Forevermark debuts its first flagship store in India, CEO outlines $100 million and 100-Store target by 2030

Forevermark Diamond Jewellery from the De Beers Group, marked its official debut in India as a jewellery brand with the launch of its flagship New Delhi store on September 25. The launch comes against the backdrop of a shifting global trade environment as diamond exports from India are expected to fall by nearly 20% this fiscal due to US tariffs, yet the domestic natural diamond market tells a different story, growing 12% to $9.3 billion in 2024. Speaking to BT, Sandrine Conseiller, CEO, Brands & Diamond Desirability at De Beers Group, and Shweta Harit, Global Senior Vice President at De Beers Group and CEO of Forevermark, outlined India’s central role in the brand’s global strategy, unveiling an ambitious target of $100 million in revenue and 100 stores by 2030, and the opportunity to build a culture of self-gifting among modern Indian women. Meanwhile, Federica Imperiali, Global Head of Trade Marketing, De Beers Group, unpacked the design ethos and how Forevermark balances tradition with contemporary appeal.

India is among the fastest growing luxury markets. How significant is India in Forevermark’s global growth strategy over the next decade? What would be the split between owned and franchise stores? How big of a market do you envision India to be? 

SH: The natural-diamond market in India is growing by about 12 per cent so it's a very attractive market. We'll have a company owned and franchise-owned strategy, so it's a hybrid model, in a 1:2 or 1:3 ratio. So one owned store to two or three franchise stores because I feel that's the best way to get scale and speed in India. The franchise partner really helps because in some of the cities, they just know the HNIs there, so they bring a lot of expertise. As of now, there is a big focus on India. This is a new model, so we need time to actually understand the model and see how we're doing. Our India (revenue) goal is $100 million and 100 stores by 2030. It's a vision and it rallies the team (to move towards the goal). 

What lessons from other global markets are you bringing into India, and what strategies here are unique to this market?

SC: I think the first one is, though a bit obvious, know who you're talking to and don't try to please everyone. The strategy that Shweta and the team have put together is to address the modern Indian woman and how for her, it will be more of self purchase, it’s the jewelry that she will buy for herself and is very personal. This is a key lesson — be very clear about who your key customer is, so that you can really target your collection and as well your communication to this woman.

SH: Having been in the Indian market, we know where to open our stores, what ranges work or what pricing works. We're seeing women buy more brands, whether it's in bags or other categories. Branded jewelry is on the rise so I think it's the right time.

The launch comes amid the US blocking out many Indian diamond merchants as diamond demand shrinks due to tariffs. So how do you plan to shape up emerging markets like India to counter such challenges?

SC: The tariff situation is a political condition. It is possible that at some point there will be an exemption for the diamond market by the US. Of course it is linked to having a trend deal with the country, but I do hope that at a point India will get it. So let's focus on the silver lining. By the time Forevermark touches $100 million in this country, we will see this situation evolve.

SH: India in itself is a big opportunity. We need to get the model right because India always looks attractive from a numbers perspective. It's a fine balance between exclusivity and accessibility in India, we need to get that right, get to a size, prove the model, then we’d be  happy to go anywhere else. I hope by then, tariffs will not be so topical.

How is Forevermark balancing exclusivity with expansion in a competitive market that has both heritage jewellers and global luxury players? What are the price points Forevermark is looking at?

SH: The entire business model is between exclusivity and access. What we’re building is a premium brand, I don’t see it as a luxury brand. I want to bring luxury cues in terms of the attention to detail in the design, but I want the prices to be accessible within the addressable market. The ideal consumer for us would be someone between 25 and 45, a person who is already working and is a much more modern Indian consumer. Compared to some of the domestic players, I think they will still be focusing on the wedding market, we are focusing much more on self purchase. 

FI: The collections are designed in Milan and produced here in India, so the effort is very collaborative. We work with the manufacturer here to learn the technique that we will use. We tend to say that our philosophy is global and local but we have a particular approach as we don't want to copy traditional jewellery because first of all, we won't be able to achieve the same standard that we have in this country. We want to honour tradition by proposing a jewellery that captures the essence of the tradition but talks to modern consumers.

Beyond retail presence, how do you see digital platforms and e-commerce reshaping how consumers buy diamonds in India?

SH: We have launched our website, because when I studied tier one and tier two markets, the geographic landscape to get to these towns is going to take time, it's going to take investment. It's going to be about finding the right partners. E-commerce allows us to go fast, but there's another challenge, you'll not buy a higher priced product because you'll want to touch and feel, so we will start to offer VIP services but we will push that access faster than our stores.

There is also a hype around lab-grown diamonds, especially targetting younger consumers. How are you looking at this influx and how will natural diamonds continue to retain the premiumness and the value they offer? 

SH: I think hype is a good word you used as there's a lot of hype. For lab-grown diamonds, there is more share of voice than actual market share. In India, for natural diamonds, the penetration is less than 10%, so you can imagine that for lab-grown diamonds it is much lower, so I think hype is the right word. But I do keep an eye on them. I will not pretend that I don't care at all. I keep an eye, but what I'm seeing culturally is Indians still want preciousness and legacy so for both the segments, I think the occasion they are chosen for will be completely different. 

SC: Champagne and sparkling wine, they are not the same product. They are not the same price and not meant for the same occasion. If you sell sparkling wine at the same price as champagne, the customer isn’t very happy. As the leading company for diamonds in the world, our role is to make this differentiation very clear. Simply put, the craft is not the same. All products have a say in the market and can be there as long as we are clear with the consumer. 

How do you see Forevermark’s design philosophy evolving in India, particularly with younger buyers like Gen Z?

FI: With certain collections, there is scope for a more targetted focusing, keeping younger customers in mind. VersaVera is a collection which has a lot of ear pins, nose pins, and small bracelets. The idea is about stacking and creating your own combination of stackable jewellery. This can match the purchase power of different consumer clusters. You can start with one and build up over time, or you can create more. We use diamond shape to associate particular meaning of personalities, so there is a wider story behind our designs.  

De Beers has long been synonymous with diamond storytelling. How are you modernizing the narrative to remain relevant in today’s brand-cluttered market especially with Forevermark’s focus on self-gifting?

SH: Overall self-gifting is quite broader. It could include going on a trip. It could include buying a bag. If you find the right occasions, the right moments and milestones, I think it's about building a culture. The penetration is still very low here so a part of what we do is just build diamond culture and desirability. We did a campaign around bestie's bracelet on Friendship Day, and we launched the Love From Dad collection, which featured the second ear-piercing ritual campaign earlier this year, to celebrate a father and daughter’s bond. It’s really about creating new rituals. Otherwise, what we find here and in the West as well, diamonds kind of sometimes get stuck just with reference to weddings and engagements. I think there are many more rituals that we can build around diamonds.

SC: For our generation, diamonds were a sign of status and in a way that was the narrative for that generation. There is a narrative that is quite interesting about diamonds for the younger generation. When you tell them the story about a diamond that was built under pressure three billion years ago — that's the oldest thing that you can ever have in your hand, it goes back to the formation of the universe. That diamond mirrors their own journey – they feel that they are precious and unique, so that's the narrative we need to renew. This is the way we are modernizing the narrative around natural diamonds.

Indian weddings and the festive season remain amid the largest drivers of jewellery purchases. What are some of the trends you're looking to tap into?

SH: We are diamond first because we are the only one in the market who can talk about mine to finger and our diamonds are authentic and they have their own inscription numbers. The designs are quite international so you can wear it in the day as well as in the evening. It's not the kind that you wear only to a wedding. We will do bridal. We just did a test with fashion designer Gaurav Gupta when he launched his bridal collection. I feel he embodies the more modern bride so we were able to partner with him. But if you think about the traditional Indian bride, that’s not our mainstay so we won’t do polki or coloured gems.

SC: This idea of an international brand but one that is deeply rooted here will help with having collections that are very true to this market with an international twist. If we think about the mangasutra, there are ones by Forevermark, but they aren’t necessarily your traditional ones. So that's very unique, it will appeal here, but maybe later it can appeal outside as well.

FI: We have done a line of mangalsutras, which are very minimal and modern, but at the same time bring to life the essence of the brand’s DNA. Once, we had customers from London at the store commenting on how it was such a nice product but didn’t know what a mangalsutra was. I explained how basically it's like our wedding band. They even went on to buy some. If a woman chooses a Forevermark mangalsutra, it is not because it might be more versatile with workwear, it's because she’s proud of her choice. Similar to how the wedding band is easy to wear because it fits perfectly with everything, we want the mangalsutra to be able to fit exactly the style of today’s woman.

In today’s market, sustainability is as much about storytelling as it is about practice—how are De Beers and Forevermark balancing these dimensions?

SC: We have been practising sustainability even when the word was not used in business. We do a lot for livelihood, for one job in the mine, we create one job outside. This has been the norm for a very long time. We have hospitals, we have schools under partner countries. We protect the land all around the operation, but as well in the partner country. we have a commitment to decrease the carbon footprint that is unique in the mining industry. What we need to do is make it known because it's not known. We are quite humble, quite discreet, and we need to make it known. The way it's done through Forevermark is that all our diamonds carry the positive legacy and positive impact that we have when you buy a diamond sourced by us.

SH: We will do more activations as well, and we have a great partnership with National Geographic as well, which we will reveal soon.