Bengaluru: Forevermark Diamond Jewellery by De Beers is targeting 100 stores and a $100 million business in India over the next four years, betting on rising demand for branded natural diamonds as the country emerges as one of the world’s fastest-growing luxury jewellery markets.
The company, which on Wednesday opened its first standalone store in Bengaluru, plans to expand its retail network from eight stores currently to 20 stores by the end of this year, with a mix of metro and emerging luxury markets.
“Our ambition is very clear: 100 stores and a $100 million business in the next four years,” Mallikarjuna Reddy Yarabolu, managing director, Forevermark, De Beers India, told ETRetail.
The expansion comes as Forevermark transitions from being primarily a diamond brand sold through partner jewellers to building its own luxury retail network. “Consumers have always known Forevermark as a natural diamond brand. We had built significant business through the shop-in-shop model. But as the consumer evolves, we felt it was the right time to create our own retail experience and bring Forevermark Diamond Jewellery directly to customers,” Yarabolu said.
The Bengaluru boutique at Phoenix Mall of Asia marks the brand’s entry into South India, a market it considers strategically important because of its affluent consumer base and growing appetite for international luxury brands.
“We wanted to begin with Bengaluru because it reflects the aspirations of entrepreneurs and technology professionals who appreciate products that are rare, authentic and globally recognised,” he said.
India becomes growth engine
The retailer is increasingly looking at India not only as the world’s largest diamond cutting and polishing hub but also as one of the most important consumption markets for natural diamonds.
“Today, India is the second-largest natural diamond market in the world, having surpassed China,” Yarabolu said. He added that willingness among Indian consumers to purchase natural diamonds has moved from “low single digits to almost double digits” over the years, driven by rising aspirations, increasing disposable incomes and changing jewellery preferences.
According to him, consumers are increasingly looking beyond traditional jewellery purchases and are seeking versatile pieces that can be worn across multiple occasions.
“Consumers today want jewellery that is occasion-agnostic. They want products that can be worn at weddings, while travelling or even for everyday use. They continue to be value conscious, but value conscious does not mean cheap. It means they expect value for every rupee they spend,” he said.
Natural diamonds over lab-grown
Even as lab-grown diamonds gain traction globally, Forevermark believes natural diamonds continue to command aspirational value among Indian consumers, particularly for milestone purchases.
“There are different consumer needs for natural and lab-grown diamonds. It is our responsibility as an industry to educate consumers about the difference,” Yarabolu said.
“Natural diamonds carry warmth, rarity and emotional value that cannot be replaced. India continues to show double-digit growth in natural diamonds despite the emergence of new categories.”
The company is also focusing on immersive retail experiences rather than mass marketing to differentiate itself in the premium jewellery segment. “When we talk about natural diamond jewellery and luxury, it cannot be a mass proposition. For us, the experience inside the store is what creates long-term relationships with consumers. We would rather create memorable experiences that generate word-of-mouth than rely on discount-led marketing,” he said.
Forevermark currently operates eight stores in India and aims to nearly triple that footprint by the end of 2026. The company follows a January-December financial year and is targeting an India business of around $10 million this year as it scales its retail operations.
