De Beers seriously set sights on the Indian market, originally predicting success and sustainable growth. It is expected that by 2016 demand for Forevermark diamonds will increase reaching 11 percent of the global consumer demand for diamonds. Today, Forevermark in India cooperates with pace-setting jewelry houses and periodically carries out presentations and award ceremonies for discerning Indian consumers. We asked Sachin Jain, Managing Director of Forevermark India, to tell how they managed to make Forevermark diamonds so popular among Indian consumers in such a brief period of time.
Please say a few words about Forevermark in India. Who is working in the company’s Indian office - experienced professionals from De Beers, designers, Indian diamond cutters?
Forevermark is a diamond brand from the De Beers Group of Companies. We stand for rarity, beauty and integrity. Every Forevermark diamond has a unique inscription number which is invisible to the naked eye. Ours is a partnership business model based on selectivity of mines, diamantaires and retailers.
In the Indian setup, we are mainly sales and marketing professionals. We have a team which has a product based approach and we work closely in the markets both with diamantaires, retailers, media houses, designers, etc.
How successful is the Forevermark program in India? How many jewelry houses in India have a contract with Forevermark at this stage?
We started the program in India last year. We started in Bangalore and by the end of 2011 we were present in all metro cities. We will end this year with [being] present in over 80 doors in 14 markets across India. This will be represented by about 58 partners. We have been successful in here and I am confident of the future.
How much felt is the increasing demand for Forevermark diamonds in India?
I am very confident about the growing sales and confidence in the marketplace. Consumers are finding Forevermark a big source for confidence in our category. Forevermark will play a wider role in sustaining the diamond business and getting more modern consumers into the category.
What do you expect from the Christmas sales season? Any predictions?
The Festive season in India begins in October with Diwali and continues until end Feb. Diwali was very successful and I see consistent growth in the coming months. Christmas is not the most important buying time in India, however the marriage season which is around Christmas will be quite positive.
The time for De Beers’ development in India was not the most suitable, so how was it possible to conquer the Indian market so successfully in a crisis period?
The global crisis has a different lineage with the Indian market. Although there has been sustainability in the market and the global situation is not the same in India from a consumption perspective. The market is robust and is growing. Forevermark, the diamond brand from De Beers, is launched at the best time where with our brand attributes, the consumer can draw more confidence in buying diamonds and the right diamonds. Forevermark … has been a growing preferred option.
Until recently, your country was a world-scale consumer of gold. With the advent of De Beers to India all the analysts saw how consumer interests shifted to diamonds from gold. Is it necessary to invest into promotion of diamonds, what do you think?
The consumption of diamonds is not new in India. We have seen diamonds as a part of our history and a part of stories. De Beers has historically invested a lot in building up the consumer market in India. Today we continue the same approach via Forevermark. There is a growing shift and preference towards diamonds in the jewelry business and effective communication to the right target audience is a catalyst.
What are the plans of Forevermark in the Indian market in the short and long term?
Our objective is to be the world’s largest diamond brand and we are moving towards this goal. In India our plans are to expand our presence in about 30 cities and 200 doors and we are working towards it. The basis will be selectivity and integrity. We will be investing in consumer marketing and digital will play an important role with the changing consumer.
Is Forevermark perceived as a brand logo of expensive high-quality diamonds?
There is enough knowledge of diamonds within our category. Forevermark is not a brand logo for expensive diamonds. There is a lot that goes into a diamond to be called a Forevermark diamond. Less than 1% of the world’s diamonds are eligible to be Forevermark diamonds.
Lately, Indian women began to prefer more exclusive jewelry. What would you say if some next advertising project will be driven by Indian women, who will show more love for diamonds compared with all others?
The Indian consumer is a global consumer and is aware of the international trends. There is increasing awareness of buying the right diamonds and overall products which help environment. Forevermark takes care of all of these aspects.
Veronica Novoselova, Rough&Polished
