De Beers, the world’s larger diamond producer by value, has inaugurated its most technologically advanced ‘Forevermark’ diamond inscription and grading operation in the world in Surat, Gujarat.
Forevermark is an exclusive diamond brand from the De Beers Group.
The facility, International Institute of Diamond Grading and Inscription, was set up at an investment of $10 million with the purpose of selecting and inscribing Forevermark diamonds with the unique serial number and delivering a reliable grading service for the diamonds, De Beers Group CEO Philippe Mellier told a press conference on Wednesday.
“At full capacity, the facility will process 500,000 diamonds worth $500 million per annum. This would be 25 per cent more than our existing Antwerp facility. We will start with 100,000 diamonds and double the volume annually to reach full capacity in 2-3 years,” he said.
“The facility recognises Forevermark’s explosive growth and the challenge has been to keep up with demand, which has grown at 40 per cent. For Forevermark, India is a high growth market,” Forevermark CEO Stephan Lussier said.
The facility employs 94 diamond selectors and graders and can accommodate 150. “It will initially focus on Forevermark grading, but we will also look at the potential to widen the service in the future and offer it as a way to support the surrounding diamond community,” the De Beers CEO said.
Forevermark is available with 162 Indian jewellers now and the aim is to reach 200 ‘doors’ this calendar. “We are very selective about jewellers and partners. We will strive for a 30 per cent growth this year in a market growing at 3-4 per cent.”
Mr. Mellier said global demand for diamond jewellery grew 3 per cent in 2013 and 2014 and should be the same in 2015. The U.S. accounts for 42 per cent of diamond demand and China 15-16 per cent. “India accounts for only 8 per cent of global diamond demand — the same as the Middle East.”
