Tanishq, India's leading jewelry retail brand from the house of Tata, has entered the American market and its first store, in New Jersey’s Little India, was inaugurated by Senator Robert Menendez this week.
"Oak Tree road is the jewelry capital of New Jersey," Mr. Menendez, Chairman of the powerful Foreign Relations Committee, told a gathering of jewelers, local businessmen and Indian Americans.
While Oak Tree Road has more than a dozen jewelry stores, mostly owned by Indian Americans, Mr. Menendez said the arrival of Tanishq at this popular Indian shopping destination is significant and different from others.
"Some people might look at it as another jewelry store…, a new business, but this is different… because of the creativity of the designer… to create very unique pieces," the Senator said.
A Senator inaugurating a jewelry store is very rare in American politics.
The 3,750+ square foot, two-story showroom on New Jersey's Oak Tree Road, offers over 6,500 unique designs in 18 and 22 KT gold and diamond jewelry, as well as solitaires and colored stones, a media release said.
Tanishq said the brand aims to meet the evolving needs of Indian Americans, who comprise 4.35% of the state's total population and are 387,000 strong.
According to the U.S. Census Bureau, jewelry store sales were estimated at $33.2 billion in 2020, which was a 25% increase over the previous decade.
Tanishq has been in the U.S. market through e-commerce for over a year and has received positive community feedback.
The store inauguration among others was attended by Randhir Jaiswal, Consul General of India in New York, along with John E. McCormac, Mayor Woodbridge, Sam Joshi, Mayor Edison, Wesley Mathews, Choose New Jersey Inc, Vin Gopal, New Jersey State Senator and Congressman Frank Pallone.
Congressman Pallone described jewelry as a "pride of India". This brings home the wonder and culture of India, he told the gathering.
The launch is a part of Tanishq's retail business expansion strategy. It launched its first international brick-and-mortar store in Dubai in November 2020. It now has eight international stores, seven in the United Arab Emirates (UAE) and the first in the United States of America.
"Tanishq already has a significant online presence in the U.S. market. The high demand and interest shown by the Indian American community encouraged us to have an on-ground presence for them.
"This showroom will have our latest collections and masterpieces designed to suit all jewelry needs of the Indian Americans," said Kuruvilla Markose, CEO – International Business Division, Titan Company Ltd.
Tanishq said it intends to collectively open 20-30 stores in North America and the Middle East over the next 2-3 years. In India, Tanishq has a presence of 400 plus stores across 240 cities and intends to add another 100 stores in the next year.
"We are on a mission to establish Tanishq as a global brand, and our retail showroom expansion in the United States is a significant step in that direction.
"Tanishq has been balancing the elegance of tradition with the brilliance of modernity for decades and we want to bring it to New Jersey," said C. K. Venkataraman, managing director at Titan Company Ltd, the parent company of Tanishq.