Forevermark plans to open more outlets

LONDON: Diamond jewellery retailer Forevermark, part of the Anglo American Plc mining group, has expanded to 2,000 outlets globally and expects a further 10% rise this year, chief executive Stephen Lussier said.

The number of new Forevermark outlets, which sell selected De Beers diamonds, rose by 14% last year with a move into three new markets — Hungary, South Korea and Thailand.

This year, Lussier said he was looking at expanding further in some existing markets, including South Korea and Thailand, as well as moving into France.

“We’ll keep growing, but we want to be a little bit careful. It’s about quality, not quantity,” he told Reuters, adding that the projected growth in the number of outlets would be around 10% for 2017.

The 2,000th outlet, or “retail door,” as Forevermark refers to it, is in the city of Bursa, Turkey.

Forevermark was launched in 2008 with the promise of diamonds that are rare, beautiful and responsibly sourced. Since then it has expanded to reach 25 markets worldwide.

De Beers had a difficult year in 2015 and recovered last year, although sales of some qualities dropped in the final quarter following India’s decision to withdraw its high-denomination banknotes, which hit retail spending.

Lussier said the Forevermark retail outlets accounted for global revenues of close to $1 billion in 2016, a figure that had roughly doubled since 2013.

De Beers spent $85 million on Forevermark marketing in 2016 and is also a member of the Diamond Producers Association, set up in 2015 to promote diamonds.