Forevermark CEO Lussier with a model holding a 40 carat Forevermark diamond at the Bangalore launch

(IDEX Online News) - The De Beers Group launched its Forevermark branded diamonds in India at an event with select retail partners in Bangalore — Abaran, C. Krishnaiah Chetty & Sons and Joyalukkas — on January 21. The Forevermark diamond brand assures consumers that a number of criteria have been strictly adhered to.

 

Each diamond is inscribed with a number using proprietary De Beers technology that enables an inscription just 1/20th of a micron deep that is invisible to the naked eye and does not alter the diamond’s clarity. The inscription is only visible through a special Forevermark viewer that is available at partner retail outlets.

 

Forevermark CEO Stephen Lussier, who performed the honors at the Bangalore launch, responded to an email interview on the brand program and its plans for India.

 

What proportion of diamonds De Beers mines goes into the brand program?

While Forevermark is part of the De Beers group of companies, the brand is run as a separately managed division. We therefore don’t have visibility on the figures that would answer your question accurately. However, to provide some context, we have sold $200 million at retail in China, Hong Kong and Japan to date. In volume terms less than one percent of the world’s diamonds will meet the rigorous quality and integrity criteria necessary to be inscribed with the Forevermark icon and unique identification number. Although in value terms, if the diamonds are cut to Forevermark standards a much larger percentage of rough supply could qualify.

 

What are the criteria for a diamond to go into the Forevermark program? Is there a minimum size; a bottom limit for color; a minimum clarity? Can it be any shape other than a round brilliant?

To put into perspective the Forevermark standards, let me begin by saying that we see Forevermark diamonds as the world’s most carefully selected diamonds.

 

To be more specific, Forevermark diamonds must meet standards for clarity, color and carat — that is 0.14 carats and larger, from D to L colors (as well as fancy colors) and for clarity they should be between Flawless and SI2. Diamonds in all other fancy shapes can also be inscribed.

 

However, the most important factor is cut. Forevermark works with experts at every step of the diamonds’ journey and diamantaires are no exception to this. Forevermark diamonds can only be cut by master craftsmen to detailed criteria that strive to bring the inherent beauty from the rough stones. While there is no single cut that qualifies our focus is very much on maximizing the beauty of each diamond.

 

Over and above the 4Cs, each Forevermark diamond brings a promise of integrity. Each Forevermark diamond is genuine, natural, and untreated. Every Forevermark diamond has been responsibly sourced, and can only be selected if it has met rigorous standards of business, social and environmental integrity at every step of its journey.

 

Could you detail your plans for India?

Since our launch two years ago in China, Hong Kong and Japan where we have since established our brand, we have reached over $200 million of retail sales. At the end of last year, Forevermark expanded into Singapore, the Caribbean and Mexico. Today we are now available from around 350 doors across these three launch markets, a 40 percent increase on the beginning of 2010.

 

India currently represents 7 percent (2009) of the global consumer demand for diamonds and is expected to grow to 11 percent in 2016. Looking at both our experience in other markets and the basic growth for the industry in India, we are confident of the returns we expect here. As such, our plans are ambitious and we see ourselves being present across 35 cities in the next 5 years in partnership with leading jewelers.

 

Moving specifically to the price range for Forevermark here in India, we expect pieces to be priced upwards of around Rs. 30,000. Within two days of launch we have already sold a diamond necklace worth upwards of $30,000 in addition to smaller pieces, so clearly we are confident of selling across a wide range of prices.

 

How do you go about selecting retailers to sell these diamonds? Do they have to have long-term relationships with your Sightholder clients or can they be discretionary buyers of the product?

The same meticulous care that goes into selecting Forevermark diamonds is also devoted to choosing the jewelers where they can found. Forevermark diamonds will be available only with a few exclusive Authorised Forevermark Jewellers who are passionate about creating the finest designs inspired by these exceptional diamonds, who have a history of integrity and trust, who are focused on diamonds and have the quality environments and skilled sales associates necessary to sell diamonds with the Forevermark.

 

We are seeking to build a partnership between leading jewelers, diamantaires and Forevermark based upon our mutual passion for diamonds and our long-term view of our industry.

 

In the absence of your generic umbrella campaign (“a diamond is forever”), what is the value proposition that you have developed for this product? Are you maintaining the idea that a diamond stands as a symbol of the relationship between men and women or are you moving into positioning it as a luxury product — an object of desire? In this regard please elaborate if you have any specific plans in India.

Forevermark is a global diamond brand and our supporting communications will position it in a way that creates aspiration as well as emotional value. While the brand is focused on the quality and integrity, diamonds are inherently all about love and emotion, and a Forevermark diamond is one you would be proud to own and wear forever. We want to work with our partners to create new and exciting ways in which we can stimulate yet more consumer interest in diamonds. We are particularly looking forward to doing this within the growing Indian market.

 

The Indian bridal market will always be very important to us — we see ourselves playing an important role growing the diamond engagement ring category and also ensuring that we enjoy a larger share within the more traditional bridal purchases. We are seeing an increasing preference for diamonds from modern brides which we believe will work in our favor. While we are a global brand, we are looking forward to working with India specific gifting moments such as Diwali, Karva Chauth and weddings to help build the brand.

 

Events will form a significant part of our marketing mix as they provide us with an opportunity to interact intimately with our target consumer - going by the feedback of many of our partners, it’s a much preferred route within the marketing mix which provides good results – so whether its fashion weeks, smaller intimate showcases or larger sponsorships, we will certainly be evaluating all these options.

 

What are your promotional plans in India?

We will support the brand through advertising, PR, CRM, digital marketing and visual merchandising. It will be a good mix that we will tailor in each metro to help us target our consumer base in the most effective way.