Tanishq aims to double Middle East stores by 2025 despite geopolitical tensions

At the International Gem and Jewellery Show in Dubai, Tanishq announced the expansion plan, while remaining committed to regional growth, with industry optimism for market stability and increased consumer confidence ahead.

Dubai: Known as the city of gold, Dubai recently hosted top jewellery manufacturers and exporters from India at the International Gem and Jewellery Show, organised by India’s Gem and Jewellery Export Promotion Council (GJEPC). In the previous fiscal year, India’s jewellery exports to the UAE reached $8 billion, with GJEPC now projecting a 20% growth for the current year.

On the sidelines of the show, Aditya Singh, Head of International Business for Titan’s Tanishq brand, shared ambitious expansion plans. “We aim to double the number of Tanishq stores in the Middle East by the end of 2025,” Singh stated. Tanishq currently operates 13 stores in the region, with 10 in the UAE, two in Qatar, and one in Oman.

However, Singh acknowledged that the expansion is contingent on market stability, citing the impact of regional geopolitical tensions. He added that, despite challenges, Tanishq has seen steady growth in the region, even launching their first store during the pandemic when many businesses were closing. “When a lot of shops were shutting down here, we opened. From there, we expanded,” Singh said.

The region’s jewellery sector faces additional headwinds from fluctuating gold prices, which have impacted consumer demand. Chirag Vora of Bafleh Jewellery explained that 90% of their business revolves around gold, making price volatility a major concern. “The business has gone down because gold has reached its highest level,” he noted. However, Vora anticipates a rebound if prices remain stable for a period, as consumer confidence may gradually improve.

While Vora is optimistic about the longer-term future, predicting prices to rise through 2025, he expressed concerns about profit margins stagnating. “Return on investment is one of the most challenging factors. But we don’t foresee business slowing down,” Vora added, highlighting cautious optimism for the regional market.

Retail Jeweller ME News