Rising gold prices have led to increased interest among customers: Titan CEO
Sat July 13 2024
Rising gold prices have led to an increase in interest among customers for the yellow metal, said Ajoy Chawla, CEO- Jewellery Division of Titan Company Limited that sells gold and jewellery under the brand Tanishq
“In the first quarter, i.e. from April-June 2024, the gold prices have jumped 20 percent compared to the same period last year. In the short term, the customer may feel a little worried. But as the prices are increasing, the interest of customers in gold is rising simultaneously. We are seeing a lot of people interested in gold, as they are seeing the returns it is giving,” Chawla told media persons in Ahmedabad, Saturday.
“In the last five years, gold prices have more than doubled. If the last 10 years is taken into account, the CAGR of gold has been around 12 percent. This is as good as equity. So the interest in gold has gone up,” he explained.
When asked if the quantum of gold sold by Tanishq has reduced due to the skyrocketing prices, Chawla said.
“When we look from a sales perspective, we look at volumes as buyers, i.e. the number of customers... For us volume is buyers. We only measure how many buyers we got, what is the buyer growth we saw, how many new or old buyers came...Volumes do get affected in grammage. But it is not our look out.”
Source: https://www.thehindubusinessline.com