De Beers Forevermark VP Amit Pratihari on India’s Diamond Potential and Trends

In this exclusive interview with Solitaire, Amit Pratihari, Vice President of De Beers Forevermark discusses consumer trends, the festive and wedding seasons, the market size and growth, and the future plans for De Beers Forevermark in India.

Amit Pratihari, Vice President of De Beers Forevermark

What are the 3 biggest challenges and opportunities for the diamond industry?

Among some of the challenges faced by diamond industry, ensuring transparency in the process of procuring natural diamonds across the supply chain and enabling authentic sourcing of diamonds is a key issue. At De Beers Forevermark, we source our diamonds from our mines and so have a direct connection to the source. The onus lies on diamond companies to mine natural diamonds from the most authentic source and to inform the consumer about the journey their diamond has undertaken to get to them through proper certification.

In terms of opportunities, diamonds represent a range of emotions and will always be sought after for individuals looking for meaningful purchases. Consumers are appreciating brands and making informed choices about their purchases. Moreover, brands that are committed towards sustainability and improving the lives of the community, are preferred over others.

What are the current trends and preferences of diamond consumers in India? How do they vary across regions and generations?
India is a large and diverse nation, where every region has distinct styles and preferences when it comes to jewellery purchases and diamond preferences. Overall, we have been seeing a rising demand towards minimalistic, everyday wear jewellery. Consumers, especially the millennials and Gen Zs are adopting the trend of stackable jewellery where they can blend, mix and match various designs and colours to create their original style. Additionally, consumers are also moving towards purchasing larger solitaires. Keeping these trends in mind, we have created various global designs than span across generations and cultures including the Forevermark Avaanti Collection, the Icon collection, the Traditional setting, and the stackable Tribute collection to name a few.

How has the festive season boosted the sales of diamond jewellery in India? What are the factors that have contributed to this increase?

Jewellery has always been an intrinsic part of our culture and the festive season. The current economic situation has definitely been positive, and India has maintained a bright spot through the festive months with auspicious occasions boosting demand and sales. We saw an average of 15-20% increase in sales across India during the festivities and with over 35 lakh weddings forecasted this season, jewellery sales will only increase.

De Beers Forevermark Icon™ Collection – Earrings

What are your expectations and projections for the upcoming wedding season?

We are looking forward to the upcoming wedding season and have been gearing up to meet the demands of our consumers across all markets in India. We expect a double-digit growth as diamonds rings have been adopted as a category in weddings. We also now have more occasions for consumers to wear diamonds in the multiple wedding ceremonies that are becoming the norm and thus looking forward to a great season ahead.

Forevermark Avaanti Pavé-set Ring in rose gold

What is the current size of the Indian diamond jewellery market? What is the market’s growth rate?

There is a huge potential of the Indian diamond jewellery market. We are currently at $7 Billion and on track to grow to $17.5 Billion by 2031.

What are your future plans and goals for De Beers Forevermark in India?

India is a promising market with most sectors doing well. There is new money in the market as we see people investing in lasting propositions including diamonds, an overall positive situation.

In terms of De Beers Forevermark in India, we are currently looking at consolidating our business and strengthening our associations with our existing partners to further solidify our position, capitalising on market opportunities, as well as expanding our footprint across India’s dynamic and burgeoning diamond industry.

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