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Indian jewelry titans expand in US amidst diaspora demand
2023 witnessed the unveiling of three Tanishq stores in key locations such as Houston, Frisco, and New Jersey, with an additional opening in Chicago earlier this year.
Representative image / Image- Pixabay
Indian jewellery giants are forging ahead with their expansion plans in the United States, undeterred by economic and geopolitical challenges.
According to a recent Times of India report premium Indian jewellery brands are making strategic inroads into the US market, capitalizing on the growing purchasing power of affluent members of the Indian diaspora.
2023 witnessed the unveiling of three Tanishq stores in key locations such as Houston, Frisco, and New Jersey, with an additional opening in Chicago earlier this year.
Similarly, Kalyan Jewellers has set its sights on establishing two new stores, slated for New Jersey and Chicago, in the ongoing financial year, signaling a deepening interest in tapping into the lucrative US market.
Meanwhile, Vummidi Bangaru Jewellers, based in Chennai, is poised to bolster its presence with the planned launch of three new outlets in addition to its existing store in Frisco, Texas.
In the TOI report, Amarendran Vummidi, managing partner of VBJ, highlighted the growing demand for Indian jewellery among both recent migrants and second-generation Indian-Americans, citing a desire to preserve cultural traditions and celebrate festivals with authenticity.
Moreover, Vummidi emphasized the evolving preferences of US consumers, particularly a penchant for studded designs that seamlessly integrate with Western attire, coupled with a rising demand for jewellery pieces that tell a compelling story or convey a thematic narrative.
Despite prevailing uncertainties, Vummidi expressed optimism regarding long-term growth opportunities, underscoring the resilience and adaptability of Indian jewellery enterprises in navigating complex market dynamics.
Furthermore, Malabar Gold and Diamonds, with a strong presence in the Middle East, embarked on an ambitious expansion drive in the US last year, with store openings in Chicago, New Jersey, Dallas, and Naperville, Illinois. The group aims to further augment its footprint with the launch of six additional outlets in the US.
MP Ahammed, chairman of the Malabar Group, in his interaction with TOI emphasized the competitive advantage offered by Indian craftsmanship and competitive pricing, positioning Indian jewellery brands favorably amidst stiff competition in the US market.
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