Although India ranks first in the world for gold jewellery consumption, the country ranks 30th in diamond consumption, according to the Kimberly Process. This is paradoxical given that 90% of the world’s raw diamonds transit through Gujarat for cutting and polishing before being sold mostly in Antwerp and Dubai.
De Beers, which first entered India in 1994, began courting the local market in 2011 with its brand Forevermark. Of course, the pandemic knocked some of the wind out of its sails, but Toranj Mehta, Director of Marketing, De Beers Forevermark, told DH’s Lavpreet Kaur that the shine is back, as she discussed the many tactics to tap into the still-evolving diamond industry.
Following the lockdown, last year was a big success. This year’s demand was also high. While Indians are inherently drawn to purchasing diamonds. They are really different from what you will find elsewhere. However, diamonds are gaining the attention of women as a fashion statement, which bodes well for our sector.
Gold is traded as a commodity and has financial asset status. ensuring that it penetrates deeper. Diamonds, on the other hand, are viewed as more of an art form, yet art appreciates through time. However, I do not consider diamonds to be a luxury in India. You don’t have to be extremely wealthy to purchase a diamond. Of course, there are several price points depending on the size and quality of the rock.
Our diamond sizes range from eight points to the greatest size conceivable. So, the price of an eight-point diamond is typically between Rs 50,000 and Rs 60,000, depending on the gold used in the item.
We are an ingredient manufacturer. Our primary focus is on the four Cs – carat, cut, clarity, and colour – as well as a few additional factors. We have the freedom to develop jewellery as an ingredient brand. With Forevermark’s traditional setting line, we respond to the “closed setting” requirements of our retail partners in the South. Forevermark has introduced its “circle of trust” to address the custom of presenting diamond bangles during weddings. India is now our brand’s third largest market.
We are now striving to strengthen our relationships with our existing partners. Our partners include GRT in Chennai, CKC in Bangalore, and Abaran Jewellers in Udupi. We have no plans to open our ‘doors’ (a particular section of the shop floor in jewellery stores) to new partners. We have our own boutiques in Bengaluru, Mumbai, and Kolkata, as well as one in Hyderabad and five in the North. This month, we’ll launch a new store in Aurangabad, followed by one in Indore. We currently have 15 unique stores and around 50 doors across the country.
India produces a considerable amount of diamonds. Grading diamonds requires both art and science. The lab features some of the most advanced proprietary diamond grading technologies. The institute established here is on par with, if not better than, those in Belgium and Maidenhead. The lab’s presence will help to assure quality consistency and faster turnaround to satisfy expanding demand.
De Beers Group is a multinational firm that specialises in diamond mining, retail, trade, and industrial diamond manufacture. The firm operates open-pit, large-scale alluvial and coastal mining operations.
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