Forevermark Opens Flagship Store in New Delhi
September 28, 25
(IDEX Online) - De Beers' jewelry brand Forevermark has opened its first flagship store in India.
It has had a presence in the country since 2011, but is expanding to meet growing demand as India overtakes China as the world's second biggest market for diamonds after the US.
Annual demand, currently at around $10bn, is expected to double by 2030, by which time Forevermark aims to open 100 stores in India.
The flagship store at New Delhi's prestigious South Extension-1 neighborhood, was officially opened (on 25 September) by celebrity influencer Mira Kapoor.
The launch coincided with the festive season in India, ahead of the all-important wedding season.
"Our launch in India represents a defining moment for Forevermark," said Shweta Harit, CEO of Forevermark.
"With the country's deep-rooted legacy in jewellery and the evolving aspirations of today's consumer, this is the perfect time to bring our philosophy to one of the world's leading diamond destinations."
On a visit to India in May, Al Cook, De Beers' CEO, said: "We've seen double-digit growth for the last few years, and we actually see natural diamond demand in India, which is growing at 12 per cent annually, to double over the next five years by 2030."