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FOREVERMARK: INDIA TO REPLACE THE US AS 2ND LARGEST MARKET

Forevermark CEO Stephen Lussier is expecting a shake up at the top: According to Gem Konnect, Lussier said that India will become the second largest market after China for De Beers’ brand Forevermark. The US is expected to move down to third place.

 

China currently accounts “for 50% of sales, with the US and India accounting for 15% each. This year, however, India’s share of the Forevermark global market is set to to climb to between 20% and 25%”, according to the report.

 

Forevermark sold 60,000 pieces last year in India, while this year’s sales are are expected to be between 100,000 and 130,000 pieces, according to Lussier. He also said he expects “heightened consumer spending and interest in the brand’s two-diamond ring range”, and that Forevermark “also plans to increase its market footprint from the current 200 stores to 230 by the end of the year, including three high end outlets in Delhi, Mumbai and Kolkata”.

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