Despite facing economic and geopolitical challenges, major Indian jewellery brands press on with their expansion into the US market. With a focus on luxury and premium segments, these brands are banking on the burgeoning market and substantial purchases made by the affluent Indian diaspora.
Last year, Tata Group‘s Tanishq inaugurated three stores in the US—located in Houston, Frisco, and New Jersey—and added another in Chicago in March 2024. Despite the operational complexities of venturing into unfamiliar territories, the company plans aggressive expansions in the US, citing strong demand. Kalyan Jewellers also aims to open two stores in the current fiscal year, targeting locations in New Jersey and Chicago.
Chennai’s Vummidi Bangaru Jewellers is set to expand its presence in the US, with plans to open three additional outlets alongside its operational store in Frisco, near Dallas, Texas.
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Amarendran Vummidi, managing partner of VBJ, highlighted the substantial demand for both plain and studded gold jewellery.
He mentioned that both recent Indian migrants and children born abroad often purchase Indian items to stay connected to their culture and traditions, sometimes even celebrating festivals more lavishly than those in India.
VBJ has launched 10 new collections, with a focus on some tailored for international markets. Amarendran noted that unlike the domestic market, US buyers favor studded designs suited for Western attire and anticipate jewellery pieces to convey a story or theme. While recognizing the challenges of the previous fiscal year and the uncertainties of the current one, he expressed optimism about long-term opportunities. He also highlighted that Indian companies have elevated themselves in the value chain by marketing premium products under their own brand names.
Malabar Gold and Diamonds boasts a global presence with over 120 showrooms, primarily situated in the Middle East, mirroring the strategies of many other brands. In the previous year, it established stores in Chicago, New Jersey, Dallas, and Naperville (Illinois) and aims to launch an additional six outlets in the US. This swift expansion initiative involves an investment exceeding INR 4,000 crore through Malabar Investment, a Dubai-based company within the group.
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MP Ahammed, chairman of the Malabar Group, emphasized that Indian craftsmanship and competitive pricing provide a distinct advantage to Indian brands.
He expressed that the pent-up demand following Covid, along with the capacity to rival high-margin Western jewellery enterprises, provides advantages in the US market.
