South India is the diamond jewellery brand's largest market, and it expects double-digit growth this season. According to a press release from De Beers Forevermark, the company expects strong sales volume this holiday season. With strong consumer sentiment and the retail industry's positive outlook, the company anticipates 10% to 12% growth during the season.
"There is a lot of positive sentiment in the industry as the festive spirits resumed this year in full fervour after a two-year break," said Amit Pratihari, vice president of the company, in a press release. "We are already seeing an increase in consumer spending, particularly for jewellery, and diamonds are in high demand due to their inherent rarity." This is also related to a shift in consumer purchasing habits, as they are now more likely to purchase items with meaning and value. South India is our largest market and has been a key driver for the growth of our brand, accounting for 40 to 45% of total volume.
With this growth forecast and strong demand, we are confident that this holiday and wedding season will be one of the best." De Beers Forevermark kicked off the holiday season with three new, contemporary designs for its Forevermark Avaanti collection, anticipating strong sales. In keeping with customer preferences, the rings, pendants, and earrings are intended to be worn with traditional or western attire.
"The festive season has always been an auspicious time to buy jewellery," said Suraj Shantakumar, director of Kirtilal Kalidas Jewellery, a De Beers Forevermark retailer in Hyderabad. "Consumer sentiment has improved noticeably, and we continue to see pent-up demand from customers making emotional purchases." We are now witnessing an increase in self-purchase among modern independent women, as jewellery, particularly diamonds, has become a visible symbol of their self-expression and independence. The holiday season provides an excellent opportunity for the jewellery industry to capture a significant portion of consumer spending. Consumers would prefer to buy valuable and niche products that promote bonding, especially during the holiday season."