Titan Industries Ltd will unveil a standard gold price across all its Tanishq showrooms in about a month from now, in a bid to control price fluctuations in different parts of the country.
The standard price would be binding on Tanishq showrooms in any part of the country and would go under a name bearing the Tanishq identity.
The company is in negotiations with leading banks to work out the best possible system to arrive at the standard price which would be subject to review every 24-hours. Vasant Nangia, vice president-jewellery, told Business Standard here yesterday, "We are in negotiations with most of the leading banks. A decision would be any day on who to go with. We hope to be able to introduce the standard price in a month. It would basically work pretty much like a maximum retail price (MRP) on that particular day."
Nangia was in Calcutta for the opening of Tanishq's 31st showroom, which would cater to the market in the eastern and northern part of the city.
About the gold price, Nangia further said, there are a lot of logistical issues to be resolved before the price is introduced. One of the important issues to be addressed is that varying sales taxes across different states.
Once the standard price comes into vogue, Titan would release its on a daily basis to the public through the media. "We already have a kind of standard pricing in place, but this would represent a formalisation of that system to the public", said Nangia.
The company is also working on plans to enhance its presence in overseas markets and is particularly looking to develop markets in neighbouring countries, which have of late evinced increased interest in the Tanishq designs. Sri Lanka, Nepal and the Middle East are some of the markets being focussed on.
The company is looking at a 100 per cent growth in turnover in branded jewellery for the current financial year. There has also been a thrust in the domestic market with significant ramp-ups in marketing and distribution.
The next year would also be a continuation of brand building on the national and local level, with plans to step up local promotions. In the immediate future, the company would be launching a wedding campaign at the national level.
