Titan Company plans to export its gold jewellery to global retailers like Dubai’s Damas and Mustafa in Singapore, reports say. The company is a major entity in lifestyle and jewellery segment.
The company previously had dimmed its gold export business owing to growth in domestic market and thin margins in exports, reports add. But this step to export to global majors follows the gold import norms of 80:20 set by the Reserve Bank of India, requiring retailers/merchants to re-export 20 percent of their gold imports prior to placing new orders. Along with this, the rise in gold import duty has caused demand to weaken in the domestic market.
Tanishq jewellery, the retail jewellery brand from Titan will be exported to global markets. This will include both gold and diamond jewellery, as per reports.