As per media reports, Reliance Brands is in the final stages of sealing a deal with iconic American jewellery brand Tiffany & Co to facilitate their India foray. Though neither of the two companies has officially acknowledged these reports, people familiar with the development maintain that along with Tiffany & Co, Reliance Brands would also introduce American lifestyle label Tory Burch to India. Both these brands are likely to be unveiled to Indian consumers in April 2020, with the first stores set to be opened at the upcoming Jio World Centre Mall at Bandra Kurla Complex in Mumbai.

A subsidiary of Reliance Industries, Reliance Brands is an unlisted company that markets international luxury brands such as Ermenegildo Zegna, Brooks Brothers and Bally in India. Another Reliance subsidiary, Reliance Retail markets nearly 50 international luxury brands in India. Over the past few years since Reliance Industries decided to shift its focus from traditional petrochemicals and refinery business to the retail sector, Reliance Retail has added over 660 stores of high-end international brands in the country.

These luxury foreign brand outlets add to the glowing success of the company that has already captured the imagination of average Indians with over 10,000 stores and a whopping Rs 1.30 lakh crore turnover in 2018-19. It’s no surprise that Reliance would be keen on further consolidating its position as the most preferred retailer with an exhaustive bouquet of international luxury and blue-chip brands. And, for Tiffany, which is already present in the US, Europe, Australia, China, Hong Kong and UAE, having a presence in India is long overdue. Its sales and net profit at $1 billion and $125 million have dipped 3 per cent and 12 per cent respectively in the first quarter of 2019 over the corresponding period last year.

For the iconic jewellery brand, it makes sense to bet high on the booming Indian retail sector and Reliance Brands with its exclusive focus on international luxury brands can be the best vehicle to get into the Indian market. For the Indian consumers, Tiffany has been a much sought-after brand adored for its originality and class. Recently, when Bollywood diva Priyanka Chopra’s engagement with American singer Nick Jonas was solemnized with a diamond ring set in platinum, bought from a Tiffany store in New York, the Tiffany was once again reminded of the value that their Indian fans attach to this iconic brand. The $300,000 ring had international gemologists and fashion experts guessing about its making and price for weeks.

Around the same time, heavy and expensive jewellery sets were much in display at Isha Ambani’s wedding. With India’s growing club of dollar millionaires and neo-rich, the demand for luxury goods has seen enormous growth in recent times. While previously the rich and elite would buy these goods during their foreign trips, now both Indian companies and foreign brands are eyeing to cash in on the growing market for luxury goods in India.

Therefore, Reliance Brands and international jewellery brands like Tiffany & Co joining hands is part of the phenomenal growth that the Indian retail sector in general is witnessing. As to how the entry of foreign jewellery brands will impact India’s own gems and jewellery sector, which is dominated by traditional jewellery stores and an evolving taste for branded jewellery, is not very difficult to understand.

Tiffany & Co has an envious history synonymous with the discovery of finest of the diamonds and gemstones as well as the most iconic of jewellery designs. They remain a cut above the rest as far as the Indian retail market is concerned. But more importantly, their presence in the Indian market signifies that globalisation has come of age and it’s as much a story of Indian jewellery brands making their presence felt internationally.