Tanishq India Ltd. the Tata group branded jewellery company, has embarked on an aggressive plan to expand its already existing boutiques, besides developing the existing ones, for the year 2003. From five boutiques in four towns in 1996, Tanishq currently has around 56 boutiques in 44 towns.
"We have grown laterally during these years. For the current year, we will not only look at more boutiques, but also try and give more depth to the existing outlets by expanding them as well," divisional manager, Tanishq, V. Govind Raj said.
With production at three tonnes per annum against a consumption of 800 tonnes per annum, India is clearly the highest importer of gold. The gold market, which is highly fragmented, is estimated at about Rs.40,000 crores with about three lakh jewellers doing business. The foreign exchange where rates for each tonne goes in excess of Rs.50 crores as per the current value for gold, has hit an all time high.
With these estimates, Tanishq is making a conscious effort to penetrate all towns and cities with over 20 lakhs population, thereby trying to capture nearly Rs.12,000 crores of the total gold market. The company officials feel that these towns and cities are key to their development during the current year.