going to be very helpful for Forevermark tech partners, as the technology showcased here will then become operational in all our stores. Even if you are not a partner, you will get an idea of where we are headed, and how you can be a part of our future. In the 130 years of our history, we have sold rough in just one manner, but now we are in a transformational phase, and are working on cutting-edge 4D 4K technology, which enables you to look at the rough and put a price to it.

SB: What is the theme of the Forum?

SJ: This time, the theme is ‘Meaningful Tomorrows’, which is a reflection of what the consumers are thinking about tomorrow. The pandemic has taught all of us what is really meaningful and what matters to us in the long run. Jewellery is an emotional category, and we are trying to make sure we live up to the faith that our customers have in us.

SB: What will be the key takeaways for participants at the Forum? 

SJ:  We are conducting extensive consumer research to understand customer behaviour in India. This is going to be a key takeaway. Manufacturers and retailers can take learnings about how to conduct their business, and learn from the tools that we will provide at the Forum. I would urge every retailer to step into the shoes of a consumer and check how the customer perceives your brand, embarks on a purchase journey, and completes it. Are you offering the right kind of technology, can your customers navigate seamlessly across your platforms, do you need to change anything? Retailers can learn a lot about their own business this way.

We will also have experts from various spheres addressing the participants. For example, leaders from the De Beers group will talk about how to build your business in the short run. We will also have an array of external speakers, such as Randi Zuckerburg, Co-Founder, FacebookLive, and Deep Kalra, Founder, Make My Trip.

SB: What is the way ahead for the Indian diamond jewellery, and where do you see it in the coming five years?

SJ: About half of the diamonds in the world are consumed by the US, about 18 %by China, and 7%-8% by India. We, at De Beers, are very clear that the future growth engine is India, and in the coming times, India will account for 12%-13% of the world’s diamond consumption. We are getting ready for a strong fourth quarter, and will be spending more on marketing this year than in the previous year.

We will be launching two product lines soon, hopefully in October-November. These products will be specific to two different sets of consumers; we are coming up with strong marketing campaigns, including digital campaigns, which will build excitement around these product lines.

On behalf of the De Beers Group, I welcome everyone at the Forevermark Forum 2020.

Courtesy: Retail Jeweller India News Service.