Tanishq rediscovers the shine of platinum
May 17 2010 , Chennai
Around 250 platinum jewellery designs are being launched in select stores in a phased manner. In the first phase, the new collections will be launched in 11 stores. By the end of the year, 25 to 30 more stores will have them. Next year, the platinum jewellery will be launched in large town stores too.
“Thirty per cent of the new collection will be plain jewellery and the rest diamond-studded ones,” Sandeep Kulhalli, VP, retail and marketing, Tanishq, told Financial Chronicle over phone. “We will be investing around Rs 10 crore on the inventories, which will be procured from vendors,” he said.
Tanishq has also aligned itself with Platinum Guild India, the trade body that promotes platinum sales in India. According to the Platinum Guild, the white metal sales have been registering year-on-year growth of 30-40 per cent.
“Unlike soaring gold prices, platinum prices are less volatile. Most jewellers now provide buy-back guarantee and purity assurance which increases the metal’s resale value,” said Rajesh Rajendran, trade manager (south) of Platinum Guild India
According to Kulhalli, the jewellery market in India is now mature enough for platinum. “Though we launched platinum jewellery in 2004, sales went on declining every year and we almost withdrew the collections. There was some leftover stock in a few stores,” he said.
The jewellery chain that clocked an annual turnover of Rs 3,600 crore last year, however, has not set a sales target for the white metal this year.