GST impact: De Beers' Forevermark eyes mkt share of generic diamond sellers

The diamond market consists of at least 55 per cent unorganised and unbranded sellers

Although the confusion about tax rates on unpolished and polished diamonds continues to rage in Surat, the diamond hub of India, the Forevermark brand of diamonds, owned by De Beers, is not expecting the transitory hurdles to affect its business in the country this year. Instead, the company is eyeing market share in generic diamonds to increase its sales volume.

"Clarity over the Goods and Services Tax (GST) regime is still impending in the diamond industry, which can affect the market for 2-3 months but thereafter, branded players will register a growth trajectory.”, said Sachin Jain, president of Forevermark in