With every passing day, De Beers’ premium diamond brand, Forevermark, takes on a new lustre in the Indian market. As a part of its strategic alliance with leading jewellers here, it signed on Khurana Jewellery House and Entice Jewellery recently. The idea, according to managing director Sachin Jain, is to have 200 retail franchises in 30 cities within the next five years. The brand already has 120 jewellers in 18 cities in the bag. Excerpts from a conversation with Jain:
When you say only one per cent of the world’s diamonds are eligible to be inscribed with the Forevermark icon, what does that mean? Is it a measure of the stone’s quality, rarity or ethical sourcing?
All three. Each Forevermark diamond is carefully chosen by experts who then put it through an extensive checking process. To ensure that our diamonds are never confused with any other, they are marked with the Forevermark icon and a unique identification number using an advanced technology that doesn’t affect the diamond’s quality. Due to our high benchmark, less than one per cent of the world’s diamonds fulfil our criteria.
When you say you can register a Forevermark diamond for “extra assurance”, what does that mean? How is the price tag decided?
With a unique inscription number, you will always have your diamond details. This creates a ‘My Forevermark profile’, allowing the consumer to log back in at any time. Two diamonds with the same Cs can have different pricing. However, Forevermark is not involved in the pricing of the final piece; that depends on how the retailer prices and places the product. We associate with international and Indian designers to offer our customers designer pieces. We have associations, for instance, with Gareth Pugh, Rachel Roy, Stephen Webster and Waris Ahluwalia. We also have signature collections that can be found across jewellers, such as Millemoi, Encordia and Cornerstones.
How does one become a Forevermark jeweller?
All our partners have to undergo an internal process that includes meeting our best practice principles and pipeline integrity standards. They are also verified through our registered independent verifier, SociétéGénérale de Surveillance (SGS). Our authorised jewellers tend to not only be market leaders but also set high business, social and environmental integrity standards.
Whom do you see as competition, if any, in India? And what are the plans to deal with them?
I believe jewellery brands do not really compete with each other but with the luxury industry as a whole. That includes luxury cars and goods, holiday packages, etc. As for us, we don’t see anyone as competition but as friends in the industry.
What do you think about the Indian market? Do you see a big demand for Forevermark-styled pieces?
The Indian market is expected to grow stronger in the coming years and we see a great demand for Forevermark pieces primarily because there has been a paradigm shift in the consumers’ mindset. The trend has moved from diamond jewellery as an investment to wearing it through the year.
Do you see the brand changing its style to pander to Indian sensibilities?
The consumers have evolved, so rather than brands accommodating to Indian designs, we have seen local women aspiring to and appreciating the designs we offer, mainly because of the versatility and wearability of our collections. But yes, India needs more aggressive marketing initiatives than the rest of the world. We support our brands through advertising, PR, CRM, digital marketing and visual merchandising.
Tell us about your plans here. India currently represents seven per cent of the global consumer demand for diamonds; this is expected to grow to 11 per cent in 2016. Our plan is to expand our presence in about 30 cities and 200 doors in the coming years and we are working towards it. We see ourselves being present across the entire country in the next five years in partnership with leading jewellers.