Despite downturn, Tanishq looks at double digit growth

Tanishq, the largest branded jewellery retail chain, is looking at maintaining a double digit growth this fiscal riding on the back of high demand and greater contribution from the diamond segment.

Speaking on the sidelines of a press conference, Sirish Chandrashekar, category head - studded business, Tanishq said, “Despite the soaring prices and the downturn, we have been able to maintain growth momentum. Infact in the first two months of this fiscal, we have been able to achieve a good double digit growth compared to the same period last year. There has been a 100 per cent growth in high value business.”

The recession coupled with soaring prices of gold had caused a major setback, but when customers saw that gold prices are consistently appreciating, sales went up." In Akshyaya Trititya we achieved our target sales," said Dwaipayan Sen, regional business manager- East.

Tanishq had grown by around 35 per cent in 2008-09 both nationally and in the eastern region.

“We see a huge potential in the diamond business in the Indian market and we are looking at increasing diamonds contribution to Tanishq’s total business from 28 per cent to 30-35 per cent,” said Chandrashekar. "Traditionally, Bombay and Delhi are the biggest markets in terms of volumes, and has a huge demand for slightly included (SI) category diamonds, the low-end category in term of purity while in terms of rupee value, the greatest proportion of sales come from the south, where more of VVS (very very small inclusion) sells, which falls in the higher price bracket," pointed out Chandrashekar. In a bid to promote awareness about the quality and purity of diamond Tanishq has organised a six week long diamond purity campaign in association with HRD Antwerp in Belgium, which is the largest diamong grading labs in the world.

The free diamond purity check will be available in select cities namely-Mumbai, Indore, Ahmedabad, Delhi, Punjab, Kolkata, Chandigarh and Lucknow.