“Rate of growth has clearly come down in the last 6 8 months

Jewellery retailer Tanishq, part of Titan Industries charm necklace, expects its sales to grow at a slower 30% this year charm necklace, compared with around 40% growth it saw in FY12 as high gold prices have led to lower purchases.”Rate of growth has clearly come down in the last 6 8 months. There has been a decline in the rate of growth for us.According to data released by World Gold Council, demand for the yellow metal in India fell 19% in Jan March quarter, which also witnessed a three week strike by jewellers.”Demand in both the jewellery and investment sectors was affected as consumers and the trade sought to digest the implications of a change to the tax treatment of gold. Weakness and volatility in the rupee gold price added to the consumers’ reluctance to increase their volume purchases of gold,” WGC said in its report.It expects jewellery demand in India in the second quarter will also be slow due to high local prices and fewer auspicious days in the Hindu calender.Tanishq is India’s largest jewellery retailer and currently operates 137 stores in 80 cities.

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