January 25, 2003 | Economic Times
Tanishq forays into silverware
Hyderabad: Tanishq, the jewellery division of Titan Industries, has forayed into a new segment - silverware. Though the company already has a presence in silver jewellery under the FQ brand, this will further enhance the lifestyle positioning of Tanishq.
"The silverware range has been designed by Michel Foley, the designer for Titan. We have introduced silverware in all metros," said YL Saroja, group manager, sales and marketing, Tanishq.
This is a Rs 5,000 crore market and has few organised and branded players. Tanishq silverware will include religious items, desk top items, gift items and other products.
Apart from extension of its product portfolio, Tanishq is gaining strength in the Rs 40,000 crore Indian jewellery market every year.
Its retail offtake is expected to be around Rs 358 crore this year, more than 50% growth over last year. The division is expected to contribute around 40% to the company's turnover this year.
"We are now focused more on traditional designs in light weight gold," Ms Saroja said.
The light weight jewellery set in the price range of Rs 5,000 to Rs 6,000 has caught the fancy of the working women.
"The reason is very simple. Young working women want jewellery for all occasions rather than extremely ornate designs, which can be worn only on exclusive occasions. So we keep coming up with new collections, which are affordable and relevant for different occasions," she added.
Similar is the trend in light weight diamond jewellery, Ms Saroja pointed out.
Meanwhile, Titan has taken its jewellery collection to the US. It is being distributed through the US company Highglow which caters to the ethnic Indian and Asian population there. "We plan to sell Tanishq to the Indian communities wherever they are based," Ms Saroja said.
Tanishq's latest offering is its consumer scheme called 'Gold Mine for 99', under which almost the entire range of pure 22 karat gold jewellery in Tanishq will be available at not more than Rs 99 per gram making charge.
The offer will be valid till February 5. At a time, when the gold price is at an all-time high, this scheme will help consumers buy gold jewellery at affordable prices.