Good news from India: Titan Industries has reported a 50% increase year-on-year in its jewelry sales in the first quarter. According to Rough & Polished, the company also “said it expects to benefit from the country’s new GST regime”.
The strong sales by Titan’s jewelry division Tanishq is partly attributed to weak sales in March and April of 2016, when there was a nationwide jewellers’ strike. Additionally, the company stated that Tanishq also operated a “very successful” gold-exchange program in June this year. This program resulted in “strong overall improvement” during the month.
According to Titan, “the new Goods and Services Tax (GST) should not create any disruption in sales [or in] gold exchange”.
