Forevermark Had 'Phenomenal year' in India, Says Lussier

(IDEX Online News) – De Beers' Forevermark brand in India will see growth in the second half of 2014 following "a phenomenal year" in 2013, said CEO, Stephen Lussier.

"Even in the adverse economic slowdown [in India], we managed to achieve 70 percent growth in sales Y-o-Y. Our brand positioning was strong and appreciated widely. We are aiming to tie up with as many as 150 jewelry stores in 2014 and escalate our reach by tapping six additional markets mostly in central India. We plan to enter Tier-II cities like Nagpur and Indore.

"The Forevermark estimated global jewelry sales at $750 million. In India, we are targeting young, discerning individuals and aspiring professionals in the age group of 28-35. India is one of the fastest growing markets in the world and the growth story has remained intact.

"Global markets are doing extremely good. We are present in 1,270 jewelry stores in 12 countries. Last year, business was especially good in America. While China has not fared well in terms of luxury items, but in terms of diamonds, it has been strong because of the bridal market. The Chinese market is expected to grow stronger."

Lussier said that De Beers' existing mines "have the bandwidth to supply diamonds till 2040. While no new big mines have been discovered, exploration is on. We will also focus on increasing the productivity of existing mines through advanced research and techniques".

Lussier added that there would not be any "dramatic change in rough diamond prices. We are expecting a slow and steady process".