Jewellery retail chain Tanishq has launched a new and bigger format jewellery store in Hyderabad and outlined plans to expand its retail network by another 20 stores this year.

The retail chain, part of Titan Company Ltd, currently operates 163 stores across the country with southern cities of Chennai, Hyderabad and Bangalore accounting for big volumes.

Sandeep Kulhalli, Senior Vice President-Retail and Marketing, Jewellery Division, Titan Company said, “There is growing preference among youngsters in particular for branded jewellery. Modern jewellery retailing is all about providing customers with shopping experience with a world class retail ambience, personal interaction and quality products.”

South India is a big market for gold jewellery and Tamil Nadu alone accounts for about 40 per cent of the total gold jewellery business in the country, Sandeep Kulhalli told Business Line .

The new showroom located in the posh Banjara Hills offers a wide repertoire of designs and provides customers jewellery purchase schemes like the Tanishq Golden Harvest Scheme and Swarnanidhi.

He said that the country’s jewellery market is estimated to be about ₹3,00,000 crore and is expected to grow little conservatively this year. Of this about 45-50 per cent of the sale is driven by wedding jewellery.

To cater to the large market in the Tier II and III cities, the company has attracted buyers there with Tanishq Gold Plus scheme.

Referring to Tanishq and jewellery business during the year, he said it expects to grow at double digit (20 per cent) this year over last year’s revenues of ₹8,000 crore. This growth would have been much higher but for the gold prices ruling about 3 per cent lower.

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