Dr. B.

R Ambedkar University Delhi

School of Business, Public Policy and Entrepreneurship

RETAIL MARKETING
ETHNOGRAPHIC REPORT
ON
TANISHQ / JEWELLERY INDUSTRY

MBA
2021-2023

Submitted by
MILIND
RISHABH SAXENA
DEVENDAR KANWAL
INTRODUCTION TO THE INDUSTRY :-
As of February 2021, India’s gold and jewel exchange contributed ~7.5% to India’s Net Household Item
(GDP) and 14% to India’s add up to stock sends out. The diamonds and gems segment is likely to utilize
~8.23 million people by 2022, from ~5 million in 2020. Based on its potential for development and
esteem expansion, the Government announced the pearls and adornments division as a center zone for
trade advancement.

The Government has embraced different measures as of late to advance speculation and update
innovation and aptitudes to advance ‘Brand India’ within the worldwide showcase. The Government has
permitted 100% FDI within the segment beneath the programmed course, wherein the outside speculator
or the Indian company don't require any earlier endorsement from the Save Bank or the Government of
India. The Indian Government moreover marked a Comprehensive Financial Organization Assention
(CEPA) with the Joined together Middle easterner Emirates (UAE) in Walk 2022, this will permit the
Indian Jewels and Gems industry to encourage boost trades. CEPA will give the industry duty-free access
to the UAE showcase. India’s Pearls Gems Trade Advancement Chamber (GJEPC) points to triple its
trades to the UAE post the CEPA.

MARKET SIZE :-
India’s jewels and gems advertisement measure was at US$ 78.50 billion in FY21. Development in trades
is primarily due to restored consequence requests within the send out showcase of the US and satisfaction
of orders gotten by various Indian exhibitors amid the Virtual Buyer-Seller Meets (VBSMs) conducted by
GJEPC.

India’s pearls and gems trades come to US$ 39.14 billion in 2021-22, a 54.13% rise from the past year. In
December 2022, India’s jewels and adornments trades were at US$ 2.56 billion. The Government of India
is pointing at US$ 100 billion in adornments sent out within the other five a long time (until 2027), up
from US$ 35 billion in 2020.
INVESTMENTS/DEVELOPMENTS:-

Total FDI inflows in precious stone and gold adornments stood at US$ 1,213.06 million between April
2000-March 2022, agreeing to the Office for Advancement of Industry and Inside Exchange

A few of the key advancements in this industry are recorded underneath:

● In February 2022, GJPEC organized a four-day Inner Adornments Appear Signature 2022, where
850 exhibitors had taken part and there were more than 400 worldwide vistors, buyers, and
assignments from the US, UAE, Egypt, Nepal, Uzbekistan, and Bangladesh.
● In September 2021, Malabar Bunch contributed Rs. 750 crore (US$ 100 million) in a gold
refinery and adornments unit in Hyderabad.
● In May 2021, GJEPC and Government office of India, Morocco, co-hosted the ‘India Worldwide
Connect’ to get it the show commerce climate within the jewels and adornments segment and
look for exchange prospects for producers, exporters and merchants from both nations.
● The GJEPC will compose its to begin with Worldwide Jewels and Adornments Appear (IGJS)
exterior the nation, in Dubai, from August 14-16, 2021. It'll too hold a five-day physical
exhibition—India Universal Adornments appear (IIJS-2021)—in Bengaluru from September 15-
19, 2021, in a to begin with such occasion exterior Mumbai. GJPEC sources said that >250
buyers have enlisted and >95 slowdowns have been booked for Dubai IGJS 2021. There will be
150 booths having items such as plain gold, gold-studded adornments, diamond-studded
adornments, silver adornments, free precious stones and gemstones.
● In June 2021, Tanishq propelled antimicrobial adornments in certain markets as a pilot extension.
As of now, the run is accessible in stores over Chennai and Lucknow, with assist dispatches
arranged in Kolkata and Hyderabad taken after by other key markets. Antimicrobial adornments
are being advertised in categories such as chains and rings, which highlight special-coated layers
that self-disinfect the surface and obstruct any encouraging microbial development.
● In June 2021, the World Gold Committee and Diamond and Adornments Send out Advancement
Committee marked an assention to advance gold gems in India. Beneath the understanding terms,
both accomplices will together support a multi-media showcasing campaign that would point to
extend mindfulness, pertinence and appropriation of gold adornments among Indian buyers,
particularly in millennials and Gen Z.
● In April 2021, Malabar Gold & Precious stones declared to contribute Rs. 1,600 crore (US$ 214
million) in FY22 to dispatch 56 stores, of which 40 would be in India and 16 over worldwide
markets. In India, stores will be opened in Tamil Nadu, Telangana, Andhra Pradesh, Karnataka,
Maharashtra, Delhi, West Bengal, Uttar Pradesh, Odisha and Kerala. In July 2021, the company
declared contracting of >5,000 staff, over its retail operations, brand headquarters and territorial
workplaces within the nation.
● In Walk 2021, Joyalukkas collaborated with IBM Worldwide Trade Administrations to plan,
create and convey an unused cloud-native e-commerce stage over 11 nations counting India, the
UAE, the US, the UK, Singapore, Malaysia, Bahrain, Qatar, Saudi Arabia, Kuwait and Oman.
 ● In February 2021, Dependence extended its e-commerce arm, JioMart, to gems with silver coins
of 5gm and10 gm, and gold coins of 1gm, 5gm and 10gm.
● Reliance's in-house adornments brand, Dependence Gems, which has ~93 flagship showrooms
and 110 shop-in-shops in 105 cities within the nation, will satisfy the orders for the modern
portion.

ROAD AHEAD:-
Within a long time, development in the diamonds and gems division would to a great extent be
contributed by the advancement of huge retailers/brands. Set up brands are directing the composed
showcase and are opening openings to develop. Expanding infiltration of composed players gives
assortment in terms of items and plans. Online deals are anticipated to account for 1–2% of the fine gems
portion by 2021–22. Too, the relaxation of confinements on gold consequence is likely to supply a fillip
to the industry.

The advancement in accessibility beside the reintroduction of low-cost gold metal credits and likely
adjustment of gold costs at lower levels is additionally anticipated to drive volume development for gem
specialists over the brief to medium term. India has 450 composed adornments producers, merchants &
exporters and is the center for adornments fabricating. These players have benefited greatly due to the
expanding generous arrangements by the government. The request for gems is anticipated to be altogether
backed by the later positive advancements within the industry. India’s pearls and gems industry is
anticipated to reach US$ 100 billion by 2027.

The category we got was jewelry apparel. In Ambience Mall Vasant Kunj, we focused on Tanishq,
Ramaya, Diva, Blue stone. Other than these three main stores we also asked customers who were casually
browsing in the mall and were looking to buy some jewelry from these stores..
In this retail mix report, we’ve decided to focus on Tanishq as a brand only.

About Tanishq

Tanishq's journey began in 1994 with the introduction of timepieces made of 18

karat gold and set with priceless gems. However, it quickly developed into a 22K
jewelry that offered a stunning selection of gold and diamond jewelry. Mr. Xerxes
Desai created the term Tanishq by fusing the words 'Tan' for the human body and
'Nishk' for a gold decoration. Tanishq's first modern jewelry factory with a
dedicated karigaari park was built in Hosur, Tamil Nadu.

Tanishq views jewelry as an expression of art rather than a product, and our
stunning collection of jewel pieces perfectly balances classic allure with modern
allure. Tanishq strives to be an essential part of the journey of the Indian woman
by creating patterns that capture the beauty and celebration of key milestones in
her life. As the top wedding jeweler in India, we are aware of the distinctive
requirements of each regional bride, and Rivaah's special wedding collections were
created with each community in India in mind.
Tanishq strives to continually give excellence. They have changed the way that
jewelry is purchased or sold in India by introducing a brand-new level of company
ethics and product dependability to the market. The company has won over the
hearts of its customers with innovations like the Karatmeter, which measures the
purity of gold. Our ongoing goal is to keep the gold, diamonds, and precious stones
used in our jewelry pieces at the greatest possible grade and quality. We carry out
thorough quality inspections and only purchase our diamonds ethically from
reputable, accredited vendors. Tanishq also takes great pleasure in providing an
unmatched retail experience that takes into account the particular demands and
preferences of each of its customers.
Tanishq has the particular honor of being cherished by Indian ladies because of our
comprehension of the ethos of the present Indian jewelry market and our continual
evolution in tandem with its shifting demands and preferences. Further cementing
our position as the most dependable jewelry brand in the nation is our dedication to
rigid quality standards and tight, uniform norms throughout all 200+ outlets.

SWOT analysis of Jewellery industry:-

Retail mix of Tanishq:-

PRODUCT - Below mentioned is the type and category of products that are available with
Tanishq at their online and offline stores. The product composition is fulfilling every demand
and need of the customers for every occasion.

PRICE - Price is comparatively less when it comes to Tanishq, they have standard gold
rates which are aligned with countries national gold rate and charges comparatively less making
and other charges when compared to their competitors.
PLACE - Tanishq has a total 410 stores all over the country and the information about all the
stores has been available on the website. Though Tanishq has been following the Omni channel
model of distribution. Customers can order online and get the product from an offline store.
PROMOTION - Tanishq is a TATA product which is already a well-known name to the
Indian customer, people are accustomed to believe TATA due their quality of products and
services. Tanishq still has not left any mode of promotion to attract the customers.
Their quality and services with a mind set and ‘customer first’ ideology has done their job.

Customer portfolio (our observation and research):-

A male customer in his late 40s buying a ring for his wife on the occasion of their 25th
anniversary, confused but well decided with the budget and type of ring he wants. He has many
options in front of him and female staff of the store are helping to choose the product.

A female customer with her daughter moving inside the store looking and discussing with her
daughter, not asking any questions to the staff but having her eyes on the particular necklace. She
roughly spent 20 minutes inside the store and left without buying anything.

A couple in their early twenties openly mentioned that they are dating and the male wanted to
give a pendant to his girlfriend, it was her birthday. Both were very sure of their purchase and
were asking a lot of questions about the product. They brought the product within 40 minutes.
Old couple with their son and daughter having a good amount of budget entered the store and
asked the staff for bangles and a necklace specifically and later mentioned that they were
shopping for their daughter’s marriage. So they roughly spent 3 hours in the store and bought the
products as per their liking.

Questions -

Ques1) what is the first brand you think of while purchasing any jewelry?
Ques2) why do you prefer this brand?
Ques3) whom are you buying for?
Ques4) Does price play an important role in purchasing jewelry?
Ques5) Are you satisfied with the pricing the brand offers?
Ques6) what specific needs does this brand fulfill?
Ques7) Apart from this, do you have any other preferences of jewelry brands?

Responses

Q. No. Customer 1 Customer 2 Customer 3 Customer 4

1 Tanishq Local or Tanishq Kalyan Tanishq

2 Trust and quality Availability of Modern design Trust and

design goodwill

3 My wife A relative Girlfriend Daughter

4 Of Course yes Yes Yes Yes

5 Yes No yes Yes

6 I got everything i Designs and Modern and Many options at

wanted EMI option affordable one place with
design good quality

7 Ramaya PC jewelers Only Tanishq Only Tanishq

 jewelers

STRATEGIC PLAN:-
Buyers are progressively comfortable shopping for gems online and are making numerous more major
buys online since the widespread than five a long time back. Online gems deals are anticipated to develop
at a normal of 3.9% per year from 2012 to 2021, with the showcase anticipated to reach £21.4 billion by
2022.

Agreeing to Gartner L2, the share of online deals of adornments deals within the US and Western Europe
multiplied in 2019 at the cost of physical brands. Whereas the UK industry - in spite of extreme
commerce conditions on Britain's primary road - still shows up to be flourishing, much appreciated in the
expansive portion to proceed with requests for extravagance products.

Be that as it may, gems brands and mid-market retailers are moreover encountering declining store
numbers and customer vulnerability, expanding competition from specialty autonomous brands. So,
retailers and specialty stores have to intensify their endeavors to stand out while dodging the destiny of
retailers like Joins of London, who surrendered to dangers in 2019.

But in spite of the delicacy of the tall road, gems buys have expanded: the estimated esteem of the UK
gems industry in 2022 is £3.3 billion, whereas worldwide demand for gold gems has bounced back in
2021 to reach 2019 levels.

A developing number of advanced customers, a developing female populace, a developing center lesson,
and developing tourism are cited as components contributing to worldwide advertisement development.
Be that as it may, there are challenges within the frame of consumption of crude jewel saves, e-commerce
extortion and indeed postponed relational unions.

In expansion, unused discernments of glory (online, virtual and IRL) cruel unused needs and openings in
gems for a long time to come. Yes, this implies NFT, AR and Metaverse.

Advanced marketing is one of the foremost in-demand marketing industries nowadays that features a
demonstrated track record of creating strong products. Given that today's clients spend more time
browsing the web, computerized gems promoting campaigns play an imperative part in making and
building the picture of a gems brand, in expansion to quickening development and deals. satisfied.

Here are the best 10 computerized promoting procedures for gems that gems showcasing companies
ought to incorporate in their brand's computerized showcasing procedure to advance their gems
commerce.
1. Construct a Extraordinary Site:-

Your site is the number one online representative for your brand. Whether you've got an offline store or a
web store, an incredible eCommerce site ought to be one of your adornments brand’s computerized
showcasing procedures. Make beyond any doubt the location is simple to explore and has all the essential
data around your brand, items, and more.

2. Make Your Site SEO Neighborly:-

What's the point of creating a great website if your Google rankings aren't noteworthy? Typically why
you would like SEO for your site substance. Google rank is critical for your web page since Google's
first-page rank increments your page's perceivability and makes it less demanding to discover.

3. Raise Awareness on Social Media:-

Nowadays, social media plays an imperative part in any product-based commerce. Social media has
advanced to the point where a few social media stages bolster e-commerce inside their apps. In this
manner, more than ever, brands have to be savvy and take advantage of social media stages and the
promoting and deals openings they offer nowadays.

4. Make Locks in Substance:-

Substance plays a critical part in a gems brand's computerized promoting campaign. It makes a difference
to pull in customer's consideration and offer your item. Whether it's your brand's site or social media,
center on making locks in substance that locks in your audience in communication. In expansion to social
media and websites , posting instructive web journal posts that incorporate curiously infographics,
surveys, and more will increment your substance engagement.

5. Web journal Frequently:-

Blogging for a specialty in your trade is a fundamental portion of any advanced adornments showcasing
campaign. Web journal posts are a great tool to drive activity to your site. With substance that
incorporates pertinent points and the proper watchwords, these web journal posts will too be positioned,
expanding your perceivability, and making your pages less demanding to discover.

6. PPC Advertisements:-
Pay-per-click publicizing could be an extraordinary computerized marketing strategy for adornments
companies. With PPC, you'll be able to be exceptionally particular, almost focusing on, counting who,
where and when your advertisements appear.

7. Do not Miss Influencer Promoting!:-

Fair as digitalisation has gotten to be inescapable for brands looking to showcase their items and
administrations, nowadays influencer showcasing is an unavoidable portion of computerized promoting
techniques for gems brands and more. Nowadays, marketers enlist bloggers and way of life influencers
for their computerized gems promoting campaigns. Influencers are individuals with a part of supporters
on social media. With their endorsement, your brand is more likely to draw in both clients and adherents.

8. Keep Your GMB Upgraded:-

An upgraded and dynamic Google My Trade helps people discover your commerce and effectively
contact your commerce area. When individuals seek for you, your GMB posting will show up on Google
and offer assistance to drive more store visits. Also, GMB postings offer assistance to drive activity to
your location and with the latest updates, clients can also chat and contact them specifically.

9. Increment Deals Through Computerized Publicizing:-

Computerized publicizing could be an incredible way to extend your deals. This will assist you reach
appropriate gatherings of people who are more likely to purchase the adornments you offer. You'll select
the stage you need to publicize based on your publicizing objectives, budget and most critically your
target gathering of people.

10. Mail Showcasing:-

Mail could be an incredible way to keep in touch with individuals who have gone to your store or bought
your collections. E-mail promotion makes a difference over individuals who have bought from you into
long-term clients and serves as an apparatus to construct, believe and fortify your brand's common
relationship with them.