Forevermark, the premium diamond brand of the De Beers Group, recently launched their first store in India. This move targets a growing natural diamond jewellery market, which reached approximately $4.44 billion in 2023 and is projected to expand to nearly $6.88 billion by 2030. Despite the size, India currently has low penetration, with diamonds featured in only 8 to 9 percent of jewellery, contrasting sharply with 70 percent in the US.
Shweta Harit, global senior vice president at De Beers Group and CEO of Forevermark, talks to Forbes India about the strategic timing to enter the Indian market and how the brand differentiates itself by maintaining strict quality control. The plan for India is to achieve a target of $100 million in revenue and 100 stores by 2030. Edited excerpts:
Q. What is the rationale behind the ‘rebirth’ and relaunch of the Forevermark brand in the current Indian market?Call it a rebirth of the brand and business. Forevermark is relaunching in India with its first store, with plans to open four stores later in 2025. This would be followed by six franchises. The idea is to establish a diamond jewellery brand in India that will be accessible in pricing because we feel this is the right time. There are some good tailwinds in India. Overall, the diamond jewellery market in India has seen a 12 percent growth last year.
Even today, if I compare it to the US and China, India is the second largest market at this point, but there isn’t enough penetration. If you think about the US, 70 percent of jewellery will carry a diamond, India is 8-9 percent only yet, so there is a long way to go, and China has somehow dropped, which is why India is second. In some ways, it's a fair bit of distance to go, just in sheer penetration of natural diamond jewellery.
Q. What are the reasons behind India's low natural diamond jewellery penetration, especially compared to markets like the US?India has historically been a gold market, where gold has held symbolic meaning across every life stage—from birth to death. It is deeply embedded in our cultural and religious traditions, valued both for adornment and investment. Over centuries, even as rulers and regimes changed, gold and silver remained the enduring forms of currency and security. This deep-rooted association has made gold instinctive to the Indian mindset—today, it is so ingrained that one can even order it on quick commerce.
However, our research indicates that while gold retains its place in tradition, it continues to carry a largely patriarchal connotation—jewellery that is given, stored, and rarely worn. Diamonds, in contrast, embody a more contemporary spirit. They represent agency, intellect, and confidence—values that resonate with today’s Indian woman, who is increasingly buying jewellery for herself rather than waiting to receive it.
This cultural shift is becoming more visible across the country. Diamond jewellery is no longer confined to bridal occasions; it is being embraced in weddings, celebrations, and moments of personal expression. India’s relationship with diamonds is evolving, and as this transformation continues, penetration levels are poised to grow significantly.
Q. What would you say is Forevermark's competitive edge against traditional Indian jewellery brands?We are a diamond-first brand, and that really sets us apart. Forevermark is the only brand in the market that can authentically tell the story of a diamond’s journey from mine to finger. As part of De Beers Group, we own and operate our mines, giving us complete control of the value chain. Every Forevermark diamond carries a unique inscription number—visible through a viewer in every store—that lets customers trace its origin and know with confidence that it is natural, rare, and responsibly sourced.
Our designs are created in Milan to retain that refined, international sensibility, but we’re equally committed to India. We’re designing pieces that speak to the modern Indian woman—global in her outlook yet rooted in her culture. You’ll even see us reimagining traditional icons like the mangalsutra with a contemporary, international touch.
Forevermark diamond jewellery has been consciously positioned as accessible luxury. It is high quality, beautifully designed diamond jewellery at a price that feels right for the Indian consumer. In a market that’s still largely traditional, Forevermark brings a modern, global perspective—jewellery that celebrates individuality and can be worn effortlessly from day to evening.
Q. Are you looking at collaborations with Indian designers like the one you did with Sabyasachi in 2019?Collaborations aren’t the first thing on our agenda right now, but we’re deeply inspired by Indian design codes. You will soon see a Forevermark take on traditional pieces such as the mangalsutra, nose pin, and bangles—categories that are deeply rooted in India but not typically part of global jewellery collections.
Q. What quality controls does Forevermark apply to its diamonds that differentiate them from others?Forevermark follows some of the most stringent selection standards in the world—we call them ‘Among the World’s Most Beautiful Diamonds, Beyond the 4Cs’. All our diamonds come from De Beers mines, and each one is handpicked for its brilliance.
Even if two diamonds share the same cut, colour, clarity, and carat, a Forevermark will outshine the other because of how it reflects light. We reject nearly 60 percent of the diamonds we assess. For example, we don’t accept gems with visible inclusions; even those with minor ones must have them at the base. The girdle—the widest part of the diamond—must be perfectly symmetrical; if it’s too thick or too thin, we reject it.
So while others may stop at the 4Cs, we go much further, selecting only those that truly embody our promise of exceptional sparkle and rarity.
Q. Talking about the design, what sets Forevermark jewellery apart?Our jewellery is designed in Milan and manufactured in India, blending international design sensibilities with Indian craftsmanship. We use a nickel-free alloy of gold—anti-allergic and compliant with international standards for yellow and pink gold.
Attention to detail is everything. For instance, we use a ‘soft pronging’ technique—the edges are smooth and curved, ensuring comfort and preventing the jewellery from snagging on clothes.
We take immense pride not just in our diamonds, but in the craftsmanship behind every piece. That combination of world-class diamonds and thoughtful manufacturing gives Forevermark jewellery a distinctive edge.
Q. How do you plan to have a differentiated store experience?Our stores will be diamond-first—something you won’t find in most Indian jewellery spaces. We tell the full ‘mine-to-finger’ story—a narrative only De Beers can authentically own.
Each store will also feature a Solitaire Lounge, where customers can experience diamonds at a whole new level—something celebratory and aspirational.And, importantly, we have localised the experience for India. From monthly savings schemes to buyback options, we have built services that Indian consumers value deeply, even though they are not standard for international brands.
Q. Tell us about the certification.Certification is central to Forevermark’s trust promise. Every diamond has a unique inscription number, so even if you reset it into another piece of jewellery, its identity remains traceable.
We also run our own certification business—the Institute of Diamonds—with labs in Maidenhead (UK), Antwerp (Belgium) and Surat (India). This ensures rigorous grading and complete transparency.
Q. What marketing strategy are you adopting in India?India still has just about 8–9 percent diamond jewellery penetration, so there is huge potential. We have invested in understanding what life moments truly matter to Indian consumers beyond weddings and engagements.
As we launch our own stores, the goal is to build deeper emotional connections—to make Forevermark diamond jewellery not just a name people know, but a brand they feel personally connected to.
Q. Is Forevermark offering bespoke services?Yes, absolutely. Our Solitaire Lounges will offer bespoke services, giving customers access to extraordinary stones they may never have seen before. Some of our high jewellery pieces can also be made to order.
Q. Who is your target audience?A Forevermark woman is between 30 and 55—evolved, confident, and self-assured. She knows what she wants, is progressive in her choices, and optimistic about her journey ahead.
While Forevermark’s focus is primarily on women, we will also have a men’s collection. Our campaign reflects this modern, empowered spirit.
Q. What price range will your jewellery products cover, and how accessible will they be for different budgets?Our diamonds start from 8 points (0.08 carats), so we are accessible at the entry level, but we scale up as high as a customer desires. The core of our offering sits around $1,500.
We will also have an e-commerce business with a lower entry price point—ensuring there is something for every kind of customer who appreciates fine diamonds.
Q. There's news about De Beers being up for sale…Yes, that’s true. De Beers has had several owners over its long history, and change is part of the industry’s rhythm. We have had the same ownership for 15 years—if there is change, we will adapt. That is the nature of the business today—change is constant.
Q. What are your targets for India?At this point, our brief is clear—to reach $100 million by 2030.
For the first time, we will operate through a combination of franchise and owned stores, all carrying the Forevermark name endorsed by De Beers. It’s going to be an exciting ride.
My brief to the team is simple: Run fast. The next two seasons are crucial to prove our case—to see if our designs, pricing, and brand proposition resonate. Retail is a dynamic business; we’ll learn, tweak, and expand into new markets accordingly.
First Published: Oct 17, 2025, 18:09
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