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Tanishq: Positioning To Capture Indian Women's Heart

1690 words - 7 pages

Tanishq: Positioning to capture Indian Women's Heart

A Case Analysis

Submitted By: Amit Goel
Word Count - 1724 words

Industry Overview:India is the largest consumer of gold in the world to be followed by China and Japan. India is emerging as world's largest trading centre of this commodity with a target of US$ 16 bn. set for 2010.Placed against targets to achieve 65 percent of the international market by 2010, India's gem and jewellery industry has registered an impressive 21.33 percent growth in exportsIndia dominates the world's cut and polished diamonds (CPD) market. In value terms, the country accounts for approximately 55 percent of global polished diamond market and nearly 9 percent of the jewellery market. According to GJEPC's provisional estimate, cut and polished diamonds registered 19.06 percent growth in exports at US$ 7.11 mn.India accounts for 80-85 per cent of the world's CPD market in volume terms, 55-60 per cent in value terms and about 90 per cent in unit terms. Other major players in the global CPD market are Belgium and Israel.Surat contributes 90 percent of India's total diamonds exports.India's domestic branded jewellery market is estimated at US $150 bn.There are 13 bullion importing banks in India.India's Gem and Jewellery Exports Promotion Council (GJEPC) is aiming at turning India into an International Diamond Trading Centre.Since India already enjoys 80-85 per cent of the world CPD market, scope for further growth in diamond exports is limited. Hence, if India's gems and jewellery sector is to substantially increase exports, the best bet lies in the jewellery sub-sector. Given the fact that the global market for stone-studded jewellery is expanding, there is scope for expansion in India's diamond-studded jewellery exports as well.With or without diamond-studding, gold jewellery is a market where India has tremendous scope for export growth. India is the world's biggest consumer of gold according to World Gold Council Statistics. However, India's exports of gold jewellery (13 per cent of its total gem and jewellery exports) are negligible: less than 2 per cent of the US$ 80 bn global market.Decades of insulation from the world markets has also not helped jewellery design evolution in India. India is by far behind Hong Kong, Italy and Germany in terms of jewellery design. This is another roadblock to exports. WGC has therefore introduced international jewellery designing competitions among the Indian artisans.GJEPC expects 10 per cent annual growth in India's jewellery exports in coming years. This is the only area in the gems and jewellery sector where export growth potential exists since, as said above, India's CPD exports already accounts for 80-85 per cent of the global market, thus reducing the scope for further expansion.Customs duty on rough diamonds and colored gem stones, semi-processed, half-cut and broken diamonds has been abolished while that on cut & polished diamonds and colored gemstones has been...

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