Despite rise in gold prices customers looking to buy gold, says Tanishq CEO

Despite a rise in gold prices, customers are keen on buying gold jewellery, said Tanishq chief executive officer Ajoy Chawla on October 5.

“Gold prices were high, at least until August, but still saw that there was continuous interest in gold,” said Chawla, CEO, Jewellery Division, Titan at a virtual event to launch its festive season collection Ekatvam.

Tanishq is the jewellery division of Titan.

He also said consumers who were fearing that gold prices may rise further were locking down their planned purchases.

“Many of them (customers) were buying for future events, not just the festival, but also for weddings.  We believe, they wanted to lock-in in a way a certain gold rate by picking up some amount of gold, some of it was done in the form of jewellery, some in the form of gold bullion and some through buying gold coins," he said.

In August, 2020, gold prices had touched a high of about Rs 56,200 per 10 gram.

Gold prices rose by Rs 85 to Rs 50,498 per 10 gram in the Mumbai retail market on rupee depreciation and tepid global cues on October 5.

The rate of 10 gram 22-carat gold in Mumbai was Rs 46,256 plus 3 percent GST, while 24-carat 10 gram was Rs 50,498 plus GST. The 18-carat gold quoted at Rs 37,874 plus GST in the retail market.

New Launch

With festive season inching closer, Tanishq, a jewellery brand owned by Tata, launched the festive season collection called ‘Ekatvam’.

According to the company, the collection is inspired by the theme of ‘Oneness’ as the ornament is intricately knitted into one collection.

The collection will feature 15 different art forms, bound together as one masterpiece in each piece of jewellery.

The collection features designs Karigari techniques like Nakkashi, Rawa work, Kit-Kita work and Chandak layering.