"The market is slowly picking up and we are witnessing positive consumer sentiment. As we work with retail partners, we are planning to expand by 20-30 doors to take the total to 250-260 doors by the next year," Forevermark India President Sachin Jain told PTI here.
He said the expansion will be across India, with more footprint in central and eastern markets, which are new to the company. Forevermark also plans to deepen its presence in metro cities.
With the market gradually picking up, he sees positive momentum in volume. "In 2017, we feel the momentum will be strong as the market in India is maturing," he added.
Meanwhile, for quality assurance, Forevermark set up the International Institute of Diamond Grading and Research (IIDGR) in Surat in 2014, its biggest facility in the world with an investment of USD 16 million. IIDGR also has two more facilities in Maidenhead (UK) and Antwerp (Belgium).
"We are expecting to handle 50 million diamonds and accordingly have a manpower of 247 by 2020. It all depends on the market demand," added Amitabha Das, IIDGR Director, Operations.
"With synthetics getting mixed, consumers as well as retailers today have become very conscious of quality. Consumers also want assurance of each diamond studded in a jewellery piece. This makes IIDGR, with latest technology, very important for the industry," he claimed.
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