Despite rising gold prices and volatile market, luxurious jewelry retailer, Tanishq expects 15 to 20 percent rise in jewelry sales during current fiscal, informed company officials.
Gold prices have increased since the beginning of the year and have been very fluctuating, touching a 26-year high of $730 an ounce in May, before dropping to $543 in mid-June.
This rise in prices of gold would not affect company's jewelry sales as most of its customers are less price sensitive and more quality conscious, informed C K Venkatraman, Chief Operating Officer of Tanshiq, a TATA enterprise.
He stated that consumers became more brand conscious as they were before ten years and this trend will boost company's sales.
During April-June this year, company has spent high amount on advertising and promotional activities due to this company sales fell to Rs55.8 million this year from Rs92.4 million a year ago.
With retail sales of Rs732 crore last year, it is expected to reach Rs1025 crores this year, Tanishq has arrived in the Indian jewellery market.
marketing@alchempro.com
