De Beers’ Forevermark targets 100 stores, ₹1,000 crore India business
Forevermark, the natural diamond jewellery brand owned by the De Beers Group, is targeting 100 stores and revenue of $100 million ( ₹1,000 crore) in India over the next five years, betting on growing demand in the country.
The expansion marks a shift for the company, which previously supplied diamonds through partner jewellers and now seeks greater control over product design, pricing and consumer experience.
The company intends to operate roughly one-third of its stores and franchise the rest, he said. Of its first 10 outlets, six are company-operated and four franchised. Of the targeted 100 stores, it expects to have 25-30 company-owned outlets, with the balance run by franchise partners. Each company-owned and operated store costs about ₹10 crore to set up.
“Jewellery retail requires a meaningful investment, so it has to be an equal partnership. We don’t want a model where only the company makes money,” Yarabolu said. He said the business was close to breaking even.
De Beers Group, which is 85% owned by London-based Anglo American, with the government of Botswana holding the remaining 15%, is a global diamond company with operations spanning exploration, mining, sorting and trading rough diamonds.
It also sells polished diamonds and jewellery through consumer brands including De Beers London and Forevermark, which is focused on India. De Beers says fewer than 1% of the world’s diamonds qualify for its inscription, which is intended to signal the stone’s provenance and quality standards.
India market
India’s retail diamond jewellery market is projected to reach ₹68,600 crore by 2029, expanding at a compounded annual rate of 2.7% from 2024, according to IMARC Group data cited in a CareEdge Research report. The retailer competes with jewellers such as Tanishq, Kalyan Jewellers, Malabar Gold & Diamonds, CaratLane, BlueStone and Orra across bridal, premium and everyday-wear categories.
The industry is looking to expand beyond wedding-led purchases as younger consumers increasingly seek lightweight designs for everyday wear and self-purchase, while lab-grown diamonds offer a lower-priced alternative. The retail push in India will also be a test case to take Forevermark to other markets, Yarabolu said.
“The company first wants to establish the model in India before considering an overseas rollout. We earlier sold through shop-in-shop counters at partner jewellers, but moved to standalone stores to ensure greater consistency in design, product presentation and service,” he added.
The company is adjusting price points to make larger natural diamonds more accessible. It introduced a one-carat solitaire range starting at ₹6.5 lakh, about half the earlier entry price of ₹12.5 lakh. The carat size remains unchanged, but the new range uses different colour and clarity grades, Yarabolu said.
Domestic demand
The diamond trade faces weak export demand, inventory overhang and competition from lab-grown diamonds. Icra expects India’s cut-and-polished diamond exports to contract 7-9% in FY27 and says lab-grown diamond export volumes have exceeded those of natural cut-and-polished diamonds since FY26.
Crisil Ratings expects domestic demand to cushion the industry, with overall natural diamond industry revenue likely to remain broadly flat at $14.8 billion-15.2 billion in FY27 after three years of decline.
Yarabolu said the company views lab-grown and natural diamonds as catering to different consumer occasions. Buyers below 35 account for an estimated 35-40% of its customers, he said, and the company sold about 900 pieces across 700-750 transactions up to September in FY27. Its strategy is to encourage self-purchases and everyday wear rather than depend only on weddings.
“The consumer has to come to the store at least 2.5 times in a year to buy, irrespective of products purchased,” Yarabolu said.
India is De Beers’ second-largest market for natural diamond jewellery after the US. The market was valued at ₹49,700 crore in 2024 and is projected to reach ₹1.5 trillion by 2030, according to its own study.