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First we wish to know a bit about SENCO jewelers – its history, current share in the market where you have presence and about your expansion plan.

SENCO Gold and Diamond is Looking to Expand its Reach across the Country

 

Shankar Sen, MD, Senco Gold and Diamond, speaks about company’s plan to reach more customers across the country. He also speaks about why India needs a comprehensive gold policy to sustain growth across the value chain. Excerpts…

·         First we wish to know a bit about SENCO jewelers – its history, current share in the market where you have presence and about your expansion plan.

History

Senco Gold and Diamonds is a company with more than 80 years of legacy. It was found in Dacca , now in Bangladesh in 1938, by late Sri M.C Sen, who started it as Senco Jewellers. After M.C Sen the company passed on to his sons. His fourth son, Mr Prabhat Chand Sen, started his own store in Bowbazar, and gradually made way for 2 more branches. In 1979, his son, Mr Shankar Sen, stepped in, and helped the family business to grow.

With over 35 years of experience in the industry, Mr Shaankar Sen became a pioneer in the business, and created the brand Senco Gold. As a pioneer and visionary, he initiated the franchisee model along with company owned store to reach out to more customers and then began company’s journey towards growth. Under his leadership, Senco Gold began the golden journey for all their stakeholders.

After finishing his MBA from IMT Ghaziabad in 2007, Suvankar Sen (Son of Shaankar Sen) joined the family business. With Shankar Sen’s experience and Suvankar’s youthful disposition, the company experienced sustained growth. In the last decade, Senco Gold and Diamonds has left a lasting impression in the minds of young consumers along with their old loyalists. What used to be 3 stores has expanded to over 87 booming showrooms across India comprising of 14 states and 2000 work force. Today, it is one of the fastest growing jewellery companies in India.

PRESENCE

The company spans across Bengal with its head quarter in Kolkata, and covers a pan-India customer base. Besides conducting business with retail stores in Delhi NCR, Mumbai, Bengaluru, Bihar, Orissa, Jharkhand, Assam, UP, MP, and Raipur, Senco Gold & Diamonds exports gold and diamond jewellery to the Middle East, Singapore, UK, and the USA. 

FUTURE PALN

 

Senco Gold & Diamonds is looking to tap the capital market through an IPO.

 

Senco Gold has 87 stores that include both company-owned and franchisee outlets.

It plans to add 70 stores in the next two - three years.

 

 

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In whole of eastern India, Senco has probably the largest market share in jewellery among all the other branded jewellery.

 

·         SENCO was primarily a regional brand. What prompted you to think that it is time for expansion and today, SENCO has pan India presence.

Senco Gold has always aspired to be a national brand. Being a regional brand with 80 years of legacy when the brand won the trust of people, that is when the brand thought of spreading its wings. We wanted to be present in all the metropolitan cities along with tier 2 and 3 cities.

·         Jewellery merchandising is changing perhaps. You have created Begam Jaan collection and Tanishq is launching ‘Padmavati’ with Sanjay Leela Bhansali film. Tell us how customers get attracted to this kind of branding.

Bollywood has always had an influence on the people. People get aspiration from these kinds of collections and likes flaunting it. And specially when a movie is woman centric and the jewellery related to it captures the essence of power.

·         What is the scope of jewellery to be sold through digital means in India?

The jewellery sector is based on touch and feel factor. People will prefer to see the jewellery, wear and see how it looks and then buy it. And another crucial factor is trust. The premium they are paying for the jewellery should be worth it. The above factors are not applicable when it comes to online buying of jewellery. But time is changing. People are buying jewellery online but they go for costume, junk, silver and light weight jewellery which has a Low or medium ticket size . As technology and also the logistics of different online market are changing and it’s becoming more trustworthy, there is a chance that consumers will also buy heavy diamond and gold jewellery in future.

 

But keeping in mind the mindset of people when it comes Jewellery now we feel it’s only the light weight sector of jewellery which has a scope to be sold online.

·         Do you think India needs a comprehensive jewellery policy so that not only the trade competitiveness improves but also it will create opportunity for bigger livelihood? 

Yes. Size of business in Gems & Jewellery Industry is about 3.5 lac crore but the source of raw material like Gold and Silver are imported from abroad.

Comprehensive jewellery policy is required to maintain a smooth flow of sale in the industry. Gold price keeps changing and 80% of the revenue comes from gold jewellery.

Disclaimer: Views are personal and not the views of the publisher.