De Beers Forevermark plans to expand its Indian retail footprint to 100 stores by 2030, aiming for ₹1,000 crore in annual revenue by 2031. The brand is targeting Gen Z consumers to drive growth in the natural diamond segment. Note: De Beers India is a private limited company and is not listed on Indian stock exchanges.
De Beers Forevermark is embarking on an ambitious retail expansion across India, aiming to scale its presence to 100 standalone stores by 2030. The brand has set a phased financial roadmap, targeting ₹100 crore in revenue by the end of 2026, with an ultimate goal of reaching ₹1,000 crore in annual revenue by 2031. As of late 2026, the company is rapidly increasing its footprint in major urban centers, having already established over a dozen operational units.
Targeting Growth in Natural Diamonds
The company’s strategy is built on the premise that natural diamonds are currently a high-growth category. Industry data suggests that the natural diamond jewelry segment in India is expanding at a rate of 13.5 percent, which is notably higher than the 10.5 percent growth rate observed in the broader domestic jewelry market. De Beers Forevermark is positioning itself to capture this demand by focusing on younger buyers, specifically Gen Z consumers, who the brand notes are increasingly driving purchase volume and frequency.
To support this growth, the company is using an omnichannel strategy. This approach relies on the fact that nearly half of its in-store customers interact with the brand online before visiting a physical store. By bridging digital engagement with physical retail locations, the company aims to strengthen its hold on the bridal and everyday luxury jewelry segments.
Market Context and Risks
For investors following the Indian jewelry sector, it is important to note that De Beers India is a private limited entity and does not trade on the NSE or BSE. However, its expansion and competitive moves are relevant to listed jewelry retailers such as Titan Company and Kalyan Jewellers, as these companies also compete for the same bridal and solitaire market share.
While the company focuses on expansion, the natural diamond sector faces significant headwinds. One of the primary risks to this growth model is the rising popularity of lab-grown diamonds, which are available at a fraction of the cost of natural stones. This competition has pressured pricing and margins for natural diamond players across the industry. Additionally, the global natural diamond industry has recently dealt with weak demand and excess inventory levels, which could influence consumer discretionary spending. Execution risk also remains a factor, as the brand must manage the operational costs and logistics of maintaining 100 physical stores across diverse Indian cities.
Investors and industry observers will be monitoring whether the company can maintain its sales momentum amid these competitive threats. The key monitorable for the business over the next few years will be the pace of store openings, the successful conversion of digital traffic into in-store sales, and whether natural diamond demand remains resilient against the lower-priced alternatives.