September 08, 2003 | Financial Express
Tanishq plans to launch new collection for festival season
Tanishq, the jewellery division of Titan Industries, is all set to sparkle the coming festival season with an all new collection of around 1,000 different designs created by the Tanishq Design Studio. The new collection will cater to the festival season starting with Dusserah and Diwali to Christmas and New Year and wedding season.
Speaking to FE on the expectations of the company from the current festival season, Harish Bhat, chief operating officer, Tanishq, said, "We are introducing a whole range of new designs which includes traditional, contemporary, lightweight, plain gold, and custom design collections. The demand for jewellery triples during the festival season despite its prices."
According to Mr Bhat, three key trends are evolving in terms of jewellery buying patterns - a continued shift towards diamond jewellery from plain gold, a trend away from chunky jewellery to more lightweight and trendier jewellery and inroads of new metals especially platinum. Diamonds are not any more beyond the reach of Indian women. Today, it is more affordable, aspirational and trendier with traditional and modern designs and solitaires available at the reach of customers, Mr Bhat said.
There is a rapid growth in the diamond jewellery segment with it contributing to around 20 per cent of the total jewellery market in urban India. Tanishq offers both solitaires and diamond studded jewellery which is certified for its cut, clarity and caratage. The latest diamond collection from Tanishq is the Solo collection of solitaires.
Chunky jewellery has been replaced by trendier and lighter versions which is more occasion specific so that today Tanishq offers lightweight jewellery for special occasions, daily wear, office wear, etc. Platinum is fast becoming an object of desire among the modern Indian women, Mr Bhat said.
The trends in jewellery evolves with the personality of the modern women. Today, her jewellery matches her personality and life style.
The jewellery market is facing a healthy growth currently despite high prices the reasons being a good monsoon and therefore better disposable income and general upbeat trend in economy. The Indian jewellery market is Rs 40,000 crore today.
Tanishq, which saw a total jewellery sales of Rs 389 crore in 2002-03, is expecting over 30 per cent growth this year too. Currently, with 61 retail shops in 45 towns across India, Tanishq is planning to have 70 shops by the end of this fiscal. The branded jewellery leader exports to Middle East and Asian markets and is at present test marketing in the US. There is a huge demand for Indian jewellery among the NRI population in the US, Mr Bhat said.
The only national brand in India currently, Tanishq saw 1.2 million women visiting its stores last year and has a repeat customer base of 80 to 85 per cent. Tanishq brand, quality, design, affordability and the international shopping experience we offer which is elegant at the same time transparent makes us one of the most sought after jewellery brands today. It offers a range of services for the customers including impure to pure exchange, golden harvest - a saving program, purity checking services, services for specialised orders, gift vouchers, etc.
Speaking about future trends in the jewellery segment, Mr Bhat said future trends show the shift of gold from a commodity to a brand. The design will see more fusion of traditional and contemporary, the rapid growth of diamonds spilling over from metros to suburban towns and increasing demand for new metals especially platinum.