Recently, the President of Forevermark (India), Sachin Jain has come forward and said that the recovery rate of diamond sales is majorly coming from tier-II cities in India, rather than the mega or tier-I cities.
On top of this, De Beers Group, a leading diamond brand, has experienced an unexpected surge in diamonds demand in the tier-II cities. This let the sales go up to 70% from 50% in the pre-corona pandemic days.
While speaking to TOI, Jain said- “As large-scale, big bang weddings, travel-honeymoon and other ceremonies are not possible at this hour, people have started spending money on jewellery. Consumers are coming to the stores. From May 20 to June 10, we have registered a significant revival in sales, mostly from tier-II cities. Footfall-to-sales conversion rates have gone up considerably.” Source: Times of India.
Jain gave his remarks on the diamond recovery during the 9th Annual Forevermark Forum, which was organized virtually for the first time due to the pandemic situation.
Further, Jain added that in India, the sales of bridal jewellery has gone to a greater extent. With this, he stated- “The Covid-19 scare is not going to go soon. So, we, despite being a retail-dependent industry, have increased our online presence. Customers are consuming more data on the diamond and its latest ranges on mobile handsets and other devices.” Source: Times of India.
“Thus, the whole diamond retailers’ community is trying to devise a new model to build confidence among its buyers, either via contactless buy, sanitization drive, video-conferencing or virtual 3D galleries during this ‘new normal’ period,” he added—Source: Times of India.
Taking a jibe on the manufacturing end, Jain said that the government had permitted the opening of diamond units and laboratories with 30% of the workforce.
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