De Beers plans 100 Forevermark stores in India by 2030 as diamond demand grows

MUMBAI: Diamonds are finding more room in India’s jewellery boxes, and De Beers wants to make sure its Forevermark brand is within reach of more buyers. The global diamond major plans to expand its footprint to 100 flagship and franchise stores across India by 2030, according to a PTI report.

Forevermark currently operates 10 stores in India, of which six are company-owned and four run on a franchise model. The planned expansion will use a combination of both formats to accelerate growth in what the company considers its largest and fastest-growing market.

India’s diamond demand is growing at an average annual rate of 13 per cent, according to De Beers global senior vice president Shweta Harit, as cited by PTI. The company intends to build density in major urban markets before extending its reach to other cities.

The immediate focus is on the country’s top 20 cities, with multiple outlets planned in key markets. Forevermark already operates in Mumbai, Delhi, Chandigarh and Bengaluru, while Pune and Kolkata are next in line for expansion.

The strategy is to establish a stronger presence in these urban centres before moving into additional locations, allowing the brand to build scale and reach a wider customer base.

Changing consumer preferences are helping drive the market, with modern lifestyles, self-purchases, workwear and fashion contributing to demand for diamond jewellery.

Gen Z and younger consumers account for 51 per cent of the growth in demand, according to Harit’s remarks reported by PTI. The shift points to diamonds becoming less dependent on traditional gifting occasions, with consumers increasingly buying jewellery for themselves and incorporating it into everyday wardrobes.

The company is also upbeat about the festive season following a strong September for Forevermark. Retailers have been positive about seasonal demand, supporting expectations of a favourable performance this year.

The appetite for diamonds is also changing in terms of size. Average diamond caratage demand in India has increased to 0.79 carats from 0.64 carats earlier, according to the PTI report. The trend suggests that buyers are showing greater interest in larger stones, with demand for higher caratage expected to rise further over the next two to three years.

Women’s ownership of diamond jewellery in India has reached 15 per cent, according to De Beers’ Acquisition Study cited in the report, indicating room for further market development.

For Forevermark, the combination of a growing consumer base, rising self-purchases and interest in larger diamonds offers an opportunity to widen its reach. Its target of 100 stores by 2030 signals an aggressive push to turn that demand into a stronger retail presence across India’s biggest jewellery markets.