Monday, 16th February 2004 (4731 views)

New Delhi based jewellery firm Titan Industries predicts that its jewellery business will overtake its watch business within the next four years, as the Indian gold market continues to show strong demand.

The firm is investing in its retail outlets as part of plans to boost sales of both watches and jewellery brand Tanishq, according to company officials.

The company has also identified customised jewellery and workwear jewellery as growth opportunities for Tanishq, while Titan has also set its sights on the foreign markets.

Titan Industries chief operating officer for its jewellery sector, Harish Bhat, said the jewellery business was “growing at a scorching pace'.

“Tanishq would account for around 55 per cent of the overall turnover in the next four years up from 45 per cent now,” he added.

Mr Bhat said that the company's product strategy in 2004 would be driven by some recent collections like high-value jewellery brand Zoya.

However, he made clear the company had no plans to enter the gold trading business, adding: 'We are focused on selling brand. Rising gold prices have not affected sales adversely, rather they have brought more customers as gold is now seen as an investment.”

 

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