Why are customers advancing jewellery purchases?
“We are seeing advancement of purchases for weddings that are slated for later in this quarter and even early next quarter. Pretty much whenever gold rates cool down a bit, it brings people back. Whenever it spikes, people hold and wait to see how things are developing. But there is an advancement that we are seeing because people are sensing that gold prices could go to a higher level,” said Arun Narayan, chief executive officer, jewellery business, Titan.
How is investment demand shaping up?
Narayan said investment buying in the form of coins and low-making-charge jewellery items has peaked for the company over the past year.
What was the demand trend during the festive quarter?
“In the October–December quarter before the festive season, there was a bit of a lull due to a wait-and-watch approach adopted by consumers because of gold rates and the thought that prices might cool off. But closer to the festive period, we saw rates climbing consistently, which brought people back to stores during the festive and post-festive period,” Narayan said.
He added that this included both wedding buyers and those who typically purchase jewellery during auspicious occasions such as Dhanteras, Navaratri and the Diwali phase.
What new initiatives is Titan rolling out at Tanishq stores?
The company is in the process of rolling out Diamond Expertise Centres across its Tanishq stores, where customers can check the authenticity of gemstones. It plans to roll out the service across 50 stores in the next 10 days and scale it up to 200 stores by the end of March.
How will the Diamond Expertise Centres build customer trust?
“It’s a very large initiative to give confidence to customers and provide transparency as well,” Narayan said, adding that the service will be extended to Titan’s overseas stores as well. The company already operates a Diamond Expertise Centre in Dubai and plans to introduce it in other international locations.
What investments are involved in the initiative?
Narayan did not disclose the investment involved but said significant spending has gone into developing equipment and technology in-house through Titan’s own research and development efforts. The bulk of the investment, he said, is in technology that enables identification of natural diamonds versus lab-grown diamonds.
 "Arun Narayan, chief executive officer, jewellery business, Titan")