Unorganised jewellers (~53% of the market) are under pressure due to outright inventory buying, lack of hedging, and limited liquidity, leading to delays in design refreshes and store expansions.
Ahead of Dhanteras, gold firmed up: IBJA benchmarks rose by about 3 percent from yesterday while big-brand 22K quotes clustered between Rs 11,905 and Rs 12,170 per gramme.
Gold prices hit fresh record highs on March 20 amid safe-haven buying as investors turned positive on exchange-traded funds due to recession fears in the US.
Two pistols, 10 cartridges, and two bags filled with stolen jewellery were recovered from the two robbers.
The store manager claimed that police did not respond on time despite multiple calls. Later, however, the police nabbed two robbers after a brief exchange of fire and seized two bags containing some of the robbed jewellery.
Last year, sales from exchange jewellery almost touched 50% by value, and 10-15% by volume. This has an investment value even for younger customers, said Titan Company’s jewellery division CEO Ajoy Chawla.
With a growing economy and a rising middle class segment, demand for ‘natural’ or mined diamond jewellery from Indian consumers has surged in recent times to 11 percent of global demand, Tata group firm said in the filing
These losses will be incurred because of inventory held by jewellers bought at price levels higher than the post-Budget announcement prices. However as per sector experts they are expected to be recovered in the long term aided by increased demand in response to lower prices.
The company is also planning to launch its exclusive ladies' handbag brand store 'IRTH' sometime later this year, Titan's Managing Director C K Venkataraman said
Titan MD CK Venkataram on his new book, The Tanishq Story; the mistakes Tanishq made when it launched in the 1990s; designing jewellery at a time when gold prices are skyrocketing; and his tips for Gen Z and Alpha generation workers.
The company is looking to cater to rising demand from the Indian diaspora abroad, and Tanishq could open 40 stores overseas by the end of FY25.
Major jewellers offer up to 20 percent off on gold and diamond jewellery, enticing customers for Dhanteras purchases
Currently, Titan has 13 boutiques in the international market and is constantly scouting for new sites to serve some 32 million global Indian diasporas, the CEO said.