Forevermark’s faith to increase with De Beers rebranding, impact buyers looking for investment-led, serious purchase: Saurabh Gadgil, PNG Jewellers

De Beers merging its glory with its Forevermark brand for one entity is creating ripple effects in the global jewellery market. De Beers Forevermark partner Saurabh Gadgil, Chairman and MD, PNG Jewellers, Pune hails this shift as he lists positive future trends with Samit Bhatta, Publisher, Retail Jeweller Magazine.

Samit Bhatta (SB): You have been a partner with Forevermark for so many years. So, what do you think about the change of branding from Forevermark to De Beers Forevermark? 

Saurabh Gadgil (SG): I think the whole strategy of putting forward the De Beers name, along with Forevermark, is a strategic and well-thought move. In India, when we talk of diamonds, the first thing that comes to our mind is De Beers. It is so strongly associated with De Beers that diamonds and De Beers go hand in hand in India. The faith of Forevermark is already established in the market. People buy Forevermark for its quality and assurances too, which has heightened with De Beers backing it up with a brand name. This has also led to clear establishment of the parent company, De Beers and its brand, Forevermark by clearing the confusion for the common man. I am sure everyone will react to it very positively and we should go a long way to make De Beers Forevermark the preferred diamond brand for consumers across India.

SB: How has been the business of diamond jewellery and especially Forevermark after the second lockdown? What do you see the future going forward in this financial year?

SG: The two months of lockdown killed the entire season. This time, Covid had a deeper impact on people, but the last two months have been very good for the business. It bounced back rapidly and the first month saw a lot of movement in gold as people were looking for investment opportunities. As a strategy, we were not pushing them to buy diamonds but the category picked up from the second month onwards. There was a demand for casual wear, gifting, bridal and the trend coming forward from all of these banks on diamond certification and buyback policy as consumers are getting serious about the future. For example, a buyer wants to know the value and guarantee of current purchase in the next 5-10 years.

In this case, we are really finding the responsible sourcing standards and commitment of Forevermark bridging that gap. Now with the De Beers Forevermark rebranding, jewellers can provide a heightened degree of assurance with certification and transparency to customers about ethical purchase. These things will play into the consumer’s minds. The market in India is definitely evolving as tough times during pandemic change consumers buying patterns. People are coming and shopping, so the business is good. We are moving away from discount-led offers to serious business where design, actual product and value along with guarantees and policies matter more. In the next 2 years, we will see a lot of play on these factors which, I think, is good for the overall industry.

SB: What are your expectations from Forevermark Forum 2021?

SG: I would like to congratulate Sachin Jain and the entire Forevermark team for organizing the Forum in a physical format. I think it is going to be a benchmark for other events to follow. In physical, one can get to meet people one-on-one, feel the vibe and understand the atmosphere. Like always, the Forum is going to be a mix of things. As retailers, we are waiting for new designs from manufacturers. We are in the middle of a season and the next 4 months look very promising. The Forum is also a place to meet fellow jewellers who come from across India and overseas to understand the market and upcoming trends. We’ll be introduced to remarkable achievements from various spheres of life such as robotics in technology or Antarctic exploration, e-commerce and others. The Forum has ensured that the industry gets a feel of advancements in trends, technologies and relevant non-jewellery subjects that can help the retail industry. I am looking forward to it.

Courtesy: Retail Jeweller India News Service