Woman and jewellery have an old connection and traditionally Indian women have preferred gold jewellery. Gold, looked upon as an investment as well as an adornment and considered as auspicious, is purchased on festive occasions such as Diwali, Dusshera or Akshay Tritiya, and other significant occasions such as wedding, engagements.
Nowadays various options for purchasing gold and diamond jewellery are available to consumers in India, but this was not always the case. Till the 1990s, consumers preferred buying their gold from family jewellers and branded retail jewellers were non-existent in India.
Then came Tanishq, a part of TATA group and the largest retail jewellery brand in India.
Tanishq = Tata/Tamilnadu+Nishq (necklace in Sanskrit) or Tan (meaning body)+ Ishq (love).
Branded Jewellery in India
Launched in 1995, as an extension to the Titan, Tanishq –brought in the concept of branded jewellery in India.
That was the time when heavy traditional designs were preferred in India over contemporary designs.
Despite India being the largest consumer of gold in the world, the jewellery business in India was highly fragmented and ruled over by local players. I remember having seen in the 90s in my family, my mother and aunts getting their jewellery designs made to order from the trusted neighbourhood jewellers. The ornaments had to be in 22 and 24 carat gold.
So, when Tanishq introduced sleek designs in 18 carat gold, it did not initially match the taste of Indian consumers. The brand was perceived as an elitist and westernized brand.
Till 2000, Tanishq could not find its feet in the market and suffered five years of consistent losses. It was tough for them to break the stronghold of the local jewellers.
Turnaround of Tanishq
Realizing the gaps in the offerings and the consumer taste, Tanishq shifted emphasis from modern designs to more ethnic and traditional styles and expanded the 18-carat jewellery range to include 22 and 24 carat ornaments as well.
To be seen as a more mainstream brand, Tanishq redefined their designs and got in more Indian motifs based on prevailing trends. They gave complete freedom to the retail outlets to pick up and stock the ‘best selling’ range of designs in their stores and began seasonal and festival based promotions.
Now, pitting against the traditional jewellers who had the stronghold in the market, Tanishq decided to differentiate by addressing the issue of gold purity. Purity of gold has always been of utmost importance to the customer, but there was always some loss of gold when one would get the purity tested by the local jewellers.
With the use of Karatmeters, imported from Germany, in their retail boutiques, Tanishq introduced a credible way to give an accurate reading of the constitution of gold in the ornament within three minutes. This proved to be the biggest USP for Tanishq in the coming years as people could now get the quality of gold checked without the loss of gold.
Gradually Tanishq emerged as the market leader in the branded jewellery segment in India.
Addressing the typical concern of the customers, about the Purity of Gold or about getting the right value for gold, in its campaign Tanishq Promises, short advertorial films with stories from Tanishq employees explain the use of Karatmeters and demonstrate the practice of providing the best exchange value by melting gold and weighing it in front of the customer.
Now, with other national jewellery brands in India such as Gili, Nakshatra, TBZ, Kalyan, Tanishq positions itself as a trusted jewellery brand with good practices in the market and urges customers to share on social media their experience of Tanishq promises of Best Value, Purity, Great Value and Transparency.
It needs to be mentioned here that Tanishq jewellery is not hall-marked by Bureau of Indian Standards (BIS) and certificate of purity given to Tanishq customers is not validated by BIS. But then, a recent report on Indian hallmarking by the World Gold Council, suggests that even hallmarked jewellery in India varies in purity.
Tell me do you buy branded jewellery or prefer to buy ornaments from the local jeweller ?
The article was shared by Dr Nirmalya Kumar, member Group Executive Council, TATA Sons, on twitter.
Image credit: Tanishq Twitter timeline (@Tanishq Jewelry)
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