India the third largest market for Forevermark: De Beers Forevermark's Toranj Mehta

India may be at the top of the global ranking for gold jewellery consumption, however according the Kimberly Process, the country ranks 30th in diamond consumption. This is ironical considering 90 per cent of the world’s natural diamonds pass through Gujarat for cutting and polishing, only to get sold largely in Antwerp and Dubai.

The diamond consortium De Beers, which entered India back in 1994 started wooing the local market in 2011 with its brand Forevermark. Of course, the pandemic took some of the wind off its sail, but speaking to DH’s Lavpreet Kaur, Toranj Mehta, Director of Marketing, De Beers Forevermark, said that the sparkle is back, as she went over the different strategies to tap into the still evolving diamond market. Here are edited excerpts from that conversation:

How is going with diamond market in India?

Last year was a hugely successful year, post-lockdown. There was a lot of demand this year too. While Indians are intrinsically inclined buying jewels. they are very different from what you will see around the world. But, having said that, diamonds are catching the fancy of women as a fashion statement, lending a positive trend for us as an industry.

Gold is considered as investment, whereas that’s not the case for diamonds, so what drives diamond purchases?

Gold is traded as a commodity and has the status of a financial asset. ensuring its deeper penetration. Diamonds, on the other hand, are perceived more like art but art appreciates over time. Yet, I don’t see diamonds as a luxury in India. You don’t need to be really rich to buy a diamond. Of course, there a different levels at which you can buy, defined by the size and quality of the rock.

What is the price range available to a diamond buyer?

Our diamond size starts from eight points and goes up to the largest size possible. So, normally, the price of an eight-point diamond is around Rs 50,000- Rs 60,000 depending on the gold used in the piece.

As a brand how do you negotiate the varied demands?

We are an ingredient brand. Our focus is on the four Cs - carat, cut, clarity and colour and beyond that a few other parameters. As an ingredient brand we’re at liberty to design jewellery. For our retail partners in the South, we cater to the “closed setting” they require, with a traditional setting collection from Forevermark. There is a tradition of giving diamond bangles in weddings for which Forevermark has launched its “circle of trust”. Today, India is the third largest market for our brand.

What are your expansion plans in South India and your exclusive stores?

Presently we are looking to deepen the ties with our existing partners. Chennai-based GRT, Bangalore-based CKC, Abaran Jewellers are our partners. We’re not looking to expand our ‘doors’ (a special segment of the shop-floor in the jewellery stores) to new partners.

We have our own boutiques, two each in Bengaluru, Mumbai and Kolkata, one in Hyderabad and five others in the North. We’re opening a new store in Mangalore this month and then in Indore. So far we have 15 exclusive stores and around 220 doors across the country.

Explain what brings the institute for diamonds to India.

A large volume of diamonds come from India. A lot of art and science goes into grading diamonds. The lab has some of the best proprietary technology in grading diamonds. The institute set up here is equal to or even better than the ones we have in Belgium and Maidenhead. The presence of the lab will help to ensure consistency in quality and quicker turnaround to meet rising demands.