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De Beers’ diamond brand Forevermark is opening a second Diamond Institute in India next year in anticipation of the growth it is expecting to see in the coming years, the company announced Thursday.
New York--De Beers’ diamond brand Forevermark is opening a second Diamond Institute in India next year in anticipation of the growth it is expecting to see in the coming years, the company announced Thursday.
The brand did not specify where in India the building would be located.
The Forevermark Diamond Institute is where cut and polished diamonds go through technical quality assurance tests to be sure they meet the brand’s standards. If the stones pass, they go on to be inscribed.
“From our standpoint, (the new institute) is a purely organic growth to what exists today at Forevermark,” Forevermark U.S. President Charles Stanley told National Jeweler on Monday. “We need additional capacity to meet the significant growth in Forevermark demand that we have now and what we forecast through the next five to ten years.”
Forevermark’s first and only existing Diamond Institute is in Antwerp.
“The reason we chose to put an additional institute in India is because that is where the largest quantity of diamonds are being polished in the world today, so it makes sense to have it there,” Stanley said.
He added the brand currently is looking at other diamond markets in which to introduce Forevermark, and will continue to expand in the markets in which they already have a presence.
At the third annual Forevermark Partner Forum held last week in Scottsdale, Ariz., Stanley said the U.S. arm of Forevermark showed a 66 percent growth year-over-year in diamonds inscribed, and national distribution reached 380 doors among “leading luxury independents.”
“For 2014, our focus is to build momentum, with a focus on our existing partners,” he said.
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