Forevermark, a separately managed diamond brand division of De Beers group of companies, is looking at $300 million revenue from the brand worldwide in the current year, as compared to $ 250 million last year.
The company, which entered in the Indian market in Janaury 2011, expects the country to contribute 15-20 per cent of its world business over next five years, said a senior executive of the company.
Announcing launch of the brand in Chennai, Stephen Lussier, chief executive officer, Forevermark, said, "The revenue for the brand Forevermark was $250 million in 2010 and we expect it to be $300 million this year. The company expects growth in Indian and Chinese jewellery markets to contribute to the revenue in future. It is also launching the brand in US by October, this year."
The company is expected to complete launch of the brand in six major Indian cities in 2011, by entering into the Kolkata and Hyderabad markets within the end of this year. It has launched the brand in Indian in January, 2011, starting with Bangalore market. The brand was launched in Delhi and Mumbai in April, apart from the launch in Chennai, on Wednesday.
It has so far tied up with around 30 retailers as authorised Forevermark jewellers in India and has a reach through around 43 retail doors through these tie ups. It is planning to have around 34 retail partnerships and reach around 50 retail doors through them by the end of this year.
"We have a tie up with 400 jewellers worldwide now, and plans are to increase this to 800 jewellers by end of this year," said Lussier.
While Forevermark is purely into diamond business and designing, the jewellery partners design, manufacture and market the jewells embedded with the branded diamond in retail outlets. The company would start distribution of its newly designed jewellery collection, the Mille Moi, globally including India in the fourth quarter of this year.
In Chennai, it has tied up with Vummidi Bangaru Jewellers, G R Thangamaligai (GRT) Jewellers, Joy Alukkas, Malabar Gold, Sugal and Damani Jewellers and Prince Jewellers. The Indian partners would have designs based on the culture and trends of jewellery in the region, in which the brand's diamonds would be used. However, the company refused to reveal more on the partnership model.
The company is working with around 31 diamond cutters across the world to cut and polish the diamonds. Out of this, almost 13 are from India. While the demand for diamond is growing every year, the supply from existing mines is less to cater the requirement and identifying a new mine is difficult and time consuming process, said Lussier.
