Jewellery brands in India have huge brand loyalty and awareness in India. The use of jewellery like Gold as a gift at Indian weddings has always kept the demand for jewellery high. Jewellery is also considered an asset in Indian family values, especially expensive ones like gold or diamond. The Industry relies heavily on labour and conventional form of art craft.
Did You Know? The gems and jewellery sector plays a big role in the Indian economy, contributing around 7% to the country’s GDP and 15% to India’s total merchandise export.
Top 5 Jewellery Brands in India
The Jewellery Industry is one of the most prominent sectors contributing greatly to our foreign reserves. Due to its growth potential, India's government declared this industry the attention area for export promotion.
The sector is highly unorganised into small jewellery stores managed by individual craftsmen. Due to this, the government of India finds it difficult to collect Capital taxes from this sector. As per the Report dated 8th August 2022 of Controller and Auditor General Of India (CAG) conducted on the request of Department of Revenue under the Government of India, The CAG found a total of INR 37,909.38 crores of tax irregularities in the sector.
However, here is a list of the top 5 jewellery Brands of India with the year of their establishment and their head office -
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Tanishq
Establishment: 1980s
Headquarters: Banglore Karnataka, India.
Tanishq is a fully owned subsidiary of Titan Company Ltd. which is a TATA Sons Company. Since its inception, the Company has shown significant growth in the market. During its initial days, It has recorded consistent losses year after year. However, only by 2000, it showed the mark of growth and by 2003, the Tanishq brand solely accounts for 40% of the total revenue for Titan Company Ltd.
The Company decided to go global and in the early 2000s, It has opened up stores in Middle East Asia, and the USA.
In April 2014, the company decided to export jewellery to UAE and other Middle Eastern Asian markets which are fully crafted and designed in India. As of August 2022, The company has currently 393 stores in India through which it sells hand made jewellery at the most valuable price. The company currently charge making charges only 8%.
Reliance Jewels
Establishment: Unknow
Headquarters: Mumbai, Maharashtra
Reliance Jewels are managed under the SBU Reliance Retail which is a fully owned subsidiary of Reliance Industries Ltd. Reliance has a wide presence among Indian buyers through its 203 stores spread across 105 cities. The company deals in quality and trusted BIS Hallmark gold and certified diamonds which is an industry norm for quality assurance. Reliance Jewels have pioneered in hand crafted jewels like gold for women. These include Aabhar, Utkala, Bella, Nitara, Sankranti, and Beloved.
Apart from retail stores, Reliance jewels have a huge presence online. It has its official website from where customers can purchase jewellery from wide collections available.
Kalyan Jewellers
Establishment: 1993
Headquarters: Thrissur, Kerala
Founded by T.S Kalyanaraman in the year 1993, Kalyan Jewellers is yet another Indian brand that marks its presence in the business. T.S Kalyanaraman established the first Kalyan jewels store in Thrissur, Kerala with an initial capital of INR 75 lakh. Initially, The brand opens its multiple stores in South India to capture the market. They further expand their operation in other states like Gujrat and signed the Veteran Actor Mr. Amitabh Bachchan as its brand ambassador to increase its brand recognition in the rest of India.
Kalyan Jewellers has an external presence as well. Initially, It opened up 6 stores in United Amerat Arabia and then expand its operations in the rest of the middle Asian markets. Currently, It has 30 stores in various prominent cities of middle east Asia like Dubai.
Kalyan jewellers sell BIS Hallmark gold jewellery which is an industry standard for quality assurance set by the Bureau of Indian Standards. Due to its strong Quality and beautiful design across hundreds of hand crafted jewelleries. It has produced favorable financial results from the very beginning and currently has 130 stores spread across major cities of India. It went public on 16th march, 2021 by its Initial Public Offering which was listed on the Bombay Stock Exchange and The National Stock Exchange a week after on 26th march 2021.
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PC Jewellers
Establishment: 2005.
Headquarters: New Delhi, India
PC Jewellers commence its operation by opening its first store in Karol Bagh, Delhi. Unlike others, it was started as a joint stock company by the brothers as promoters of the company, Padam Chand Gupta and Balram Garg. From the initial success, they expand their operations and open two new stores within a year, one in Noida SEZ, UP, and another in Panchkula SEZ, Haryana. Both these stores were opened to get tax benefits from the Special Economic Zone units.
PC Jewellers continues to expand its operations across various other cities in India. Company went public in the year 2012 and the money raised from public offers was utilized by the company to open 20 stores in coming years.
Currently, it has 86 stores in India spread across 70 cities.
Shubh Jewellers
Establishment: 2012
Headquarters: Banglore, Karnataka, India
Founded in the year 2012 by Rajesh Export group which is owned by Mr. Rajesh Mehta. The brand then expanded its operations in southern states of India and currently owned 80 stores spread majorly in the State of Karnataka and other southern States. The brand has recognition for its quality and reliability at the best affordable price.
Their unique marketing strategy made them stand out in the competition. They offer a “Real Rate Per Gram” of gold consumer buys. It means if your jewellery contains gold in it, you are required to pay the current prevailing market price of the gold only without paying any other extra charges on jewellery. This was quite unique and went very popular among buyers. Due to this over a short span of 10 years, the company has achieved substantial growth and is a household name in Karnataka.
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Conclusion:
Jewellery is an important part of human civilization. Beauty and looks are often metaphorically quoted with reference to the beauty of gold and Diamonds. People often find jewellery attractive, shiny, glossy, and colorful to their eyes, and thus, It catches human attention sharply. That is why marriages are incomplete without the gifts and exchange of jewellery. Brands recognize the feature and character of jewellery and position themselves in the market to fulfill the desires and needs of the customers.
Hope you enjoyed reading it so far as we have discussed the journey of the top 5 jewellery companies or brands in India, and a brief about their product offerings, brand recognition, and brand loyalty.
Jewellery trading or selling is a conventional form and is yet to be popular in selling jewellery online. It is due to the fact that Buying jewellery is a very personal experience that gets lost when sold online. People often prefer to visit physical stores to buy gold or diamond. This caused the brand to invest a huge sum in expanding its physical presence.
It is an inherent characteristic of the gems and jewellery industry that it is a very capital intensive industry that requires substantial capital to be blocked in gold for years. This causes the operating cycle to expand beyond a year unlike other industry the working capital is realized on a seasonal basis or within a year but in the jewellery industry, it usually takes more than a year to realize the working capital.
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