File picture: A round brilliant cut diamond held in tweezers | Photo Credit: studiocasper

Forevermark Diamond Jewellery by De Beers Group is betting on India to drive its next phase of global growth, targeting ₹1,000 crore in revenue over the next five years, while expanding its retail footprint to 100 stores across the country.

The luxury natural diamond jewellery brand, which opened its first Bengaluru store on Thursday, currently operates nine stores and plans to add its tenth outlet next week. It aims to nearly double its network to 20 stores by December 2026, before scaling to 100 stores over the next four years.

“India is the second-largest natural diamond market after the US, having surpassed China. We are deeply invested in growing this brand here. Our model is to grow in India and take it to the world,” Mallikarjuna Reddy Yarabolu, Managing Director, Forevermark India, told businessline.

The company expects to generate about ₹100 crore in revenue in its first full year, with investments spanning retail expansion, customer experience and omnichannel capabilities, before scaling the business 10-fold over the next five years.

The India expansion comes as parent De Beers Group sharpens its focus on natural diamonds globally. The miner has been repositioning its business amid a prolonged downturn in the natural diamond industry, weaker demand from China and growing competition from lower-priced lab-grown diamonds. Earlier in 2025, De Beers announced it would close Lightbox, its lab-grown diamond jewellery business, reinforcing its strategy of positioning natural diamonds as rare, high-value luxury products, rather than competing with laboratory-grown stones.

Yarabolu said the rise of lab-grown diamonds has not materially altered demand for natural diamonds in India.

“Natural diamonds and lab-grown diamonds cater to different consumer needs. Prices of lab-grown diamonds have fallen sharply over the past year, while natural diamonds continue to be associated with milestone purchases and emotional value,” he said, adding that the industry’s focus remains on educating consumers about the distinction between the two categories, rather than treating them as direct substitutes.

Beyond metros, Forevermark plans to expand into emerging luxury markets where demand for branded jewellery is rising, while strengthening its omnichannel platform through virtual try-ons, WhatsApp commerce and digital discovery to complement in-store purchases.

Published on July 16, 2026