How Tanishq Became the No. 1 Jewellery Brand in India

Excerpts from the book “The Tanishq Story“, by C.K. Venkataraman

Tanishq’s journey to becoming India’s No. 1 jewellery brand is a testament to visionary leadership, innovative strategies, and an unwavering commitment to quality and customer satisfaction. This blog chronicles Tanishq’s remarkable rise to the top of the Indian jewellery market, highlighting key milestones and strategic decisions that shaped its success.

Early Beginnings: Exporting Jewellery

Tanishq’s story began with exporting jewellery to generate foreign exchange for its watches business. Challenges and struggles marked this initial phase, as the brand lacked design expertise and business development experience in the international markets.

Shift to the Domestic Market

After facing initial difficulties, Tanishq shifted its focus to the domestic market with a bold vision: to create the “Tiffany of the East.” This strategic pivot aimed to redefine the jewellery shopping experience for Indian consumers, emphasizing quality, trust, and modernity.

Manufacturing and Retail Expansion

In 1995, Tanishq started manufacturing and selling jewellery in India through other jewellers and Titan watch showrooms. This move laid the foundation for the brand’s entry into the Indian market.

Opening the First Tanishq Store

July 1996 marked a significant milestone with the opening of the first up-market Tanishq store in Chennai. This store, which sold 18-karat diamond jewellery, set a new standard for luxury and elegance in the Indian jewellery industry.

Adapting to Consumer Demand

Recognizing the need to cater to traditional preferences, Tanishq introduced more traditional 22-karat gold jewellery based on consumer demand. This adaptation helped the brand connect with a wider segment of the market.

Innovation with Karatmeter

Tanishq revolutionized the industry by introducing the Karatmeter, an innovative machine to test gold purity in its stores. This technology exposed the prevailing bad practices of selling undercarataged jewellery, reinforcing Tanishq’s commitment to transparency and quality.

Transformational “Impure-to-Pure” Programme

To further build trust, Tanishq launched the transformational “Impure-to-Pure” programme, also known as the “19kt = 22kt” programme. This initiative offered customers 3 karats (22-19) free, converting sceptics into loyalists and solidifying the brand’s reputation for integrity.

Overcoming Initial Losses

Despite its innovations, Tanishq faced years of losses due to low walk-ins and negative price perception. However, the brand’s persistence paid off, and it started to make a profit in FY 2000-2001, marking a turning point in its journey.

Expanding with “Gold Plus by Tata”

In 2005, Tanishq launched a lower-priced brand, “Gold Plus by Tata,” targeting the middle class and small-town India. This move expanded Tanishq’s market reach and made its products more accessible to a broader audience.

Despite the initial success of Gold Plus, the brand was merged into Tanishq in 2016 due to the entry of large South Jewellers and a lack of a strong brand value proposition.

Diversifying with Zoya and Mia

Tanishq continued to innovate by launching Zoya, a luxury jewellery brand, in 2009, and Mia by Tanishq, a brand for younger women, in 2012. These sub-brands catered to niche markets, enhancing Tanishq’s overall portfolio.

International Expansion and Challenges

In 2007, Tanishq launched a store in the US aimed at mainstream American women. Despite initial enthusiasm, the store had to shut down, highlighting the challenges of international expansion. However, Tanishq continued to explore global opportunities, opening a store in Dubai in 2020 and re-entering the US market with a franchise store in 2023.

Strategic Acquisitions and Market Expansion

In 2016, Tanishq acquired a majority stake in the digital-first jewellery company CaratLane, and later became the 100% owner in 2023-24. This acquisition bolstered Tanishq’s digital presence and expanded its reach in the online market.

Tapping into the Wedding Jewellery Market

In 2017, Tanishq launched Rivaah, a sub-brand focused on wedding jewellery. This move capitalized on the significant demand for bridal jewellery in India and further solidified Tanishq’s market dominance.

Current Market Leadership

Today, Tanishq is the No. 1 jewellery brand in India, controlling more than 8% of the Indian jewellery market. Its success is attributed to its innovative strategies, commitment to quality, and ability to adapt to changing market dynamics.

Conclusion

Tanishq’s journey from a struggling exporter to India’s leading jewellery brand is an inspiring story of vision, resilience, and strategic excellence. By consistently prioritizing quality, transparency, and customer satisfaction, Tanishq has set new benchmarks in the Indian jewellery industry and continues to lead with innovation and integrity.

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