De Beers to open 100 Forevermark stores in India by 2030
Currently, the company has 10 Forevermark brand stores in India, six of which are company-owned and the remaining four are on a franchise model
De Beers, a leading global diamond company, intends to establish 100 Forevermark stores across India by 2030, according to Shweta Harit, a senior vice president of the company. Currently, De Beers operates 10 Forevermark stores in India, six owned by the company and the remaining four under franchise agreements, reported by Harit to PTI.
The Indian market is the largest and fastest-growing, with demand rising at an average annual rate of 13%. To achieve scale and pace, De Beers plans to adopt a combination model of company-owned and franchise stores in India. Harit emphasized the importance of establishing a presence in the top 20 cities, starting with multiple stores in those cities before expanding to other regions.
The company has already opened stores in Mumbai, Delhi, Chandigarh, Bangalore, Pune, and Kolkata. Harit also highlighted the increasing role of diamonds in festive-season demand, expressing optimism about De Beers' performance this year, buoyed by positive momentum from last year. The company's sales growth is primarily driven by younger consumers, with 51% of sales coming from Gen Z. Women's ownership of diamond jewellery in India has surged to 15%, and the average caratage demand has increased to 0.79 carats from 0.64.
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