Diamond brand Forevermark is reflecting its confidence in the Indian market by pursuing a network expansion plan.

While relatively young in India – it opened its first store just a year ago – the diamond brand says the market is growing strongly. The brand is currently available through 85 retail outlets in 13 Indian cities.

“The Indian market is growing by 15 to 20 per cent (annually), and we look at an upwardly mobile customer who falls in the age range of 25 to 45 years,” said MD Sachin Jain.

“We are looking to grow to 20 per cent in the next year or two. That is why we are so rapidly creating consumer awareness,” said Forevermark wordwide marketing director Dominic Brand.

The company says it will expand its store count in India to 130 by the end of next year.

Given the cultural significance of gold in India, Brand says the company will boost its advertising to enhance brand awareness.

“We are going to spend a little bit more in digital than we do in the traditional media. In digital advertising, innovative ideas such as iPad applications and trial facilities on our websites are in the pipeline,” he said.

Forevermark expects 10 per cent of its global sales will be generated in India.

GB