National News
GJEPC Trade Meet Addresses US Reciprocal Tariff Challenges
GJEPC convened an exclusive trade meet in hybrid mode on 6th October at Bharat Diamond Bourse (BDB) to address the mounting challenges faced by India’s gems and jewellery industry due to US reciprocal tariffs and explore legal pathways to mitigate their impact.
In his keynote address, Kirit Bhansali, Chairman, GJEPC, outlined the current state of affairs and potential solutions during these uncertain times. The meet, which was attended online and in-person by over 200 participants, highlighted worrying US export figures. India’s gems and jewellery exports to the US dropped by 34.39% during April-August 2025 compared to the same period last year, falling from $3.9 billion to $2.56 billion. Natural cut and polished diamonds were hit hardest, with exports plummeting by nearly 51% in value terms and 35% in volume.
Meanwhile, overall exports to the world grew marginally by 2.93%, with significant increases to the UAE (60.79%), Hong Kong (16.14%), and the Netherlands (69.25%).
Sabyasachi Ray, Executive Director, GJEPC, outlined the Council’s diplomatic efforts since the tariff announcement. Working closely with international entities including De Beers, WFDB, and WDC, GJEPC has lobbied for diamonds and gemstones to be recognised as raw materials – similar to gold, silver, and platinum. This advocacy bore fruit on 5th September when diamonds were included in Annex III of the US reciprocal tariff framework, making them potentially eligible for duty-free treatment with “aligned partner” countries.
Supreme Kothari, Partner at Economic Laws Practice (ELP), presented legal strategies to reduce tariff impact, including leveraging US content exemptions, utilising Chapter 98 provisions for goods sent for foreign processing, and exploring opportunities in tariff-friendly jurisdictions like Mexico, Canada, and Singapore.
GJEPC has also submitted comprehensive relief proposals to various government ministries, including extending export obligation periods, allowing reverse job work in SEZs, banking relief measures, and support for affected workers through loan restructuring and health insurance coverage.
The Council continues to await a crucial ruling from US Customs and Border Protection (CBP) regarding whether jewellery manufactured from US-refined gold qualifies for the US content exemption, which could significantly reduce the tariff burden.
As negotiations for the India-US Bilateral Trade Agreement continue, the industry remains hopeful that relief measures will provide breathing room until a permanent solution emerges.
National News
Senco Gold & Diamonds Partners With Olocker to Give Customers Free Jewellery Insurance, Letting Precious Memories Be Worn, Not Hidden Away
A Customer-First Initiative Designed to Help People Wear Their Precious Memories with Confidence.
Senco Gold & Diamonds, one of India’s most trusted jewellery houses, has partnered with Olocker, India’s first dedicated jewellery insurance platform, to offer free jewellery insurance to its customers, protecting purchases against risks such as snatching, robbery, and housebreaking.
On the surface, it’s a simple value-add: buy jewellery from Senco, get it insured, at no extra cost. But the thinking behind it is more personal — the freedom to actually live with the things you love.
There is a quiet ritual that plays out in homes across India every wedding season, every anniversary. A piece of jewellery is bought with love, worn once or twice with pride — and then, almost apologetically, tucked away in a bank locker for “safekeeping.” The very thing meant to be cherished ends up spending most of its life in the dark.
A Locker Is No Place for a Memory
Ask any family that owns fine jewellery, and you’ll hear the same quiet anxiety: the fear of stepping out wearing something precious, the fear of a break-in while the house is empty. For many, the solution has always been the same — lock it away, take it out only for weddings and festivals, and let it sit untouched the rest of the year.
It’s a practical response to a real risk, but it also means jewellery bought to mark a marriage or a milestone ends up being seen far less than it deserves.
This is the exact problem Senco Gold & Diamonds’ Managing Director, Suvankar Sen,

has spoken about wanting to solve. Known for a customer-first philosophy that goes beyond transactions, Sen has often said jewellery should be something people live with, not something they merely own. “Jewellery is never just metal and stone,” Sen said, explaining the thinking behind the Olocker partnership. “It’s a wedding day, a mother’s blessing, a promise kept. When customers can’t step out wearing it, or can’t leave home without worrying about a break-in, something is broken in that experience. We wanted to fix that.”
That sentiment is the quiet engine behind this initiative. Rather than simply selling jewellery and stepping back, Senco has chosen to walk the extra mile — ensuring that once a customer takes a piece home, they can wear it freely and pass it down through generations, without the constant undercurrent of worry.
What the Partnership Actually Offers
Through this collaboration, Senco customers receive free jewellery insurance via Olocker on qualifying purchases, protecting against snatching, robbery, and housebreaking.
Olocker, India’s first digital platform dedicated to jewellery insurance and asset tracking, brings the technical and insurance backbone — while Senco brings its decades of trust, built since 1938, to make sure customers actually use it.
For a family that has just bought a piece for a wedding, this means peace of mind — wearing that necklace to a dinner without the nagging thought of “what if someone snatches it,” or “what if someone breaks in while we’re away.”
A Partnership Built on Shared Intent
The excitement isn’t one-sided. At Olocker, the partnership is seen as validation of the idea the platform was built on — that jewellery insurance should be a natural, everyday companion to ownership, not a niche afterthought.
“This is genuinely one of the most exciting collaborations we’ve been part of,” said Milind Shethia, Founder & Chief Marketing Officer at Olocker. “Our mission has been to help people wear their jewellery instead of locking it away, and partnering with a name as trusted as Senco brings that mission to millions of customers at once.
What’s heartening is Mr. Sen’s own approach — he didn’t look at it as a marketing tie-up, but as giving something back to people who’ve trusted Senco for generations. That kind of intent is rare, and it’s exactly the spirit we built Olocker around.”
That mutual sense of purpose is what gives this partnership its quiet credibility. It isn’t a scheme or a promotional hook, but two organisations agreeing on a simple, shared belief: jewellery should be lived in, not locked up.
A Bigger Idea About Ownership
There is a broader philosophy at play, one Suvankar Sen has championed throughout his tenure at Senco — that jewellery is an emotional asset as much as a financial one, and customers shouldn’t have to choose between enjoying it and protecting it.
This partnership feels less like a marketing initiative and more like a promise kept, reflecting a leadership style that measures success in something harder to quantify — how cared for a customer feels long after leaving the showroom.
As jewellery increasingly doubles as adornment and investment, initiatives like this one may well set a new benchmark for customer care in the industry.
Senco, through its partnership with Olocker, isn’t just insuring jewellery against snatching or a break-in — it’s giving people back the freedom to wear their memories, out loud, without fear.
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