Danish jeweler Pandora retailer announced an ambitious expansion plan, under which it will enter the Indian market, one of the largest jewelry in the world. The company plans to open 50 stores here in the next three years.
Indian jewelery market has a volume of more than $ 40 billion a year, and is expected to grow by 7% per year until 2021. Nevertheless, the market has traditionally focused on gold and diamonds rather than silver, a favorite material of Pandora, which is only 5% of the Indian jewelery market.
Anders Colding Friis (Anders Colding Friis), CEO of Pandora, said: "Jewelery as fashion accessories are becoming increasingly popular among consumers, while India is already one of the largest jewelery market in the world, and because this country has a great potential for Pandora ".
Analysts at Bank Alm. Brand Bank noted: "The expansion in India will significantly contribute to achieving the goal of Pandora opening of new stores." The bank is also believed that it was too early to assess the extent to which a strong influence India will have on Pandora revenues. According to analysts, this will depend on the ability of the company to change the jewelry consumer preferences towards buying silver jewelry.
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The head of Rio Tinto Diamonds, Jean-Marc Lieberherr (Jean-Marc Lieberherr) noted that the excess reserves of diamonds, which are in the warehouses of diamond dealers and cutters, could disappear by the middle of next year due to lower prices for rough diamonds.
"There is a need to adjust the price of diamonds for their compliance with the conditions of the diamond market, and now there really is such a trend," - said in an interview Lieberherr Bloomberg television on Wednesday. There is a gap between the prices of rough and polished diamonds, he added.
This year, diamond prices have fallen by about 18%, and they may fall for the sixth consecutive quarter in the quarter. This is the longest period of falling prices for rough diamonds with at least 2004, according to UK-based WWW International Diamond Consultants. Reduced demand for jewelry with diamonds in China, which is the largest consumer of such products after the United States, as well as the decline in lending to the diamond industry, caused the fall of diamond sales.
This has led to the accumulation of diamonds in the vaults of diamond traders and cutters, and caused major diamond mining companies to reduce production. The target level of production Rio Tinto's diamonds has been reduced by 10%.
"Brilliant little overwhelmed pipeline is likely only by the middle of next year he will be able to return to normal levels of trade." - Lieberherr said. "The last 12-18 months have been difficult for the diamond industry."
Rio Tinto is developing a diamond mine Argyle (Argyle) in Australia and Diavik mine (Diavik) in Canada in conjunction with the Dominion Diamond Corp.
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