India could also be on the prime of the worldwide rating for gold jewelry consumption, nevertheless in accordance the Kimberly Process, the nation ranks thirtieth in diamond consumption. This is ironical contemplating 90 per cent of the world’s pure diamonds cross via Gujarat for chopping and sprucing, solely to get bought largely in Antwerp and Dubai.

The diamond consortium De Beers, which entered India again in 1994 began wooing the native market in 2011 with its model Forevermark. Of course, the pandemic took a few of the wind off its sail, however chatting with DH’s Lavpreet Kaur, Toranj Mehta, Director of Marketing, De Beers Forevermark, stated that the flicker is again, as she went over the completely different methods to faucet into the nonetheless evolving diamond market. Here are edited excerpts from that dialog:

How goes with diamond market in India?

Last yr was a massively profitable yr, post-lockdown. There was a whole lot of demand this yr too. While Indians are intrinsically inclined shopping for jewels. they’re very completely different from what you will notice around the globe. But, having stated that, diamonds are catching the flamboyant of ladies as a vogue assertion, lending a constructive pattern for us as an trade.

Gold is taken into account as funding, whereas that’s not the case for diamonds, so what drives diamond purchases?

Gold is traded as a commodity and has the standing of a monetary asset. making certain its deeper penetration. Diamonds, however, are perceived extra like artwork however artwork appreciates over time. Yet, I don’t see diamonds as a luxurious in India. You don’t should be actually wealthy to purchase a diamond. Of course, there a unique ranges at which you should buy, outlined by the dimensions and high quality of the rock.

What is the worth vary obtainable to a diamond purchaser?

Our diamond measurement begins from eight factors and goes as much as the biggest measurement doable. So, usually, the worth of an eight-point diamond is round Rs 50,000- Rs 60,000 relying on the gold used within the piece.

As a model how do you negotiate the various calls for?

We are an ingredient model. Our focus is on the 4 Cs – carat, reduce, readability and color and past that a number of different parameters. As an ingredient model we’re at liberty to design jewelry. For our retail companions within the South, we cater to the “closed setting” they require, with a standard setting assortment from Forevermark. There is a convention of giving diamond bangles in weddings for which Forevermark has launched its “circle of trust”. Today, India is the third largest marketplace for our model.

What are your growth plans in South India and your unique shops?

Presently we wish to deepen the ties with our present companions. Chennai-based GRT, Bangalore-based CKC, Udupi’s Abaran Jewellers are our companions. We’re not trying to broaden our ‘doors’ (a particular section of the shop-floor within the jewelry shops) to new companions.

We have our personal boutiques, two every in Bengaluru, Mumbai and Kolkata, one in Hyderabad and 5 others within the North. We’re opening a brand new retailer in Aurangabad this month after which in Indore. So far we’ve 15 unique shops and round 50 doorways throughout the nation.

Explain what brings the institute for diamonds to India.

A big quantity of diamonds come from India. A variety of artwork and science goes into grading diamonds. The lab has a few of the finest proprietary know-how in grading diamonds. The institute arrange right here is the same as and even higher than those we’ve in Belgium and Maidenhead. The presence of the lab will assist to make sure consistency in high quality and faster turnaround to satisfy rising calls for.