Titan Company expects that this year's sales will increase by more than 10% following the adoption by the Government of India of measures aimed at creating a more mature economy.
"The formalization of the economy bodes well for all divisions of the company, and thanks to a number of initiatives planned for the coming year, the company is optimistic about the high growth rate in the next year", - said Titan representatives this week.
In November last year the Prime Minister of India, Narendra Modi announced the demonetization policy, due to which 86% of cash out of circulation and overnight forced the economy to move to electronic banking and commerce. India has also introduced a new unified tax on goods and services, which received support from the jewelry industry.
Titan issued a positive outlook after the previously reported "exceptional" performance in the fiscal year that ended March 31.
Associated with the regulation of limitations and consequences jewelers nationwide strike to put pressure on sales in the first half, but the retailer was able to overcome the problems demonetization to show strong sales in the second half of the year, the company explained.
In the fourth fiscal quarter of jewelry sales reached a "new milestone", due to the launch of a line of jewelry with precious stones, and better-than-expected performance of the flagship jewelry brand Tanishq.
Retail Tanishq growth exceeded 40%, which is expected in the beginning of the quarter, said the Titan. The company plans to expand the brand in the next financial year, combining it with the Titan Gold Plus network, which will be closed and most of its 29 stores will be renamed Tanishq.
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The number of working hours and days for the staff of cutting and polishing companies in Botswana have been increased in order to increase productivity and ensure competition with Asian manufacturers of polished diamonds.
Although data on the increase in the working hours were not available, the number of working days has increased to 283.
The Minister of Minerals, Energy and Water Resources of Botswana Onkokame Kitts Mokaila (Onkokame Kitso Mokaila) noted that new plans to improve productivity have been recommended by a special commission convened to study the diamond industry and improve the stability of cutting and polishing sector.
"In July, the group of experts gave me a report, and we have already proceeded to implement some of the recommendations that are within our capabilities, - the minister said at a conference in Gaborone -. The Government has committed itself to help the diamond industry, so in the short and medium-term productivity issues can be solved by increasing the number of working days and hours, to match performance cutting and polishing sector, some Asian manufacturers. Thus, the number of workers days to grow from the current 212 to 283 in a year. "
At the peak of diamond production activity in Botswana, about 3,700 people worked in the sector.
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