Brand margins may be affected due to offers on jewellery, says Senco Gold and Diamonds

However, despite this challenge, the brand is optimistic about its long-term plans and aims to open about 15-20 stores per year in the next one or two years

Senco Gold and Diamonds is currently working on certain strategies that could counter an imminent sales decline, and as part of this, it started a variety of special offers and discounts to customers. However, the company has cautioned that it will see its margins dropping in the forthcoming quarters.

Suvankar Sen, Chief Executive Officer, Senco Gold and Diamonds said that the company is actively working to counter an anticipated dip in sales. While these measures may affect the margin temporarily, they are part of a larger strategy to keep the business vibrant during leaner periods, he said.

“We are giving offers and schemes and various discounts to our customers, so that the interest to buy jewellery continues to remain. So, we don’t see too much of a growth in margins,” he explained.

Touching upon the anticipated challenges in the upcoming quarter, Sen stated, “Q2 will be a softer quarter. We don’t have too many weddings, the same time the festive season is not there, people wait for the monsoon to be good one for Q2 so that we see the results in Q3.”

However, Sen remains optimistic and said, “Q2 growth may not be as robust as Q1. At the same time, we are hopeful that in Q3, the sentiment looks positive due to the festive season”.

When asked about the company’s long-term vision, Sen was confident in his response. “The growth will be in the range of 15-20%,” he said.

Senco Gold and Diamonds is also actively expanding its retail footprint. Sen disclosed, “The next coming one-two years, the number of stores that we would like to open would be in the range of 15-20 per year.”

Elaborating on the choice of Eastern and Northern India, Sen explained, “Our focus has always been in Eastern India and Northern India”.

Courtesy: cnbctv18.com