Tanishq Diamond Jewllery: Audit Choice Report
• Organization Overview
o Origin of Tanishq
Origin of the word ‘Tanishq’:
A product that sparkles and a brand that spells love.
The word Tanishq was conceptualized from a combination of Tan, meaning body and Ishq, meaning Love. It is also Tata/Tamil Nadu and Nishq (meaning a necklace of gold coins) and also from. The word was coined by Xerxes Desai, the Vice-Chairman and Managing Director of Titan.
How Titan fathered Tanishq:
The jewellery business in India was ruled uncontested by the local jewellery merchants and family owned jewellery shops. There was no national level player that offered a serious competition to the local market players. At about the same time Titan was looking to diversify into the jewellery segment. Being a watchmaker it made business sense to diversify into the jewellery segment since most international houses stock watches and jewellery under one roof. To wean the Indian buyer away from the local merchant was an uphill task. It required a reorientation of the Indian jewellery buyer’s mindset who up until then invested in gold for solely asset accruing purposes and the promise of a unique product offering coupled with the guarantee of genuineness. It’s major challenge, however, was to cut into the market share of the next door jeweler.
Subsequently, Titan set up its fully integrated Rs. 400 million-jewellery plant in Hosur. The plant had the capacity to manufacture 4 tonnes of gold in a year. Tanishq was launched in 1994 as a range of with a target customer segment of European & American markets. It was set up as a division of Titan.
• However the west was soon stepping foot into a slowdown of economy and recession was looming large. Suddenly Tanishq’s prospective target market no longer seemed a fertile selling ground. Thankfully however for Tanishq the Indian market saw an upsurge and was being inundated with foreign currency. It is a leading foreign exchange earner, as well as one of the fastest growing
o Origin of Tanishq
Origin of the word ‘Tanishq’:
A product that sparkles and a brand that spells love.
The word Tanishq was conceptualized from a combination of Tan, meaning body and Ishq, meaning Love. It is also Tata/Tamil Nadu and Nishq (meaning a necklace of gold coins) and also from. The word was coined by Xerxes Desai, the Vice-Chairman and Managing Director of Titan.
How Titan fathered Tanishq:
The jewellery business in India was ruled uncontested by the local jewellery merchants and family owned jewellery shops. There was no national level player that offered a serious competition to the local market players. At about the same time Titan was looking to diversify into the jewellery segment. Being a watchmaker it made business sense to diversify into the jewellery segment since most international houses stock watches and jewellery under one roof. To wean the Indian buyer away from the local merchant was an uphill task. It required a reorientation of the Indian jewellery buyer’s mindset who up until then invested in gold for solely asset accruing purposes and the promise of a unique product offering coupled with the guarantee of genuineness. It’s major challenge, however, was to cut into the market share of the next door jeweler.
Subsequently, Titan set up its fully integrated Rs. 400 million-jewellery plant in Hosur. The plant had the capacity to manufacture 4 tonnes of gold in a year. Tanishq was launched in 1994 as a range of with a target customer segment of European & American markets. It was set up as a division of Titan.
• However the west was soon stepping foot into a slowdown of economy and recession was looming large. Suddenly Tanishq’s prospective target market no longer seemed a fertile selling ground. Thankfully however for Tanishq the Indian market saw an upsurge and was being inundated with foreign currency. It is a leading foreign exchange earner, as well as one of the fastest growing