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The company has started campaign in select lifestyle magazines and community portals. It has also tied up with a few travel agents to reach out to NRIs in these countries.
"Third quarter of a year is key for the studded jewellery business in India. As per our estimates, a lot of NRIs visit India either to get married or to participate in their relatives' marriages. It is these NRIs that we want to tap to push our sales," said V Govindraj, vice-president, retail and marketing, Tanishq.
As part of this strategy, Tanishq aims to leverage its design expertise. The company has recently launched a new range of fashion earrings and plans to add a studded bridal jewellery collection shortly.
Typically, NRIs on their visit to India prefer to buy Indian made jewellery because of their quality consciousness.
They believe India-made jewellery, particularly diamond jewellery, is high in quality. India is the largest cutter and polisher of diamonds in the world.
NRIs are usually unsure of quality of the products they get abroad and believe the prices are also higher. They trust their family jewellers back home. Govindraj said Tanishq met all demands of an NRI buyer because it ensured marketing of high-quality certified diamond jewellery.
As part of its overseas expansion strategy, Tanishq is planning to open its first exclusive company-owned outlet in the US. It is currently present only in West Asia with a few shop-in-shops.
"Our entry into the lucrative US market will also see us open our first exclusive showroom abroad," Govindraj said.
In India, Tanishq plans to cash in on the retail boom in the country. It plans to expand retail network of branded jewellery stores in the country from the present 87 stores in 64 cities to 100 stores by end of 2007.
