Bangalore: Although diamond jewellery accounts for only about 20 per cent of the total jewellery market in India, for Tanishq, the jewellery arm of Titan Industries, it is turning out to be quite a money-spinner. 

Diamond jewellery sales account for a robust 40 per cent sales, which is expected to rise to half of the company's sales by the year 2006-07, if the current momentum is maintained. 

Tanishq, in the interim, is firing on all cylinders, and will launch its first national TV campaign to coincide with the forthcoming festive season, after a break of nearly three years. 

“Our TV campaign could perhaps be indicative of this business coming of age,” says Harish Bhat, the newly-appointed chief operating officer of Tanishq. The TV campaign would be aired in English and Hindi, besides major vernacular languages, and would feature the entire product range.

The division which saw its revenues triple during the last three years is pegging this growth to three key factors — the trustworthiness of the product, the design work, and the shopping experience while buying jewellery. 

Incidentally, Tanishq estimates that close to 1.2 million women shopped at its 62 stores spread in 48 major towns and cities.

In terms of revenue implications, Bhat says that the division would be able to attain its goal of having an eight to ten per cent pan-India market share in 48 cities, which collectively account for annual jewellery sales of Rs10,000 crore. The total jewellery market in India is estimated to be around Rs45,000 crore.

The division now expects to ramp up its presence through 75 stores spread over 57or 58 cities by the year 2006-07. 

For the current fiscal Tanishq is projecting a robust rise in its top line. Though Bhat refuses to comment on the revenue figures, analysts believe that Tanisq’s revenues could touch Rs425-450 crore (Rs389 crore in FY 2003), with the retail business contributing around 80 to 85 per cent, while institutional buying and exports would account for the balance.