Tanishq, one of the largest and fastest jewellery brands in India has launched a new promotional offer- “Get Gold free with Diamonds” across all its stores in India. As per the offer, On every purchase of jewellery worth Rs 5000 and above, customers would be entitled to win atleast one 22 kt half gram gold coin absolutely free. Thereafter, on every purchase worth Rs 10,000, the customer is entitled to win a one gram gold coin. Tanishq is the jewellery business group of Titan Industries, promoted by TATA group.
With the increasing gold prices, one of the best alternatives is considered is to purchase diamond jewellery.
“The promotional offer has been designed to provide our customers with significantly enhanced value, at a time when she needs it most. Get Gold free with Diamonds caters to the aspirations of the Indian woman, by providing an opportunity to own diamond jewellery and at the same time win gold, which today is a huge investment,” said Harish Bhat, chief operating officer, Tanishq.
He further added,“We are trying to give our customers multiple options, amidst the ascending gold prices, by presenting a wide variety of diamond collections to them to enable purchases”.
The promotional offer that will be on for 2-4 weeks from now is the first of its kind single largest offer ever made by any brand in India. For the current season, Tanishq has 2000 designs on offer.
India is the largest consumer of gold in the world. Its diamond consumption, as per a Diamond Trading Corporation survey in 2002, showed a 26 per cent rise over the previous year. The total jewellery market in India alone is estimated to be Rs 60,000 crore with the diamond jewellery accounting for about Rs 8,000 crore.
Of this, the branded diamond jewellery market is estimated to be only around Rs 700 crore, and has growing at about 16 per cent per annum for the past three years. Tanishq being the first mover in to this segment captures a 70 per cent market share. Tanishq is hoping to clock revenues to the tune of Rs 450-500 crore this year.
“The branded jewellery market is spurred by Tanishq and with the entry of the international brands and other Indian brands, this market is only further going to see healthy competition,” said Bhat.
For the new promotional offer, the company is also launching a new television commercial (TVC) which will go on air on January 23, 2004. Simultaneously, advertisements will go up in print, and outdoor. The ad-spend by the company for this promotional offer is understood to be in the range of Rs 70-80 lakh. On an average annually, the ad-spend for Tanishq is 3-4 per cent of its business turnover.
The company currently has 66 exclusive Tanishq boutiques and is looking forward to expand this to 75 stores within the next two years. Recently, Tanishq opened its stores in Baroda, Rajkot, Gwalior and Bhopal and is looking at similar set of cities in the future.