Forevermark Outlines Ambitious Plans
Trends, digital disruption and more
T he seventh edition of the Forevermark Forum, held from July 9th11th, 2018 in New Delhi, was a celebration of Forevermark’s long journey in the diamond retail sector. It showcased collections and spelt out the future plans of the diamond brand from the De Beers Group of Companies through various new initiatives being taken in this direction – in keeping with the theme of the event, The Future Is Now.
The goal of this very successful forum was to provide a wide platform for all its partners to interact, transact and gain new perspective on Forevermark’s growth in context to events within and outside the industry. Partners discussed diversity in thought, culture, design, and innovation in a multi-faceted future brimming with diverse opportunities.
Forevermark, which entered the Indian market in 2011, enjoyed 100% growth in 2017 here and hopes to repeat the stellar performance this year. The brand has more than 250 stores in India through its partnerships with Indian jewellers and two exclusive boutiques in Kolkata and Bengaluru. It aims to reach out to more cities in India, especially the tier II, III and IV cities through a greater number of retail stores, exclusive boutiques and partnerships with Indian jewellers as well as strengthen its online presence.
At the event, Stephen Lussier, CEO Forevermark, said, “Given our De Beers heritage and pedigree, our partners look at this forum as a source of information, learning, strategy and direction to understand the future industry, management and product trends. We have always been a disruptor brand and are pleased to continue to work with our valuable partners to bring fresh perspective and futuristic retail innovations to the industry.”
Sachin Jain, president, Forevermark India, noted, “Over the years Forevermark Forum has been at the forefront of taking our partners through the future of the jewellery industry and has become a key event for all the jewellers in the diamond business. With each forum, we strive to build a legacy, strengthen partnerships and lead the diamond industry to a dazzling future. With the changing economic climate, the importance of ethics in business is more pertinent than ever before. Digital disruption is paving the way for new ways to interact with our consumers and help us reach them with a story to tell in every important event
in their life. When we think about the future sustainable practices cannot be left far behind and we are heavily invested in giving back to the community through various initiatives in gender equality, environmental conservation, employment generation and education.”
The star of the forum was Sophia, an advanced social humanoid robot developed by Hanson, a Hong Kong-based company. Modelled after actress Audrey Hepburn, Sophia is known for her human-like appearance and behaviour compared to previous robotic variants. Sophia expressed her ability to participate in the whole process of selecting a Forevermark diamond and designing a piece of jewellery with Lussier – a first in the jewellery business for any Artificial Intelligence!
The forum also consisted of a special Knowledge Series designed to provoke meaningful conversations. This year’s eminent speakers were Ronnie Screwvala, a media pioneer and entrepreneur, and Abheek Singhi, senior partner and managing director at The Boston Consulting Group, who shared a fresh perspective on business and life, while also talking about experiences that enriched them as individuals.
Over 2,000 jewellery designs created at a Milan design studio and manufactured in India, which were inspired by the four key moods of the trends for 2018, were put up for display at the forum—Think Pink, Garden of Wonders, Game of Shapes and Time Capsule. “With the Forevermark Trend Report 2018 we have identified four key trends which will inspire jewellery collections combining timeless allure with contemporary appeal,” said Federica Imperiali, head of new product development at Forevermark. “Each theme’s unique blend of imaginative aesthetics and emotional significance presents wonderful opportunities for the creation of new and exciting designs.”
Jain commented, “Indian jewellers know exactly what consumers want. So we began partnering with them and launching our trend collections together, collaborating on designs and combining our expertise and knowledge. We plan to do something special for our 10th anniversary to make it memorable. The campaigns we are working on, such as the Half Carat, stackables, etc., will be the drivers of our growth.”
The forum was attended by around 600 eminent industry influencers, retail chain owners and jewellers, including C Krishniah Chetty & Sons, AS Motiwala, Hazoorilal, Joyalukkas, Mahesh Notandas, Malabar Gold & Diamonds, Senco Gold & Diamonds, TBZ - The Original and Vummidi Bangaru Jewellers.
The forum was successful in shining a light on the future path for the brand as well as its partners to engage with their consumers more effectively and to leverage on their inherent strengths and capacities, in the face of the changing world economy.
Stephen Lussier and Sachin Jain flank Sophia, the advanced social humanoid robot, who was the star attraction at the forum.
Costantino Papadimitriou, SVP - brand strategy and innovation, Forevermark, giving an inspirational talk at The Knowledge Series.