Tanishq, the jewellery division of Titan Industries, won the top honors at the Tata Group’s first-ever Innovation Day awards ceremony held on July 8, 2006, at the Taj Mahal Palace and Tower, Mumbai.%%Tanishq’s winning innovation was its patent-pending process, through which it achieved a ‘zero-defect’ rate in its jewellery manufacturing operations with a quantifiable cost savings of Rs.5.5 crore ($1.18 million) for the year. The industry defect rate is between 0.4 and 0.5%, according to the company.%%According to Doug Serrano, a Baldridge assessor and one of the judges, Tanishq’s jewellery mould setting was declared the top innovator for its “completely revolutionary concept with potential for global replication and results of removing errors to zero”.