Top Indian jewellery brands are reaching out to customers among the wealthy Indian diaspora in the US. They are doing so though expansion in the US is challenging given the economic and geopolitical situation.
Brands are focusing on luxury and premium segments. Dallas, New Jersey and Chicago are the preferred destinations because of the large Indian American population.
Tata Group’s Tanishq opened three stores in the US – in Houston, Frisco, New Jersey – last year and one in Chicago in March 2024. Kalyan Jewellers hopes to open two stores in the current fiscal in New Jersey and Chicago.
Cultural sentiment
Chennai-based Vummidi Bangaru Jewellers plans to open three more outlets in the US apart from its store in Frisco, near Dallas. Apparently, the demand for gold jewellery is high among the diaspora. Indians who migrated in recent years and children who are born abroad want to buy Indian jewellery due to cultural sentiment. Buyers in the US prefer studded designs suitable for western attire.
In spite of uncertainty and challenges, long-term opportunities are bright, say sources in the gold jewellery industry. Indian companies have moved up the value chain by selling premium products under their own brand names.
Middle East, US are hubs
Malabar Gold and Diamonds has over 120 showrooms globally, mostly in the Middle East. While the Middle East remains the top export hub for jewellery and gems, the US is gathering ground.
Last year, Malabar opened stores in Chicago, New Jersey, Dallas, and Naperville (Illinois) and hopes to open another six outlets in the US.
Indian craftsmanship and competitive prices offer advantage to Indian brands. Also, the pent-up demand after Covid and the ability to compete with western jewellery are advantages in the US market, say industry sources.
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