In today’s Finshots, we tell you why Titan is eyeing the US to grow its jewellery business, even though Americans aren’t exactly known for splurging on gold.

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The Story

We’ve skipped covering the whole “US tariffs and India” saga recently, mostly because we’ve done our fair share of stories on it before. But we had to write this story mainly because India’s largest listed gold jewellery maker, Titan, seems a little jittery about the latest round of US tariffs.

And if you’ve been skimming the headlines lately, you probably know this. Titan is eyeing the Middle East, particularly the Gulf Cooperation Council (GCC) countries like the UAE, Saudi Arabia, Qatar, Oman, Kuwait and Bahrain, as a possible manufacturing base to serve the US market.

If you’re wondering why, well, it’s pretty straightforward. Recently, US President Donald Trump slapped a 50% tariff on goods coming from India. That’s a shock for exporters and Titan isn’t spared the worry either, especially since it has big dreams for America. For context, its flagship jewellery brand Tanishq already has a few stores there and plans to open more, while CaratLane, its diamond-focused brand, made its US debut just last year. So suddenly, exporting jewellery directly from India to the US looks like a pretty expensive affair.

On the flip side though, goods flowing from the UAE to the US currently attract just a 10% tariff. Which means if Titan sets up shop in the Gulf to make jewellery for the US, it can save big on costs and make its exports far more competitive.

But this also begs the question, “Americans aren’t exactly known for splurging on gold jewellery, and Titan is still a relatively unknown name there. So… why chase the US market at all?”

For starters, and you’ve probably guessed this already, Titan isn’t planning to win over all of America at once. Its first move is to focus on regions with large Indian expat communities. Think New Jersey, Texas, Chicago and the West Coast.

For these communities, Titan and Tanishq aren’t just jewellery brands. Gold and diamond jewellery play a starring role in weddings, festivals and family milestones, so the emotional connection runs deep. And that loyalty is showing up in Titan’s numbers.

Right now, Titan has 24 international jewellery stores. And in Q1FY26 (three months ending June 2025), revenue from its international jewellery business jumped by an impressive 48% year-on-year to ₹554 crores. And while there isn’t a breakdown of exactly how much of that came from the US, Titan’s latest Investor Presentation said that the surge was driven by strong double-digit growth in both the UAE and North America. What’s impressive is that this momentum also helped the international jewellery business turn a positive operating profit for the very first time.

But that’s not the only reason Titan has its eyes on the US.

It also wants to build itself into a global brand. And what better way to do that than to enter one of the toughest, most competitive markets in the world and make a name there? If you can crack the US, the rest of the world tends to notice.

But it’s not as if it’s betting on a sudden boom in American jewellery demand. The thing is that it has a bigger game plan — to evolve into a lifestyle company that sells premium products like watches and handbags. But it also knows that US consumers won’t buy an Indian-made bag or watch, even if it’s premium, when they already have brands like Coach, Michael Kors and Rolex.

That’s where jewellery comes in. Titan knows that NRI customers, especially Indians in the US may not rush to buy its premium bags or watches right away. But weddings, festivals and family milestones will ensure that they come for its jewellery instead of buying from a US jewellery brand which may not resonate with traditional Indian designs. And once the Tanishq name becomes familiar and trusted, it’s easier to nudge customers toward its other premium offerings.

If you think about it, the NRI audience also makes for a strong starting point. They’re less price-sensitive when it comes to gold jewellery, even if prices soar during the festive season. For them, it’s an emotional buy, which means they might also be open to spending on something premium.

And this isn’t just about sales in the US. It’s also about diversifying away from India and gaining a stronger global footprint. The timing works out neatly too. Just last month, Titan bought a 67% stake in Damas Jewellery, the Middle East’s leading jewellery retailer. That gives Titan not only a supply chain hub for the US but also another strong sales channel.

Put all of this together and you’ll see why it’s adding more stores in the US, even though it’s still in the early growth phase and international revenue makes up only about 4% of its overall pie. By FY28, the goal is to double annual revenue from the international business to around ₹4,000 crores.

But even with all these big ambitions, there are a few risks you can’t brush aside.

One of them is lab grown diamonds (LGDs). See, back in 2022, Titan picked up a 17.5% stake in Great Heights Inc., an LGD maker based in Connecticut. Sounds like it was hedging its bets, right?

But here’s the twist. Amrit Pal Singh, Titan’s business head for North America, recently said that the company had no plans to include LGDs in its North American range.

That’s not just a bold call but also a contradicting one, especially when you look at the trends. LGDs have been gaining popularity lately. In fact, they now make up more than 20% of global diamond jewellery sales, compared to less than 1% in 2016. And the US market is following a similar pattern. Last year, over half of all engagement rings sold in the US had a lab-created diamond. That’s a jump of 40% compared to 2019.

So, by sticking to natural diamonds, Tanishq could miss out on a chunk of the market. But then again, Titan’s long term game is to position itself as a premium lifestyle brand. And in the luxury playbook, natural diamonds still carry that aura of exclusivity. LGDs, with their lower costs, have pulled down prices. But that also means natural diamonds stand out even more. So maybe, Titan’s thinking isn’t entirely misplaced.

The bigger worry, though, has nothing to do with jewellery. It’s about people. Specifically, the flow of young Indians moving to the US. Stricter H1-B visa rules under the Trump administration’s policies could make it harder for them to work in the US after finishing their studies. The idea is to prioritise American workers over hiring from abroad.

And that matters for Titan because its US play largely revolves around Indian Americans. Sure, the existing market — made up of families who moved years ago and are now citizens or residents, is still there. But future growth depends on more Indians making the move, and that’s where the uncertainty creeps in.

So yeah, Titan might have to make its mark in the US much faster, building brand recognition before the pipeline of new customers slows. At the same time, it might need to lean more on the Gulf, where Indian migration is still steady and even locals have a deep love for gold and jewellery. Because if the US growth story starts to lose steam, the path to becoming a truly global brand could be tougher than Titan expects.

Until then…

P.S.: You’re probably wondering why Titan bought a stake in Great Heights if it doesn’t plan to sell LGDs in North America. We had the same question. And while there’s no official answer, it could be that this investment gives Titan insider access to market developments and consumer trends in LGDs, so it can plan its next steps wisely. Smart cookie!

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