With a 17-year career in luxury goods and retail, Sachin Jain joined Forevermark Diamonds as the Head of Retail in 2010. Quickly moving up the ladder, he was promoted to Managing Director in 2011 and President in 2013. His passion for retail drives him to work hard, and his vision for the future drives him to succeed. In an interview with The CEO Magazine, Sachin discusses the brand’s focus and impact, as well as what lies ahead.
The CEO Magazine: Tell us a little bit about Forevermark Diamonds.
Sachin: In India, jewellery is a part of life. We have a family jeweller just as we have a family doctor. You don’t need to be rich to consume jewellery. Everybody has it and it’s a culturally embedded industry.
“You don’t need to be rich to consume jewellery.”
Forevermark is a wholly owned subsidiary of the De Beers Group, which has a history of diamond expertise spanning more than 130 years. My team has been focused on modernising it. The goal of the company is to deliver on our promise of confidence in our diamonds.
What are the plans for company growth?
We want to build. We want to be the most significant global diamond company. At Forevermark, we believe the way we have designed the brand will make it last. We are establishing our brand but also having an impact on the diamond market in India. I think the diamond business and consumption will grow dramatically in India over the coming years.
There is a clear aspiration for Indian women to own and wear diamonds. We give customers a 100% guarantee of what the product is and where it comes from. I think that’s a change. I’m confident that in the next five years our brand will become one of the biggest in the market.
What makes Forevermark Diamonds stand out from its competitors?
First and foremost, it is the business model itself. Forevermark is unique in that we have appointed about 30 manufacturers in the world. We have two groups with extensive industry knowledge on the board of Forevermark. We have a licence to cut and polish diamonds and create jewellery. And we select retailers we believe have the capability and confidence to sell Forevermark.
We believe that the future is about bringing the best you can and, as a member of the De Beers Group, we deliver the best diamonds in the market. It’s not about selling a product and saying good-bye. We ensure that every part of our process is done with the best standards of integrity, packaging and consumer experience.
How do you partner with suppliers?
We have carefully chosen about 30 suppliers who bring their specialty and work at a high standard. While they work with us, they have to maintain a pipeline. Any diamond sold to the consumer can be traced back to the mine it originated from. It’s not just about which company cuts and polishes it. It’s about who in that company is cutting and polishing it; the artisan or the craftsperson working with the diamonds.
We treat them as our own businesses. We look upon their stockholding and their invested capital as our own. It really is a deep-rooted partnership. If there are challenges, they are common challenges.
How do you ensure a high standard of diamonds?
We work closely with technology. We use third-party auditing companies with high standards and ensure that every step taken proves we are a good brand. Every step is understood well by every person in the process. We also do quality tests in three labs, where each diamond goes through more than 29 tests before we will label it a Forevermark diamond.
What is your business message?
It is fundamental to keep your finger on the pulse of consumer dynamics and behaviour. Purchasing diamonds is an emotional decision. Moreover, those emotions, needs and aspirations go through tremendous change. As the leader of such an organisation, you have to understand what the consumer is thinking and make predictions. You must look ahead and make business decisions based on that.
For the next three years, we will enter partnerships with authors, writers and artists. It’s an unconventional approach, but I think the future will be different. As president for an emotional product, it’s imperative I spend time and energy figuring out how the product will impact the consumer.
Retail is changing – with technology, online presence and storytelling. Even with a traditional business, such as diamonds, we must focus on the future.
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