quote of the month

The re-launched Golden Harvest Scheme to contribute around 10 per cent in sales this year: CK Venkataraman, Chief Executive Officer – Jewellery, Titan (Tanishq)

Tanishq, the jewellery arm of Titan, believes that newly launched Golden Harvest Scheme will lower the total revenues of the company in near future. CK Venkataraman, Chief  Chief Executive Officer – Jewellery, Titan (Tanishq) told the Hindu BusinessLine that 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. He says, “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. 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. However, 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. Sales, in the context of the gold harvest scheme’s lesser contribution, will be challenging.”