Saturday

30


October , 2021
Titan company Limited
14:30 pm

Nandini Dasgupta


Company Profile 

Titan Company Limited is an Indian luxury products company that mainly produces lifestyle accessories like watches, jewellery and eyewear. A Tata Group concern, it was started as a joint venture with Tamil Nadu Industrial Development Corporation, Hosur, Tamil Nadu by 27.88% of share holding .The company started its operations in 1984 under the name Titan Watches Limited. In 1994, Titan expanded into jewellery with Tanishq and afterwards into eyewear with Titan Eyeplus. In 2005, it launched its early life fashion accessories variety Fastrack. As of 2019, Titan is the fifth-largest watch maker

in the world and the largest branded jewellery manufacturer in India, with more than 80 percent of its total incomes coming from the jewellery segment. Titan Company spends at least 2% (approximately) of its average net profits of the previous three financial years for its Corporate Social Responsibility activities.

Jewellery Industry in India

As of February 2021, India’s gold and diamond trade contributed 7.5% to India’s Gross Domestic Product and 14% to India’s total stock exports (approximately).  The Government declared gems and jewellery sector as a focus area for export promotion because of its prospective for growth and worth addition.  The Government has allowed 100% FDI

in the sector under the automatic route, wherein the foreign investor or the Indian company do not necessitate any previous sanction from the Reserve Bank or Government of India. In FY21, exports of gems & jewellery stood at US$ 25.30 billion (approximately). In FY22 (until June), India exported gems & jewellery worth US$ 7.41

billion (approximately). Development in exports is mainly due to revived import request in the US and completion of instructions received by numerous Indian exhibitors during the virtual buyer-seller meets conducted by Gem and Jewellery Export Promotion Council.  Indian Government made hallmarking mandatory for Gold Jewellery and Artefacts. In the future years, online sales will probably account for 1–2% of the fine jewellery section

The government has reduced import duty for Gold & Silver from 12.5% to 7.5% approximately to bring down the prices of valuable metals in the resident market.  The relaxation of restrictions of gold import is likely to provide a boost to the industry. The reintroduction of low-cost gold loans and probable steadying of gold prices at lower levels is expected to increase volume growth for the sector. 

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