“We are not looking at increasing the Indian consumer’s investment in diamonds. We are positioning ourselves to be the consumer’s first choice in the segment,” says Forevermark Managing Director for India Sachin Jain.
Jain is emphatic in stating that jewellery as a product category is doing extremely well in the country and that there is a huge vacuum in the gifting and self-purchase segment of the market. “The new-age Indian consumer is discerning and appreciative of the values that a brand like Forevermark brings to the table when considering a purchase of diamond jewellery,” he says, adding, “we provide complete transparency and add a great deal of aspirational value.”
Jain explains that the perceived value is not necessarily a direct translation into a high price. “The actual price need not be really high. In the northern Indian market, we take a more ‘blingy’ approach. But the diamonds could be L colour and SI clarity. We still stand for beauty and a very special product. In the southern market, of course, the diamond’s credentials matter more and we tailor our approach accordingly.”
According to Jain, the bridal segment is not the priority for the brand, as this comprises under 30 percent of the specific segment Forevemark is targeting. A segment that he says looks like delivering 120 percent growth for the brand in 2017. “We now have 230 retail doors, with 90 standalone retailers and 130 shop-in-shop outlets. We have 135,00 Forevermark branded diamonds on offer.”
This year, however, Jain notes, the brand is consciously slowing down the exponential expansion. “We’re looking at adding just 10 percent more retailers this year. We will slow door growth. We want to go deeper into the market. Understand it more fully.”
The goal, he observes, is to “move the pendulum towards diamond jewellery”.