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Gen Z Fuels Diamond Boom: De Beers Expands in India
9 Oct
Summary
- De Beers plans 100 Forevermark stores in India by 2030.
- Gen Z drives 51% of the brand's growth in the diamond sector.
- India's diamond demand is growing annually at a 13% rate.
De Beers intends to significantly expand its Forevermark retail presence across India, with a strategic goal of establishing 100 stores by 2030. This expansion will utilize a hybrid model of company-owned and franchise outlets, focusing on major urban centers.
The company is leveraging the burgeoning demand for diamonds in India, a market currently growing at an impressive 13% annually. Key target cities for this expansion include Mumbai, Delhi, and Bangalore, with plans to establish multiple stores within the top 20 Indian cities.
This growth is largely attributed to a younger demographic, with Gen Z consumers now driving 51% of the brand's expansion in the diamond sector. Factors such as increased modernization and the trend of self-purchase are also contributing to higher diamond sales, with women's ownership of diamond jewelry rising to 15% in India.
