MUMBAI: Forevermark, a diamond brand developed by De Beers Group, expects demand in India to remain positive in 2013, and is eyeing "double-digit" revenue growth from the country this fiscal, a top company executive said.
"At present India contributes about 10 per cent to the overall business and we are expecting double digit growth this fiscal by strengthening our distribution network," Forevermark CEO and De Beers Executive Director, External and Corporate Affairs, Stephen Lussier told PTI here.
In the first two quarters, the demand in India was subdued due to rise in import tax, but it improved in the last two quarters and the company expects this momentum to be carried over to 2013 as well, he said.
The company, he said, is planning to further penetrate in the country through a strong distribution network. "We are planning to expand our distribution network in India to 130 jewellers this year from the current 80 retail stores."
The company has set a target of 20 per cent revenue contribution from India in the next 3-5 years.
"Looking at the steady growth in demand in India, which is one of our strongest market followed by China, we are hoping 20 per cent revenue from the sub-continent in another 3-5 years," he said.
In India, he said, the overall demand for diamond is growing steadily with a consistent 15-20 per cent shift to diamond jewellery from gold year-on-year.
Traditionally, Indians preferred smaller diamonds, however, in recent times there has been spurt in demand for single-cut solitaires with international designers, he added.
The demand for diamonds is not limited to bigger cities in the country, but it is equally high in smaller cities.
The De Beers Group, whose core business is mining, launched Forevermark in 2008 as a wholly-owned subsidiary.
The brand was introduced to authorised Forevermark Jewellers in the US and India in 2012.