Branded Gold Jewellery Market in India|Business Strategy|Case Study|Case Studies

Branded Gold Jewellery Market in India

            
 
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Case Details:

Case Code : BSTR041
Case Length : 16 Pages
Period : 1990 - 2002
Organization : Gili, Tanishq, Carbon, Oyzterbay and Trendsmith
Pub Date : 2002
Teaching Note :Not Available
Countries : India
Industry : Jewellery

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This case study was compiled from published sources, and is intended to be used as a basis for class discussion. It is not intended to illustrate either effective or ineffective handling of a management situation. Nor is it a primary information source.



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EXCERPTS

Gold Jewellery Becomes Fashion Accessory

Till the early 1990s, the average Indian bought jewellery for investment rather than for adornment. Jewellery made of 18-karat gold was not favored as it was considered a poor investment.

Confidence in the local jeweller was the hallmark of the gold jewellery trade in India. A jeweller or goldsmith in a local area had a fixed and loyal clientele. The buyer had implicit faith in his jeweller. Additionally, the local jeweller catered to the local taste for traditional jewellery.

However, since the late 1990s, there was a shift in consumer tastes: women were increasingly opting for fashionable and lightweight jewellery instead of traditional chunky jewellery. There was a rise in demand for lightweight jewellery, especially from consumers in the 16 to 25 age group, who regarded jewellery as an accessory and not an investment. The new millennium witnessed a definite change in consumer preferences...

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Strategies for Wooing Customers

TANISHQ

In the late 1990s, players in the branded gold jewellery market formulated strategies for wooing customers. According to Jacob Kurian (Kurian), Chief Operating Officer of Tanishq, the challenges were many.

As the jewellery market was highly fragmented, lacked branding, and allowed many unethical practices to flourish, Tanishq worked hard on a two-pronged brand-building strategy: cultivate trust by educating customers about the unethical practices in the business and change the perception of jewellery as a high-priced purchase. Said Kurian, "We are changing the attitudes of customers from blind trust to informed trust." To increase its marketshare, Tanishq formulated a strategy for luring people away from traditional neighborhood jewellers. Tanishq's strategy was to create differentiation and build trust. According to Kurian, the first part of the strategy was "to provide a point of differentiation in a highly commoditized category - which is the whole point of branding."

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