BENGALURU: The pandemic has led to a major shift in consumer buying and there are evident signs of growth in exposure and interest among consumers to invest in luxury retail, particularly in jewellery, says Sachin Jain, Managing Director, De Beers India.
Diamond brand De Beers Forevermark is optimistic about the demand of its diamond jewellery, especially during the post-pandemic period, as it registered growth of around 15% in 2021, its strongest year in the last decade.
De Beers has 14 exclusive boutique stores and it is planning to expand it to 30 by the end of 2022. It also has a strong presence in tier-2 & 3 locations where it has partnered with retailers.
"Given the pent-up demand for diamonds, a stronger consumption is expected in the near future as well. Moreover, the reduction of customs duty on cut and polished diamonds in the Budget will certainly spur greater demand for natural and real diamonds," Jain added.
The diamond jewellery market is close to $5.5 billion in India, and the brand is seeing a rising demand for high-quality solitaire diamonds.
When it comes to manufacturing, India is the largest hub, as 14 out of 15 diamonds come to India for cutting and polishing. "India is like a nerve centre for the global diamond business. In terms of consumption, we are the third-largest market, our No.1 market is the US, with almost 51% of all global diamond consumption, China is the second-largest market with about 18% consumption. India’s contribution is around 7%,” De Beers India MD said.
The brand is aiming to grow around 15% Y-o-Y in the next 3-4 years. With increasing disposable income, a growing middle-class population, improving standard of living and consumer preference towards investment in gems and jewellery, the diamond industry is looking forward to high growth and gaining a significant share of consumer spending.