Forevermark plans to expand its diamond jewellery presence in India from 10 stores to 100 by 2030, targeting the country’s top-20 cities as part of a broader growth strategy. The luxury brand, owned by De Beers, aims to capitalize on India’s position as the second-largest diamond market globally, where natural diamond jewellery sales are growing at 13.5% annually. This expansion reflects a strategic shift toward understanding local consumer behavior and market readiness to support multiple retail locations.
Market Readiness and Expansion Strategy
The company emphasizes that market selection will prioritize locations with a strong consumer base and potential for branded natural diamond jewellery. While metropolitan areas remain central, Tier-II and Tier-III cities are also being evaluated for their emerging demand. Key factors include consumer preferences, retail environment viability, and the ability to deliver a consistent brand experience. The availability of suitable store locations and operational capacity to maintain quality standards are critical considerations.
Retail Model and Franchise Opportunities
To achieve rapid scaling, Forevermark will use a combination of company-owned and franchise stores, with the choice depending on local market conditions. Company-owned stores allow direct consumer insight and control over the retail experience, while franchise partners contribute local expertise and established networks. Regardless of the model, maintaining a consistent customer experience is non-negotiable, supported by strict operating standards and training.
Franchise partners must understand the natural diamond jewellery category and the importance of building consumer trust. The partnership offers opportunities to participate in the growth of branded jewellery, leveraging Forevermark’s brand proposition and De Beers’ industry expertise. Independent retailers, particularly in Tier-II and Tier-III cities where they account for a third of demand value, are integral to this strategy, supported by initiatives like INDRA, which provides multilingual training and AI-powered marketing tools.
Targeting Younger Consumers
Gen Z represents 51% of India’s natural diamond jewellery market value, driving significant shifts in product preferences. This demographic views diamonds as everyday self-expression rather than occasion-specific luxury, favoring versatility, authenticity, and personal milestones. They are purchasing the highest average price per piece at Rs 1.98 lakh, with 52% of acquired jewellery worn daily. Earrings have become the most popular category, while natural diamond prices have corrected 20-30% from post-pandemic peaks, making entry points more accessible.
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Forevermark responds by creating modern rituals around Gen Z’s valued moments—second piercings, friendship bracelets, and intentions—while expanding beyond traditional weddings and anniversaries. The brand offers international designs for everyday-wear jewellery, solitaires, and high jewellery, aligning with younger consumers’ desire for personal expression. Campaigns targeting empty nester couples further broaden the appeal of diamonds beyond traditional gifting occasions.
Sustaining Year-Round Demand
The brand aims to position natural diamonds as relevant beyond weddings and festivals, recognizing evolving consumer preferences. Increasingly, buyers view diamonds as self-expression and identity symbols, particularly younger demographics. This shift has driven interest in everyday milestones, leading to self-purchase of daily wear pieces. Retailers can unlock this momentum by moving beyond heavy bridal sets, curating versatile, everyday wardrobes centered on fluid workwear, modern stackables, and earrings. Self-purchase drives 64% of non-wedding acquisitions, reflecting a permanent shift from receiving diamonds to choosing them.
Consumer education and trust are critical for sustaining demand. The company encourages buyers to seek certification from reputable gemmological laboratories and understand diamond characteristics. Emphasis is placed on cut quality rather than carat size alone, as it significantly impacts brilliance. By combining contemporary designs with awareness initiatives, natural diamonds are positioned as everyday style considerations alongside personal milestones and celebrations.
Empowering Independent Retailers
The BIS standard and verification technology further build trust, ensuring “diamond” refers exclusively to natural stones. These measures give retailers and consumers certainty at the point of sale, supporting confidence in purchases. Partnerships with De Beers leverage brand-building expertise to expand reach and strengthen market presence across India.
