De Beers' Forevermark moved from diamond supply to Indian retail — bills up 80% to $4,500

Natural diamond jewellery brand owned by De Beers India, shifting from a diamond-supply model to consumer-facing retail stores.

That a De Beers brand can convert its supply-side reputation into a consumer retail business in India — $100M revenue and about 100 stores by 2030.

Forevermark launched its retail identity in September 2025, converting a business built on supplying diamonds to the trade into a consumer retail operation that, in its own words, started from zero.

Ten stores opened across Delhi-NCR, Mumbai, Kolkata, Bengaluru, Mangaluru, Patna and Chandigarh. Average bill value climbed from an anticipated $2,500 to $4,500 — up 80% — and the current financial year is expected to close at $8–8.5 million (about Rs 85 crore). Management points to Patna as proof the model works beyond the metros.

Still expanding: 13–15 stores targeted by the end of December 2026 and a presence in around 20 cities over the next three to four years.

India's natural diamond jewellery segment is growing 13.5% in a $9.2B market — faster than the $90B jewellery market overall.

Forevermark's supply-side reputation earned no retail revenue, so the consumer business had to be built from zero in September 2025.

Average bill value of $4,500 against an anticipated $2,500 gives early unit-economics evidence that the premium positioning lands.

Patna performing on par with Delhi-NCR convinced management the model extends beyond metros, shaping the 20-city, 100-store plan.

Going from supplier to retailer is a different muscle: early bill values and non-metro performance tell you whether the brand travels beyond its trade reputation.

As of the October 9, 2026 interview, Forevermark India was scaling from 10 stores toward 13–15 by December 2026, targeting about 20 cities within three to four years and $100 million of revenue with roughly 100 stores by 2030. The FY revenue expectation stood at $8–8.5 million.