De Beers Group is set to significantly expand Forevermark’s retail footprint in India, with 15 new outlets launching across Delhi and Mumbai in 2025. This marks a strategic shift in India operations as the brand pivots from supplying loose diamonds to establishing itself as a prominent jewellery label.
Major Expansion Plans
Forevermark’s expansion will begin with eight stores in New Delhi, the first of which is slated to open in June 2025. The remaining seven outlets will be established across Mumbai, strengthening the brand’s retail presence in India's top metropolitan markets. These stores will operate through a mix of company-owned and franchise models.
“We plan to strengthen our retail by opening 15 stores in 2025 and eventually scaling up to 100 stores, targeting $100 million in revenue by 2030,” said Amit Pratihari, Managing Director at De Beers India, at a select media conference.
India’s Jewellery Market – A Growing Opportunity
With India being the second-largest diamond market after the U.S., the expansion comes at a pivotal moment. The country’s gems and jewellery market, valued at $85 billion, is projected to grow to $120-$140 billion by 2030. Within this, the natural diamond market is expected to cross $17 billion, comprising more than 10% of the industry.
Competitive Landscape and Market Trends
The organized jewellery retail sector in India has been witnessing heightened activity, with major players like the Aditya Birla Group launching their jewellery brand Indriya while established players like Bluestone exploring IPO opportunities.
Despite the rise of lab-grown diamonds, Pratihari affirmed that the natural diamond segment remains robust and is not at risk from synthetic alternatives.
With the strategic expansion, a more substantial retail presence, and a focus on premium natural diamonds, De Beers’ Forevermark is positioning itself for sustained growth in India’s evolving luxury jewellery market.