Titan sees gold exchange driving Tanishq sales

Firm reports 18% rise in Q2 domestic sales

- VIVEAT SUSAN PINTO

AS GOLD PRICES remain firm, Titan expects 50% of Tanishq sales to come from old gold exchange programmes this festive season.

On Tuesday, the price of gold touched a record %1,20,900 per 10 g, driven by robust global market conditions. Year-to-date, gold prices are up over 50%, hurting local demand.

Titan, the country’s largest jewellery retailer, reported an 18% rise in domestic sales in the September quarter, according to its business update released on Tuesday. This was slower than the 25% growth it saw in the same period last year. Jewellery sales grew 19% yo-y, driven in part by Tanishq’s old gold exchange offers, which began during Navratri. These offers will be on till the end of Diwali.