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Forevermark-Only Store Debuts in India

Strategy is to occupy ‘small, crisp’ spaces.
Aug 1, 2017 5:53 AM   By Avi Krawitz
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 The first concept store that exclusively carries Forevermark diamond jewelry has opened in India as the brand continues to make aggressive inroads on the subcontinent.

C Krishniah Chetty Jewellers opened the store in Bangalore earlier this year, and the brand is in talks with other retailers to expand the network, Sachin Jain, president of Forevermark Diamonds Private limited, recently told Rapaport News. A second store is planned for Kolkata in the coming months, while New Delhi and Mumbai are scheduled to get one each before the year’s end, Jain said.

Jewelers typically display Forevermark as a branded counter or shop-in-shop within their stores, alongside other brands. Under the new model, the store still bears the retail partner’s name, but carries only the Forevermark product.

“The new concept store takes the partnership to a deeper level,” Jain explained. “It enables retailers to really find solutions for couples, and also provide the full interactive Forevermark experience.”

The idea is to occupy “small, crisp spaces,” Jain added; the C Krishniah Chetty store measures just 356 square feet. By keeping the space small, he hopes, the concept store will be the most profitable partnership option for retailers, and inspire the brand to expand it to international locations.

Forevermark launched in India in 2011 and has enjoyed strong growth this year, with sales volume on track to rise 120%. The brand is projected to sell around 130,000 Forevermark-inscribed diamonds in India in 2017, up from 60,000 last year, while the number of locations carrying the brand is expected to grow 10% to 230 by year’s end.

With the jump in sales volume, India is set to overtake the US this year as Forevermark’s second-largest market, behind China, Forevermark CEO Stephen Lussier said earlier this month.

The brand is also planning to launch in Pakistan, Bangladesh and Nepal before the end of the year. 
Tags: Avi Krawitz, De Beers, diamond jewelry, diamonds, Forevermark, jewellery, Jewelry, Rapaport, Stephen Lussier
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