Reported By:
| Edited By: Raveena Singh |Source: DNA |Updated: Jan 24, 2018, 05:40 AM IST
Along with the US and China, India is among the top three markets for Forevermark, the diamond brand from De Beers Group of Companies. In a freewheeling interview, Stephen Lussier, global CEO, Forevermark, and executive vice president of The De Beers Group of Companies, tells Raveena Singh that the company has doubled its marketing expenditure to capture the attention of Indian consumers and has country-specific campaigns to penetrate deeper in a market dominated by traditional jewellers.
Unlike other countries, jewellery is an intricate part of Indian culture. It is deep enriched in Indian traditions. In terms of the type of design, it is much more diamond intensive. However, the taste of younger millennial audience is increasingly overlapping the rest of the world. Even though the taste differs from country to country, the base remains the same. And I am more struck by what is common, then, what is different in the industry- simplicity. When I say simplicity, it merely means people are looking out for designs which are more wearable, can be used more often. Interest is building up for more designs of across the globe and is a growing trend. People are preferring designs with just two diamonds. Ten years ago, people here would have chosen something more decorative. We see the trend is continuing and we come with an Indian touch to the designs.
Our business continues to do fairly well. Recently, Indian business hasn’t been easy due to the regulatory changes --GST, demonetisation, PAN Card linkage. However, the overall diamond jewellery business in India has been okay. The momentum has just started to build. We are optimistic as the growth opportunity here is immense. We are bullish both for the brand and the market as a whole.
When we compare India to other markets, there are two opportunities. One is the emotional gift giving among younger marriages (people married for 3-5 years), where giving diamonds is an emotional symbol. Our global research shows that in India there is a lot of desire for things that can communicate the bond between couples, and diamonds are the best way to do so. We think this is the biggest opportunity for us not only in India but around the world.
Secondly, we see there is a growth in self-purchased diamonds, particularly in India and China where there are younger buyers unlike in America which has a huge number of older consumers. There is more opportunity to grow in the self-purchased diamond jewellery market as more number of women are becoming economically empowered. The key for us is positioning our diamonds as modern, wearable and symbolic of important events for independent women.
Part of our strategy in India is to make the brand available in all the markets. Our focus has been in growing the distribution. We have done very well and have effectively increased the number of our partners globally. There is a strong partner access even across the Indian cities. A family doctor and a family jeweller is a concept traditionally intrinsic to the lives of Indians. Hence, there is an opportunity to look at markets individually. We have a strong distribution channel in 44 cities and interestingly, certain of our big ideas (global designs) do well in say, Kanpur, Thiruvananthapuram. One of our fastest growing markets is Tirupati. So, the fact is that we are not just a global brand doing well in big cities alone. Our red carpet events like Oscars, BAFTA, Grammy’s serves as a platform for our retail partner. For us, it is really about celebration.
We have doubled our marketing expenditure for the same. India is in our top three markets along with the US and China.
We have two interesting campaigns: one is adopted and a little Indianised. The other is created from the scratch for the local market. The first is ‘Two diamond programme’ which explains the relationship of younger generations. This is a very effective way of taking the attention of the consumer.
The other is targeting young women with ‘Capricci Forevermark’, in which a traditional product has been taken (a nose pin) and presented with a modern touch.
This apart, we are working with many international designers, one based in New York, interestingly of Indian origin. Another is Sabyasachi Mukherjee. To be able to get Sabyasachi's creativity and inspiration into our products gives a new definition and energy altogether.
We also have campaigns in multiple languages as our consumers are well-exposed everywhere.
We are focussed on partnership and we want to work with our long-established retail partners and not against them. It is a different experience for both the parties as the designs in a Forevermark area are very different from the ones in a traditional store.
With all the technological advances, we are helping jewellers build the trust. We make sure that the diamonds are 100% natural and are not treated chemically. With our knowledge, we help the jewellers bring beauty on board without significantly adding to the cost of the final products. We follow the selection process and required tests to bring you a value-for-money quality.
Entry level for a Forevermark diamond is lower than what it used to be, just a few hundred dollars. In Rs 8,000-10,000, you can own a diamond. Not just this, we have also heavily penetrated into bangles. And if a bangle has 60 diamonds, be assured we will certify each one of them.
This is an interesting spot for us. Everybody here has a drive to achieve something and they all carry a lot of energy to do so. We make sure that every diamond bought from Forevermark is not only extraordinarily beautiful but carries emotional value along. We make sure when the owner looks at the diamond, they feel proud of their achievements. We believe a diamond always has a story (memory or achievement) behind itself.
