What the fastest-growing companies do that you're not doing

The jewellery industry in India is highly competitive and fragmented. Some entities tend to do well, while some get into a rut. Priyanka Talreja Garegrat identifies some key elements of successful companies in the industry

Post By : IJ News Service On 12 June 2023 12:09 PM

In the ever-evolving and fiercely competitive world of jewellery, some brands have achieved remarkable success, carving a unique niche for themselves. These brands have meticulously followed a set of “must-do”s to ensure they stay ahead of the curve. By embracing a proven methodology, they have worked their way to success.

1. Constantly reinventing with a new marketing strategy

The ability to swiftly reinvent and adapt to the needs of the market is a key element of a successful brand. Tanishq, a luxury jewellery brand from Bengaluru, is a prime example. The brand made a bold move in 1994 by introducing 18-carat gold watches, followed by 22-carat jewellery pieces with a blend of traditional and contemporary designs.

However, the initial response from customers was not positive, resulting in significant losses to the company. But in 1999, Tanishq changed its marketing strategy and started exporting jewellery. Soon Tanishq refocused on the Indian market, launching 3,500 Indianized pieces of jewellery in 24-carat gold. The brand also adapted its advertising campaigns, making them more localized and tied to Indian festivals, resulting in increased appeal among Indian customers. Today, with over 390 stores nationwide and billions in sales revenue, Tanishq is one of the most prominent and trusted luxury jewellery brands in Asia.


2. Exploring new horizons and challenging norms

While a company has to be focused on its core, it also has to tap opportunities that present themselves along the way. CaratLane, an online jewellery retailer, has revolutionised the way people buy jewellery. The brand uses data analytics to better understand customer preferences. When CaratLane noticed that their customers were demanding silver jewellery from, it promptly started providing the same under the brand name Shaya. Today, Shaya is not only breaking stereotypes, but is also creating demand for silver jewellery. Shaya closed the first quarter of 2023 with Rs. 8.4 crore, a 50% growth over the previous year.


3. Focus on transparency and customer service

The jewellery industry today is getting streamlined and regulated. But this was not the case a few years ago, when gold was sold without any certification or guarantee. Putting an end to this was Kalyan Jewellers, founded by TS Kalyanaraman.

Kalyan is a testament to the importance of transparency and customer service in building a successful brand. The company revolutionized the jewellery industry by introducing complete transparency in the business.

It ensured that all stocks were displayed for customers to see, thus empowering them to make informed choices. The company also eliminated hidden charges. The brand's commitment to transparency extended beyond pricing, as it launched awareness campaigns on the purity of gold and introduced detailed price tags. Kalyan Jewellers also prioritized customer service by establishing neighbourhood customer service centres under the "My Kalyan" brand. Through these initiatives, the company created trust, demystified the jewellery buying process, and set new standards in the industry. Today, Kalyan Jewellers continues to expand, with a dedicated focus on enhancing market penetration and providing exceptional customer experiences.

4. Embracing new technologies

The concept of purchasing gold online was once unimaginable. However, it has now become the norm, with several jewellery companies going all out to sell jewellery online. Take the case of Joyalukkas, a renowned jewellery brand that has successfully leveraged technology and innovation to stay ahead in the industry.

By harnessing computer-aided design (CAD) software, Joyalukkas has been able to create intricate and creative jewellery designs that captivate customers. It has also implemented advanced manufacturing techniques to ensure the highest level of craftsmanship and quality in its products. Recognizing the power of e-commerce and digital marketing, Joyalukkas has effectively utilized these platforms to enhance the overall customer experience. The brand has gone a step further, introducing convenient video call options, allowing customers to examine their desired pieces closely and interactively.


5. Understanding customers and prioritising the customer journey

Women today are empowered and know exactly what they are looking for when it comes to jewellery. Keeping this in mind, Tanishq developed a sub-brand, Mia, which is dedicated to young women and their ever-evolving needs. Mia stands out not only for its contemporary and trendy designs, but also for its unwavering focus on the customer experience. With services like "Mia Try at Home," it has revolutionised the way customers shop for jewellery, allowing them to try on pieces in the comfort of their own homes before making a purchase decision. Furthermore, Mia offers free shipping and hassle-free returns, ensuring complete customer satisfaction. By prioritising the customer journey, Mia by Tanishq has created a seamless and enjoyable experience that sets it apart in the industry.

The success of some jewellers in India's competitive market can be attributed to factors like innovative marketing strategies and venturing into new business arenas. Tanishq, CaratLane, Kalyan Jewellers and Joyalukkas are prime examples of brands that have embraced adaptability, innovation, and customer-centric approaches. These companies serve as an inspiration to others in the industry, showcasing the importance of evolving with the market to provide exceptional experiences and thrive in the ever-changing landscape of the jewellery industry.

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