Bengaluru: De Beers is accelerating the expansion of its Forevermark retail footprint in India as it expects the country’s natural diamond category to continue growing at 10–12 per cent annually, supported by strong wedding demand and rising self-purchase by working women.
“India will continue to grow at a 10–12% pace,” said Shweta Harit, Global SVP, De Beers Group and CEO, Forevermark. “We are seeing very strong consumer momentum here.”
Forevermark currently operates four stores and plans to reach 20 stores by the end of 2026, a fivefold jump, with a long-term goal of 100 stores by 2030. The country is also the first market where De Beers is rolling out its standalone Forevermark format at scale, building on over a decade of brand presence.
Early sales data shows a notable shift toward white gold, with around 80 per cent of pieces sold in that metal, signalling a more contemporary and international design preference among young consumers, she highlighted.
Further, Harit added that tier-2 cities like Ludhiana, Indore and Bhopal are emerging as the next engine of growth, supported by rising incomes and improved access through e-commerce.
Digital channels are outperforming expectations, with “the single largest order in value coming via e-commerce”, reflecting trust in branded diamond jewellery online, she said.
On the rising popularity of lab-grown diamonds, Harit said prices of LGDs have dropped sharply worldwide. “Lab-grown prices have crashed by 70–80%,” she noted, cautioning consumers to be mindful of resale value and certification.
As discretionary spending rises and gold prices remain elevated, De Beers expects India to remain a critical growth engine for its global business over the next decade.
