Forevermark identify the latest trends in the Indian diamond industry
The prestige of beholding a diamond cannot be denied be it a woman or man. Forevermark, the diamond brand from De Beers group hosted the 3rd Annual Forum at Jaipur, where they discussed about the upcoming trends in the diamond market.
Forevermark recently hosted a three-day interactive forum from July 2-July 4 at Jaipur for the diamantaries associated with them, manufacturers and retailers from different part of nation. Besides building insight into Forevermark Worldwide, Forevermark India, Marketing, Retail & Product, the forum turned out to be interesting as it highlighted the future of the diamond industry.
The Forevermark Forum has also transformed into a space for networking & nurturing strong relationships between partners and Forevermark, offering all of its participants the perfect blend of business and leisure.
Indian diamond industry has come a long way as we see a greater demand for diamond jewellery. Forevermark that entered the market in 2011 and that has a reach of more than 120 retailers across 20 states in India. The brand expects to contribute 30 per cent to De Beers global performance in coming three to four years. Despite a slump in the Indian economy last year, sales in both value and volume terms grew by 40% as Indian consumers have started looking at diamonds as an alternative investment.
Sachin Jain, President, Forevermark India, said, “The India market is looking much more positive compared to last year as sentiments have improved with the new government coming in. We have set a target to grow our India revenues by 60 per cent in the next one year.” He believes the times are changing and the coming generations are receptive about diamonds. The forum presented some global trends to the manufacturers and retailers that visited them.
A ‘Design Trend book’ was kept on display for the visitors; the book was compiled by Mr. Constantino Papadamitriou, SVP Brand Strategy and Innovation by noting the current global themes. The forum that saw participation from some of India’s prominent jewellers, key retail chain owners and noted single store owners showed a keen interest in the high-end luxurious jewellery. “India is no longer a market for small diamonds, consumers take interest in diamond of any size. The market is changing at rapid space. High-end jewellery is in great demand in the market. Tache, one of the leading manufacturers of high-end jewellery, associated with us, sold the costliest pieces at the Forevermark Forum 2014.”
Fancy shapes are luring customers; hence many manufacturers and retailers are in hunt of unique designs. Forevermark Forum highlighted some new designs that could become the next big thing. “Diamonds integrated in gold, platinum and varied shapes and styles is gaining momentum in India,” notified Mr. Jain. The ‘Commitment’ collection launched last year was one of the most demanded products across India. Encordia collection was also one of the highest selling Forevermark products and keeping in mind these collection manufacturers created new designs and variants to keep attracting consumers.
In continued tradition, ‘The Knowledge Series’ returned, to nurture perspectives outside that of regular business. At the Forevermark Forum 2014, two distinctly renowned individuals who were the chosen speakers shared their thoughts with the gathered participants – Mr. Patu Keswani (Entrepreneur and Master Hotelier – Lemon Tree Hotels) & Mr. Guneet Singh (Head Consumer Marketing – Google). More than 100 top notch retailers from all over India including Joyalukkas, C K Krishniah Chetty and Sons, GRT, NAC, Bholasons, Abaran etc attended the event.