Tanishq, the renowned jewellery brand under Titan Company and part of Tata Group, is eagerly anticipating potential duty rationalisation on gold imports in the upcoming budget for 2024-25. Ajoy Chawla, CEO of jewellery at Titan Company, emphasized the need for this adjustment to curb the influx of unofficial gold entering the country due to high import duties, which has led to significant discounting in the market.

Earlier this year, the finance ministry increased import duties on gold and silver findings and precious metal coins from 11% to 15%, aiming to eliminate tax advantages that these items had over gold bars. Despite this, Chawla remains optimistic about the resilience of the jewellery market in the face of a 20% rise in gold prices over the past year and a doubling in the last five years. He highlighted that despite short-term challenges for customers, such price hikes tend to bolster long-term interest in gold.

Speaking at an event celebrating Tanishq's expansion in Ahmedabad, where they now serve over 300,000 families, Chawla underscored the brand's strategic focus on diverse consumer segments. Tanishq caters to classical and mainstream customers, Mia targets Gen Z with its 14 and 18 carat jewellery, and Caratlane aims at modern millennials. The company plans to expand its footprint with 60-70 new stores in the near future, adding to its current network of approximately 1,000 stores across various brands including Tanishq, Caratlane, Mia, and Zoya.

Looking ahead, Tanishq is also eyeing opportunities in international markets, particularly in West Asia and North America, where it aims to serve the Indian diaspora. Currently operating four stores in the USA with plans for further expansion, Titan Company remains committed to leveraging its strong brand presence and expanding customer base globally.