Forevermark Optimistic About Market Recovery

RAPAPORT... Sales at Forevermark's stores in China have recovered strongly since the peak of Covid-19, with customers returning quicker than expected, the De Beers-owned retail brand reported."While much of our world and business is in flux right now, one thing we can be certain of is this pandemic will alter consumer expectations forever, but we can be confident that diamonds will continue to serve as a powerful symbol of strength, resilience, beauty, and the bonds between us," Forevermark CEO Nancy Liu said last week.Consumers are eager to return to stores, and the brand's jewelers in China have reported that the average sales price has remained stable, and the conversion rates in stores have doubled, the company noted. "In China, Forevermark's business has come back more rapidly than anticipated, as shoppers have begun to return to luxury goods, with branded jewelry, and bridal in particular, leading the recovery," the company added.Additionally, Forevermark is planning new product launches, said Charles Stanley, Forevermark's US president. The company will offer an expanded bridal product range, which will include new engagement-ring styles, as well as a bridal capsule collection designed by celebrity and bridal stylist Micaela Erlanger. The jeweler also plans to broaden the product offering on its e-commerce site to include all Forevermark collections."Throughout this crisis, we are seeing the significance of brands being maintained as consumers look to purchase fewer, better things that represent timelessness and have enduring value," Stanley noted. "The new collections we are bringing to market provide a breadth of product to connect with consumers across bridal, self-purchase and holiday occasions."Image: A Forevermark diamond engagement ring. (Forevermark)