Senco Gold & Diamonds plans to launch 20 new stores, and expects topline to grow by 20% in FY25

Demand for diamond jewellery was weak in the first three quarters of the year, but Q4 saw more customers buying 14-carat and 18-carat diamond jewellery, according to a statement made by the brand on media platform CNBC TV18

Mumbai: Leading jewellery retailer Senco Gold & Diamonds will open 20 new stores this year in line with its expansion plan, and expects its topline to grow by 20% in FY25, Suvankar Sen, MD and CEO of Senco Gold & Diamonds, said in the course of an interview with CNBC TV18.

The company hopes to maintain 20% growth every year, he said, anticipating strong demand during the wedding season. While the 9% reduction in gold import duty provided relief to consumers, it had a temporary impact on Senco’s profitability in Q2 and Q3, Sen said, but added that margins were expected to stabilize in Q4.

Demand for diamond jewellery was weak in the first three quarters of the year as rising gold prices affected buyers, but Q4 saw more customers buying 14-carat and 18-carat diamond jewellery, according to Sen.

The company has also launched dedicated lab-grown diamond jewellery stores under its brand Sennes. “Lab-grown diamonds are creating their own market, but it will take some time, maybe a year or two, to really start giving returns. The shift from gold jewellery to diamond jewellery will be happening very drastically in the small ticket size segment, because that is where the daily wear, everyday wear is coming in,” Sen told CNBC TV18.

He also said silver sales have outpaced gold and diamonds in volume and value, as consumers increasingly consider it for gifting, investments, and home décor.

Senco Gold & Diamonds is a brand under Senco Gold Limited, which has a legacy of 85 years in the jewellery industry. The company was incorporated as Senco Gold Private Limited in 1994. It was converted to a public limited company in August 2007 with the name Senco Gold Limited. It launched an IPO and became a listed company in July 2023. It has 174 stores across 16 States in India, with a presence in West Bengal, Odisha, New Delhi, Uttar Pradesh, Karnataka, Bihar, Maharashtra, Tripura, Assam, Sikkim, Uttarakhand, Jharkhand, Madhya Pradesh, Haryana, Telangana and Chhattisgarh.

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