New Delhi, March 11: India’s luxury market has unlimited potential and is growing rapidly, but the country’s jewellery business is still largely inspired by “tradition and heritage” rather than by global trends, says Costantino Papadimitriou of London-based diamond company Forevermark, a part of the De Beers group.
“Indian jewellery is all about opulence and people here adore rich and intricate designs. It is characterised by a variety of colours, cuts, shape and form, while internationally, people prefer simple and elegant designs for their jewellery,” Papadimitriou, head of design and innovation for Forevermark, told IANS in an interview.
The brand doesn’t play on Indian designs as they are too “traditional”. However, they can always be used with a touch of modernity, he said.
“Indian jewellery is about traditions and heritage. In terms of design, we do not connect our aesthetics with the Indian market; we just try to bring in a bit of modern element to Indian designs along with a western point of view,” added Papadimitriou.
He however feels India is changing for the better in terms of its luxury market and it is “the place to be in currently” for business in that respect.
“India is where the business is happening currently. A number of international brands have set sights on India as the market here is growing at an unprecedented rate. India offers abundant growth opportunities with its rising number of HNI’s (high net worth individuals) and increase in the aspiration levels of consumers.
“Also, it is not only about economics. It is the aura, mystery and passion that attract international brands to open shops here. India is changing and it is the place to be in,” said Papadimitriou, who was in Mumbai recently to attend IIJS (India International Jewellery Show) Signature 2013.
In the past year, international fashion and lifestyle brands like Tumi, Armani Junior, Hackett London and Roberto Cavalli opened shop in the country, expanding the options for luxury enthusiasts, who used to shop abroad for such labels.
Papadimitriou, who joined the De Beers group of companies in 2003, feels consumers should now use the opportunity to the hilt.
“India’s luxury market presents unlimited potential. Consumers here should enjoy the quality offered by a luxury brand and also endeavour to find out more about the brand, its legacy and product offerings,” he said.
“Since India is a growing economy, people here should also contribute towards betterment of society,” he added.
Plans for expanding Forevermark’s presence in the country too are strong.
“Our vision is to be the world’s leading diamond brand by 2015. India is one of the key markets for Forevermark. We started with the top six metros in 2011 and have expanded to 15 towns in 2012. We are planning to be present in 20 towns and 130 leading jewellery stores by the end of 2013,” he said.