De Beers bullish on India, despite demonetisation
| De Beers, a member of the Anglo American Group, which recently invested $5 million in the expansion of its diamond grading and testing centre at Surat in Gujarat, is betting big on the Indian market, despite taking a hit post demonetisation.On the cash-heavy jewellery market in India, Forevermark India Managing Director Sachin Jain said, "The new economic policy has had quite a strong negative impact on the industry, short term is clear and the medium term also will be similar."However, he added, "India is one of the most important and fastest growing markets for Forevermark. We are looking at more expansion in the marketplace — both geographical, and going more deep-routed with our partners. Consumers are resonating strongly with the core brand offering of beauty, rarity and responsible sourcing. The unique inscription number is the most attractive brand proposition for Indian consumers."This reponse has been recorded in light of a Bain & Company report stating that India is on course to become the third largest diamond market by 2020, overtaking Europe and Japan.The projection is based on the rough-diamond supply from existing mines, and anticipated production at every expected new mine. Adding to the report's projections on millennials comprising a compelling opportunity for the industry, he said, "Over the past five to seven years, we have seen the pendulum oscillating towards diamonds from gold. The main reason is the core fundamental consumer demand on diamonds, more transparency with the sellers, and the changing lifestyle of today's modern consumer, where the focus is on simplicity and daily wearability."DeBeers had stated that while the trade in lower value rough diamonds is experiencing a temporary slowdown as a result of the demonetisation, demand across the rest of the product mix continued to be healthy.According to reports, DeBeers has eased restrictions on buyers in India to battle the cash crunch, and subsequent drop-off in demand. |
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