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business | IST

Tanishq to launch digital gold; Titan to benefit from hallmarking, says CFO Ashok Sonthalia

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Tanishq is launching digital gold. While explaining the rationale behind it, Ashok Sonthalia, chief financial officer at Titan, said, "Digital gold was one of the ways consumers wanted to lock-in the gold price. So, we decided to experiment with it."

Tanishq is launching digital gold. While explaining the rationale behind it, Ashok Sonthalia, chief financial officer at Titan, said, "Digital gold was one of the ways consumers wanted to lock-in the gold price. So, we decided to experiment with it."
We (Titan) have been preparing for gold hallmarking for a long time now, without expecting any extension from the government, he said.
“The whole HUID process is creating some teething trouble, due to which supply chain has gotten elongated by 5-7 days and that means, you have to have more inventory to that extent. But other than that, Tanishq is going to be fine on hallmarking and we believe that these teething issues will also be sorted out as we go,” he said.
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The recovery has been pretty good post the second wave of COVID-19. “Everyone in the organised sector is doing well, Tanishq is also doing well,” he noted.
According to him, the shift from unorganised to organised was a slightly longer-term story, but some of the elements have given an impetus and to that extent, organised sector is gaining from the unorganised sector and Tanishq is also benefitting.
Tanishq jewellery and eyewear are in the growth phase. “The stores are still not fully operational. The store capacity is still between 80 percent and 90 percent. Jewellery and eyewear are on growth trajectory. Physical stores are operating at a slightly less capacity, but digital and omni have supplemented to some extent,” he explained.
Stores are not going to lose their importance and Titan plans to be very aggressive there also, he said.
For the full interview, watch the accompanying video.