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India’s Retail Diamond Sales “to Return to 70%-80% of Pre-Covid Level” Soon

Demand for diamond jewellery from top cities in India bounces back
India wedding diamond ring
Credit: Sukpaiboonwat / shutterstock.com

Sachin Jain, Managing Director of De Beers-owned diamond jewellery brand Forevermark, is hopeful that retail diamond sales in India “will return to 70%-80% of the pre-COVID business level by October-November”, according to Rough & Polished.

 

forevermark jewelry store china
Credit: Forevermark

 

Jain said that the retail diamond demand “is gradually growing in tier I cities”, with “revival of demand was first witnessed in tier II cities of the country”.

 

forevermark artemis diamond jewelry collection
Credit: Forevermark

 

Jain added: “After two months of washout due to lockdown, pent up demand lasted for a few weeks. Then top cities lagged but business in tier II cities was 50%-70% of the pre-COVID level by July. In the last fortnight, we see demand from top cities like Delhi, Mumbai and Bangalore is coming back strongly from 30%-50% in the previous months”. He said that revival of demand was also seen in China and that prices remain stable “as supply also remains constrained in mining, manufacturing sites due to government regulations of social distancing”.



Tags: Diamonds News, Jewelry News, Diamond Industry News, De Beers News, India News

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