De Beers, a global leader in the diamond industry, on Wednesday announced it will foray into the retail segment with the opening of 15 Forevermark brand stores in India in the current year. De Beers India Managing Director Amit Pratihari said the plan is to establish 100 retail stores by 2030 with a revenue target of USD 1 million. "We are investing in retail through Forevermark jewellery brand. We will open 15 stores, eight in Delhi and the rest in Mumbai this year," he told reporters here. The retail space for opening the stores has been identified and probably, the first retail store will open in June-July, the official said, but declined to share the financial details. Pratihari said there is no threat to the natural diamond industry from synthetic diamonds while emphasising the need for quality certification to differentiate both to protect the interest of consumers. The company is working closely with the government in this regard, he added.
This has also caused India to replace China as the second-largest market in the world for natural diamond jewellery
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This year, the first six months have been strong and the positive consumer sentiment continues and the company is hopeful the business will be similar to last year, De Beers India MD Sachin Jain said.
The diamond industry has surprised many by the speed of its recovery after being brought to a complete standstill in the first half of last year
After refusing to budge on diamond prices during much of the pandemic, De Beers and Alrosa PJSC cut prices by 10%
Diamond mining giant De Beers is likely to have to cut jobs, its chief executive said on Thursday, as it outlined plans for an overhaul of its business after the coronavirus hit jewellery demand.
The over 130-year-old company had relaxed return policies for its sightholders in last couple of months
De Beers which contributes nearly 35 per cent of the world rough diamond supplies, has projected to cut production of rough diamond supply in 2019 to 31 million carats from 35 last year
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India's all large and small processors, retailers will also be integrated
The strategy will create a big price gap between mined and lab diamonds and pressure rivals that specialise in synthesised stones
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Slowing demand from China and an industry-wide credit crunch led De Beers to lower prices about 15 per cent last year
Offers Forevermark consumers to sell their ornaments, solitaire to it at a fair price