As this year’s festivities are in full swing, De Beers Forevermark, the leading and trusted diamond brand, is confident of a strong volume of sales this year, especially from South India, which is the most successful and most important market in the country for the brand. The diamond major is expecting double-digit growth of around 10-12% this season with the strong consumer sentiment and positive outlook for the retail sector seen in recent months.
The diamond brand kicked off the holiday season this year with the launch of three contemporary new designs from the Forevermark Avaanti collection. The new set of rings, pendants and earrings features a genuine, natural diamond, set in 18k yellow, white or rose gold.
Amit Pratihari, Vice President of De Beers Forevermark said:There’s a lot of positive feeling in the industry as the festive spirit resumed this year with fervor after a two-year hiatus. We are already seeing an increase in consumer spending, especially on jewelry, and diamonds are the most sought after due to their inherent preciousness. It also has to do with the changing shopping habits of consumers, as they are now more inclined to purchase items that have meaning and value. South India is our largest market and has been the main driver of growth for our brand, which contributes around 40-45% of volume. With these growth prospects and strong demand, we are confident that this party and wedding season will be one of the strongest.”
Suraj Shantakumar, Director of Kirtilal Kalidas Jewelery, Hyderabad, said: “The holiday season has always been a great time to shop for jewelry. There has been a remarkable improvement in consumer sentiment, and we are still seeing pent-up demand with consumers making emotional purchases. Now we see the growing trend of self-purchase among modern independent women, as jewelry, especially diamonds, has become a visible symbol of their self-expression and independence. The holiday season is a wonderful opportunity for the jewelry industry to capture a large chunk of consumer spending. Consumers would want to buy valuable, niche products that also bond, especially in the context of a festive season.”.
Princeson Jose, Prince Gold and Diamonds India Pvt Ltd, Chennai said: “With greater mobility and increased consumer demand, we are optimistic about this year’s festive sales. We see huge demand in all of our designs, especially in diamond jewelry, as it complements both the traditional and Western worlds of attire. This demand is found in all consumer segments. Since it’s also gift giving season, it’s a time to celebrate love and show unconditional affection to the special people in one’s life and people are now more inclined to buy meaningful gifts like gifts. jewelry. Compared to the past two years, public celebrations are back in full force, which has led to an increase in consumer spending, especially on jewelry.”
Pratap Madhukar Kamath, MD, Abaran timeless Jewelery Pvt Ltd, Bangalore, said: “The festive spirits resumed this year in full fervor after a two-year break. We are seeing a demand for minimalist and everyday wear jewelry, especially for solitaires like diamonds, as the sentiment has now shifted towards wearing diamonds for all occasions, including the festive season. There is also an increased demand from Millennials and Gen Z as they prefer jewelry to complement their personality and define their individual style statement. With attendance increasing, due to the fully operational holiday season, we are confident that this year will be one of the strongest in recent memory.”
De Beers Forevermark, which has already seen robust growth with a strong presence in the South Indian market, is also entering Tier ll and Tier lll locations which have immense growth potential. The brand also makes sure to partner with selected authorized retailers who share the same brand philosophy as De Beers Forevermark.