India can be top 2 diamond mkt: De Beers
"...You know India is one of our top five priority markets and we certainly expect India, to be a number two or number three as we enter into the decade, probably after US and China," Forevermark CEO and De Beers Group Executive Director and Executive Committee Member Stephen Lussier said.
Predicting that growth would be driven by Indian and Chinese markets, he said the company planned to fully tap tier II and III cities since majority of the sales came from them.
"According to me 10 per cent of the diamond sales comes from India. If you look at the sales of De Beers Group, India is well over 50 per cent in our sales of rough diamonds," he added.
Talking about plans for India this year, Lussier, who was here to participate in the "ForeverForum" a two-day event said, "We are planning to tap Tier II and III cities as most of the business were coming from these regions.
"Since our entry in India, we have been adding cities and branching out to more towns. We thought entering into big cities will be apt for these (diamonds). But it was contrary.
We found there is lot of opportunity in smaller cities. We are finding people switching from gold to diamonds faster in Tier II and smaller cities", he said.
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