SACHIN JAIN writes diamond industry is looking forward to high growth trajectory.
De Beers Forevermark’s research has shown that there is increasing demand for its natural, rare, beautiful and responsibly sourced diamonds across the country.
Going forward, we expect to see significant rise and rebound in diamond consumption that has a lot to do with what diamonds and jewellery mean for the Indian consumer. People want to invest in luxurious products but ones that hold value and want an assurance of genuineness.
This is an opportunity for the diamond jewellery market to gain a significant share of consumer spending. We see great demand from the younger generation as they prefer jewellery to complement their personality and define their individual style statement.
Besides this, we see demand for minimalistic and everyday wear diamonds as the sentiment has now shifted towards wearing diamonds for any occasion. We believe consumers would continue to spend on valuable and niche products that convey a strong emotional bonding, especially in the post-pandemic world.
While the brand has 270 doors in India spread over 60 markets, we look forward to expanding it to 300 by the end of 2022. The brand also has 13 exclusive boutique stores in India and plans to increase this to 30 by the end of 2022. The company is also focused on consolidation across the country as it sees immense potential in the growing number of metros, tier-2 and tier-3 cities.
With increasing disposable income, growing middle class population, rapid urbanization, improving standard of living and consumer preference towards investment in gems and jewellery, the diamond industry is looking forward to high growth trajectory in the near future. (*The author is Managing Director, De Beers India)