In a tete-a-tete with Sandeep Kulhalli, Senior Vice President - Jewellery Division, Titan Company Limited, as he shares his views about the jewellery industry in India.
How do you see the jewellery industry shaping up in India?
The jewellery industry has got a lot of visibility over the years because of many regional players turning into national players. Also, a lot of big names are getting associated with brands as their brand ambassadors.
It is a very big industry and there is a lot of movement happening thesedays. But at the same time, a lot of consolidation is happening in the industry as small players are merging with big ones, As a result, the level of competition has increased. Besides, Tanishq has created a niche for itself in the industry.
Earlier people use to see diamond jewellery as a thing of luxury, have you witnessed any significant change in consumer behavior in present times?
No, I haven’t observed any dramatic changes. But yes, the customers are appreciating design differentiation. They are willing to look at the fineness of jewellery. I believe that nowadays, customers are moving towards contemporariness of fine jewellery.
Inspite having your own website, do you plan to tie up with some other online retailers?
We have our own website. But as of now, Tanshiq is not in the marketplace and we don't believe that its a brand that needs to be at the marketplace. Besides, customers don't buy online jewellery, as much as they buy fashion categories like apparel, watches. I believe that fine jewellery is not bought online, but yes, it is searched online. Customers actively engage a lot with our brands online, hence, we give them ample information about our products.
Do you think online provides an extra consumer conversion?
No, I don’t think so. But yes, it gives more information about the brand. Tanishq is a recognised brand and is among the top few search categories for fine jewellery. Thus, we are actively sharing information on our digital space and provide information about brands, products and policy.
Who do you think are the consumers who buy jewellery online?
We have our own e-commerce website and we are building it gradually because the customer who buys jewellery online is very different. He doesn’t buy fine jewellery online, rather he looks for items in the range of Rs 10,000 - Rs 20,000 for gifting.
What are your expansion plans?
We have just launched the new Farah Khan collection, which would will be available across 20 Tanishq stores in India. Besides, we have plans to open 17 stores by the end of this year in India.