Tanishq, the prominent jewellery brand under Titan Company and part of the Tata Group, is urging for a rationalisation of duties on gold imports in the upcoming 2024-25 budget.
Ajoy Chawla, CEO of jewellery at Titan Company, highlighted in a report by Indian Jeweller the need to address high import duties, which have encouraged unofficial gold imports and led to significant market discounting.
The finance ministry previously raised import duties on gold, silver findings, and precious metal coins from 11% to 15%, aiming to level the playing field with gold bars.
The report stated that despite this increase, Chawla is optimistic about the jewellery market’s resilience amid a 20% rise in gold prices over the past year and a doubling in the last five years. He believes that while short-term challenges exist, such price hikes can strengthen long-term interest in gold.
During an event marking Tanishq’s expansion in Ahmedabad, Chawla noted the brand’s focus on catering to diverse consumer segments. Tanishq serves classical and mainstream customers, Mia targets Gen Z with its 14 and 18 carat jewellery, and Caratlane appeals to modern millennials.
The company plans to open 60-70 new stores soon, adding to its current network of approximately 1,000 stores across various brands, including Tanishq, Caratlane, Mia, and Zoya.
Looking forward, Tanishq is also exploring opportunities in international markets, particularly in West Asia and North America, aiming to serve the Indian diaspora.
Currently, Titan Company operates four stores in the USA and plans further expansion, leveraging its strong brand presence and growing customer base globally.
