Tanishq, the jewellery arm of Titan, sees the share of the Golden Harvest, a jewellery purchase scheme run by the company, in total revenues falling in the coming years.

According to CK Venkataraman, Chief Executive Officer – Jewellery, Titan, the contribution from the scheme (to the company’s turnover) is expected to be down to 10 per cent from the earlier 30 per cent.

“The scheme has been contributing a little under 30 per cent of our jewellery sales. But with the net worth cap that the government has brought in, the scheme would certainly contribute less, may be around 10 per cent,” he said during the re-launch of one of its showrooms here.

The scheme was re-launched under stricter rules in November 2014. Titan as well as other jewellery companies had to withdraw such schemes after they were categorised as deposit-taking ones.

According to the CEO, the jewellery purchase scheme would start getting converted into sales only in October onwards. “The result of the (re-launched) scheme would come a year later as people are now enrolling and would redeem only after they complete their term in October. But despite the current constraints, the scheme is doing well,” he said.

“Sales, in the context of the gold harvest scheme’s lesser contribution, will be challenging,” Venkataraman added. To push sales, Tanishq has also started focusing on advertisements with Deepike Padukone as its brand ambassador.

This fiscal, Tanishq is planning to add 30 standalone stores and 15 for Mia, a light jewellery brand for working women.

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