Why India Is De Beers’ New Jewel in the Crown? Forevermark CEO Explains Ahead of Delhi Store Launch

De Beers Group's Forevermark Diamond Jewellery has launched its first global flagship store in the Indian capital, New Delhi, banking on premiumisation and a booming market. The store, located in South Extension, is the first of 100 outlets planned across the country.

The company aims to expand to 15 outlets in 2025, including two in Delhi and two in Mumbai, expected to open in November. At least six of these stores will be opened with franchise partners.

“India currently is super exciting,” says Shweta Harit, CEO of Forevermark and Global Senior Vice President at De Beers Group, adding that the market is expected to grow to $20 billion by 2030 and expanded by about 12% last year. Earlier this year, India surpassed China to become the world’s second-largest market for natural diamonds. The Gem & Jewellery Export Promotion Council (GJEPC) projects India’s domestic diamond market to grow from $8.7 billion today to $17 billion by 2030, forming roughly one-tenth of the $85‑billion gem and jewellery sector.

“Usually, it’s better to be in a market where you face some headwinds, because otherwise, if you only have tailwinds, you just move with the market. What we’re seeing in China, for example, is a real slowdown,” she said, speaking to Outlook Business ahead of the store launch.

The brand’s focus on India was first flagged in De Beers Group’s 2024 preliminary financial results, which came at a time when a consumption slowdown in China had hurt many European luxury brands. The company, jointly owned by Anglo American plc (85%) and the Government of Botswana (15%), saw its revenue fall 23% year-on-year to $3.3 billion. It blamed the drop on a 25% decline in rough diamond sales, which stood at about $2.7 billion.

As part of its new “Origins” strategy, the company reset its downstream businesses, including De Beers Jewellers and Forevermark. De Beers Jewellers was repositioned as a leading high-jewellery maison, while Forevermark was “refocused” on the fast-growing Indian market.

Earlier this year, Amit Pratihari, Managing Director at De Beers India, announced plans to expand Forevermark into standalone retail stores, with a goal of reaching $100 million in revenue from 100 stores by 2030.

Shweta Harit, who was brought in as CEO of Forevermark in April 2024 from British wellness and fitness services firm Elvie, says her one-and-a-half-year journey has been “fascinating.”

“When I first joined on April 1, my boss told me, ‘I’ll see you at Terminal 5, we’re going to India.’ I wasn’t sure if it was an April Fools’ joke, but when she couldn’t make it, I ended up going alone. I met the team, and we’ve been on fire since then,” she said.

India’s Premiumisation Boom

Forevermark has been in India since 2011, but until now it partnered with other jewellery brands in a shop-in-shop model, which has since been discontinued.

“When we started as a shop-in-shop, our intent was to be a category driver. For example, with Malabar, at one point we were leading the category—training jewellers on how to sell diamonds. Keep in mind, India is still largely a gold market. In the US, out of every 100 jewellery items sold, about 70 have diamonds. In India, it’s only 8 or 9. So there’s still a long way to go, and many jewellers remain more comfortable selling gold. That was our initial objective,” Harit said.

She added, “Now we feel it’s the right time to launch our own stores. It’s a completely different model.”

Explaining the new strategy, Harit said Forevermark wants to retain its reputation as a benchmark in diamonds while expanding into branded jewellery. The focus will be on modern, versatile designs that appeal to Millennials and Gen Z, rather than competing with traditional jewellers in India’s heartland. The aim is to connect with a new generation of consumers who want jewellery that works across occasions.

She also pointed out that the growing demand for premium products is driving this shift.

“We are seeing a quick upgrade in consumer choices. Look at how watches are doing in India—they’re a surrogate category that reflects this shift. Even in traditional jewellery, pieces are becoming bigger. The same trend is visible in spirits as well. Everything seems to be in upgrade mode, and these are all indicators for us,” she said.

Asked if Forevermark would be looking to push sales during the upcoming festive season, Harit said they would focuse on building the diamond category around modern occasions rather than traditional festive or wedding periods, which already see high spending on gold.

The brand would target pre- and post-festive periods and non-traditional occasions, like friendship bracelets or second piercings, to create new demand.