According to Rapaport citing the Press Trust of India, Forevermark said it plans an aggressive expansion this year and is eyeing 15 percent to 20 percent of global sales from the Indian market over the next five years, a top company official said.
Forevermark, that entered India this January, plans to have its presence in at least 50 locations across six major cities, Delhi, Mumbai, Bangalore, Chennai, Kolkata and Hyderabad, Forevermark's Stephen Lussier told PTI.
"We are quite optimistic about the Indian luxury market, which is growing rapidly over the last few years," he said.
The Indian diamond market is currently pegged at $3 billion (around Rs 13,500 crore), with an annual growth of 30 percent.
"India is among the top five diamond consumers in the world and in another five years it will be among the top three along with the U.S. and China. There is more demand for larger diamonds and solitaires now. We are targeting the affluent and high-end customers but also have designs and products for the upper middle-class starting at around Rs 30,000," Lussier said.
He further said while the U.S. market is the largest diamond consumer at 40 percent, India and China are still at 9 percent each.
By 2016, the two Asian giants together would account for a healthy 25 percent of the market, he added.
The brand is already present in Japan and Hong Kong, which contribute around $300 million, he said.
On distribution, Lussier said the company has tied up with retailers like Anmol Jewellers, Giantti, Orra and TBZ, among others.
