27 September 2018 meet in May 2017, TTAN guided for 20% revenue growth in its Jewelry (Tanishq) business over FY17-22. TTAN has been the biggest beneficiary of the shift from unorganized to organized trade and the only material beneficiary of GST so far. Moreover, the series of measures taken by the government over the past three years to curb black money in the system is haunting unorganized players is a big way, creating a level-playing field and providing immense growth opportunities for organized players (among which, TTAN is the largest and the most trusted brand). The benefits from the shift away from unorganized trade will continue coming TTANs way in the coming years, in our view. jewelry in recent years (market size of INR1.5t v/s TTANs earlier core adornment market size of INR0.5t opening up an INR2t opportunity for the company); the target is to increase wedding jewelrys share to 50% of its jewelry sales from 35% in FY18.