Tanishq Diamond Jewellery

Tanishq Diamond Jewellery Latest News Update, Said Mr Sandeep Kulhalli, Vice-President (Retail), Tanishq, “In January-February, the gold rate really took off. April-May saw gold reaching a high before it stabilised, only to climb up again now. This year has been one of consolidation and not large expansion.” According Mr Rajesh Mehta, Chairman, Rajesh Exports, which runs the ‘Laabh’ jewellery retail chain, there has been no “major revival” in the market, forcing the company to adopt a safe approach and go slow on retail expansion.

Against the backdrop of rallying gold and a slow economy, the year started off on a sedate note, valentines day jewelry by a lukewarm Akshaya Tritiya (the period considered auspicious for jewellery buying), before culminating in a fairly good festival season.

Consumer sentiment improved towards the end of the year with the festival period (October-December) seeing some improved spending. Upturn during Diwali According to a study by the World Gold Council, the Diwali week from October 12-19 witnessed Rs 8,904 crore in gold sales, up 39.2 per cent over the same period last year. Mr Ajay Mitra, Managing Director, World Gold Council (WGC), Indian Subcontinent, said, “The festive season proved to be very positive for gold sales as compared to last year. This increase in demand can be attributed to consumers’ belief of gold being the only safe investment in the current global market scenario.” But investment reasons apart, with gold being a volatile commodity, diamond jewellery began to grab the consumer wallet, the primary reason being diamonds showed very little fluctuation in prices this year. Tanishq, which is betting big on the diamonds, stepped up focus on high-end diamond jewellery this year. For the festival season, the retailer announced the ‘Queen of tiffany cufflinks contest that gave the winner bagged jewellery worth Rs 25 lakh. At Tanishq, diamond jewellery saw a 27-28 per cent growth, while gold jewellery saw only a single-digit growth in terms of grammage.

Said Mr Mehul Choksi, Chairman and Managing Director, Gitanjali Group, which retails several diamond brands such as Nakshatra and Gili: “Diamonds are being preferred not only because of the high prices of gold, but also because consumers opt for more international designs and higher-quality pieces. We estimate our diamond brands will show a 40-45 per cent growth when this year’s final figures are in, because the consumer preference for diamonds is definitely growing.” Branded retail shines In an industry so far dominated by neighbourhood jewellers and corner shops, the year 2009 saw the coming of age of branded retail. With the Union Budget exempting excise duty on branded jewellery, retailers in branded play rejoiced. To give the industry a boost, particularly branded retail, the WGC undertook a series of initiatives this year. They include the Great Indian Gold Rush shopping festival during the festive season and promotional offers for Akshaya Tritiya in tie-ups with retailers across the country. Mr Princeson Jose, Managing Director of the Chennai-based Prince Jewellery, said coins made of 24 carat gold were also selling well. Mr G. R. Radhakrishnan of Chennai’s G. R. Thanga Maligai said the store also focused on catering to working women and college students with a taste for stylish and practical but affordable jewellery, including some from Italy and other European countries. While the coming year could see the diamond run continue and tiffany pendants retail taking greater shape, the word is still not out on which way the gold rate will swing.  www.apknews.com

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