Diamonds giant De Beers has set its eyes on Indian market in a big way. The company has decided to launch its 'Forevermark' brand in India, with an aim of creating a more affordable line of jewellery targeted at the middle income segment.
Eight out of 10 diamonds in the world are polished in India's Surat city. De Beers provides the rough diamonds to the diamond polishing units in Surat.
The high-end 'Forevermark' line traditionally includes pieces with stones of 1.5-2 carats mainly for the high net worth individuals.
'Forevermark' was introduced by De Beers as an exclusive range of diamonds, inscribed with the brand name and a unique identification number.
De Beers says that less than 1% of the world's diamonds are eligible to be the 'Forevermark' diamonds, which are crafted by a select group of diamantaires and sold by select jewelers.
The diamond giant said it is developing a range of 'Forevermark' diamond jewellery set in 18-21 carat gold, with price points starting from Rs 10,000-12,000, and that it is expecting high volume sales.
De Beers is preparing a Rs 100-crore marketing plan for this initiative and is looking at marketing and production alliances. It cites a huge growth potential in the Indian market, which is already showing signs of double-digit growth.