Tanishq, the jewellery brand of the Tata group, said that it is keen on further developing its presence into the luxury market especially as the demand for high-end jewellery is scaling up. For this, it intends to set up luxury stores that would deliver high-end studded and diamond jewellery across specialty stores in India. To begin with, it is setting up pilot stores across five such malls in the country, according to a report in the Economic Times.

Currently, Tanishq generates 30% of its revenues through sale of diamond jewellery. Titan Industries’ vice-president (retail and marketing) V Govind Raj said that “We are looking at high-end stores which will be bigger and more lavish. It will be a whole new experience for consumers looking at expensive jewellery.” Industry analysts have opined that India’s diamond jewellery sector alone is valued at Rs 10,000 crore with 70% of it catering to the elite. The report mentioned that diamond jewellery as a luxury product faced competition from clothing, timewear, digital accessories, clothing, cosmetic and skin care.

Balancing both the ends of the scale, Tanishq’s high-end stores will tap the potential of luxury retailing, while its other retail format Gold Plus would look into the lower-end. Tanishq is expected to generate a revenue of Rs 2,000 crore by year-end and have a presence of 110 outlets across India.