Platinum’s rare nature gives it additional value and appeal

Huw Daniel is the CEO of Platinum Guild International, overseeing market development activities in China, Japan, India and the USA, on behalf of the platinum producers of South Africa. Before taking up this role in 2015, Huw ran PGI USA for 12 years...

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Marco Carniello: We want to continue to be the engine boosting the jewellery industry

Italian Exhibition Group (IEG) is a leader in Italy in the organisation of trade fairs and one of the main operators in the trade fair and conference sector at European level, with structures in Rimini and Vicenza, as well as further sites in...

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There is a significant need for smart and technological financial solutions in the diamond industry

MDPS, the Israeli start-up Fintech company from the Mazalit Group is gearing up to enter the diamond industry soon. Zeev Maimon, the CEO of MDPS is also the Founder / CEO of MAZALIT, a B2B payment platform designed and dedicated to the global diamond...

30 august 2021

The future for synthetics lies in that it has become possible to grow a stone you want and make what you want out of it

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23 august 2021

De Beers’ GemFair ropes in more than 160 Sierra Leone artisanal miners

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16 august 2021

Titan Industries Sales, Profits +9% in 1Q

02 august 2012

Titan Industries, which owns the Tanishq brand, said that sales fell below ‎expectations in its first fiscal-quarter as India’s weak economic environment weighed ‎on the retail industry, Rapaport reported.
The company reported that net sales grew 9 percent year on year ‎to $397 million (INR ‎‎22.06 billion) during the three months that ended on June 30, 2012, ‎while net profit rose 9 percent to $28.1 million (INR 1.56 billion). Total expenses increased by 9 percent to $361.1 million (INR 20.06 billion).
‎“The first quarter has been disappointing by way of sales growth due to several factors ‎leading to a weak consumer sentiment,” said Bhaskar ‎Bhat, Titan’s managing director. ‎‎“Consumer response was good only to discount offers thereby impacting margins, ‎especially in watches and eyewear.”‎
Bhat added that high inflation, a weak rupee and lower rainfall totals during the monsoon ‎season are likely to have an adverse impact on the company’s targeted growth. He ‎stressed that Titan would maintain its investments in building the brand, expanding its retail network and launching new product lines.
The company reported that jewelry sales, including those from its flagship Tanishq brand, ‎rose 8 ‎percent to $319.6 million (INR 17.8 billion). Watch sales increased 14 percent to ‎‎$64.9 million ‎‎(INR 3.61 billion), while sales at its other businesses, comprised of eyewear, ‎precision engineering and accessories, grew 16 percent to $16.1 million (INR 896.2 ‎million).
Titan explained that growth at its jewelry division was further affected by high gold prices ‎as the yellow metal hit a peak price in rupee of INR 3,067 per gram during the quarter. ‎Fewer number of wedding dates during the quarter also hurt watches and jewelry sales.
The ‎company opened 20 stores during the quarter to end the period with a network of 847 ‎stores across its watch, jewelry and eyewear product divisions.