Senco Gold to Open 18-20 New Stores, Targets 20% Revenue Growth

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Senco Gold and Diamonds is planning to open 18 to 20 new stores, aiming for up to 20% growth in revenue. The expansion plan includes 10 to 12 company-owned stores and 8 to 10 franchise outlets.

Senco Gold and Diamonds Expansion News Today

Senco Gold and Diamonds, a renowned jewellery retailer, has announced plans to open 18-20 new stores this year. This expansion will include 10-12 company-owned locations and 8-10 franchise outlets. The company's strategy aims to enhance its market presence and cater to a growing customer base.

Revenue Growth Target

The company is targeting an impressive revenue growth of 18-20%. Suvankar Sen, the Managing Director and CEO, emphasised that the stabilisation of gold prices following the resolution of election uncertainties will boost buying activities in the second quarter.

Explore:Senco Gold Limited Share Price

New Store in Dubai

In addition to its domestic expansion, Senco Gold and Diamonds has ventured into the international market by opening a store in Dubai. This move aims to reach not only the Indian and subcontinental diaspora but also to introduce Kolkata handcrafted jewellery to a broader audience appreciating Indian handmade jewellery.

Old Gold Exchange Program

Senco Gold and Diamonds has witnessed a significant increase in contributions from its old gold exchange scheme. Currently, 60-70% of the gold received under this program comes from non-Senco customers. Over the past two years, the contribution from this scheme has risen to 25-30% of total sales, up from the previous 20-22%.

Market Trends and Strategies

Sen noted that natural diamond prices have been under pressure in recent months. Despite this, he believes the natural diamond market and lab-grown diamonds (LGD) market will coexist. Currently, diamond jewellery constitutes about 15-20% of the overall jewellery sector.

Focus on 14-carat and 18-carat Jewellery

With rising gold prices and increasing demand from the younger generation, Senco Gold and Diamonds is focusing on 14-carat and 18-carat jewellery, anticipating a positive growth trajectory for these segments. Sen highlighted that these types of jewellery, especially those incorporating stones and diamonds, are expected to grow more than plain gold jewellery.

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