National News
Gold duty cut spurs official imports, curbs unofficial channels: ICRA
India’s gold import dynamics saw a shift in FY2025 following a sharp reduction in import duty from 15% to 6%, effective July 24, 2024. According to a report released by ICRA, official gold bullion imports rose by 8% during the year despite flat overall demand at 782 tonnes, compared to 774 tonnes in FY2024. This suggests a decline in unofficial gold inflows.
The import duty rate cut on gold from 15 per cent to 6 per cent has seemingly brought down unofficial gold imports, as evident from an increase in official gold bullion imports by 8 per cent in FY2025 despite the overall demand remaining flat (sales of 782 tonnes of gold jewellery/ bullion/ bars in FY2025 as against 774 tonnes in FY2024), according to a report released by ICRA today.
On the flip side, the sharp correction in prices after the duty cut resulted in short-term inventory loss, the rating agency said.
Duty action on gold has a considerable influence on the country’s current account position. Increasing import duties on gold can reduce gold imports and help lower the current account deficit, and vice versa.
The actions in the past largely involved revisions in import duty rates. With the introduction of the Goods and Services Tax (GST) in 2017, the overall duty/tax rate increased to 13 per cent from 12 per cent. Major action was undertaken in the Union Budget 2023, wherein the total customs duty was increased by 425 basis points. In the Union Budget 2025, total customs duty on the import of gold was reduced by 900 basis points (6 per cent from 15 per cent) with effect from July 24, 2024. For gold ore, the revised rate was 5.35 per cent (down from 14.35 per cent). The revised duty rates are the lowest in the past decade. Platinum and silver bars also witnessed a similar duty cut of 900 basis points to 6.4 per cent and 6.0 per cent, respectively.
The sharp reduction in import duty rates resulted in a decline in gold prices in the domestic market and, consequently, the landed cost. The demand of gold jewellery improved to some extent immediately after the duty cut due to reduced gold prices. However, gold prices continued to rise subsequently on the back of geo-political tensions and apprehension of tariff imposition by the US, partially offsetting the impact of the duty cut on gold prices, the ICRA report added.
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.
-
BrandBuzz1 day agoVBJ Unveils ‘The Bangle Beauties’ – A Grand Celebration Of 10,000+ Bangle Designs
-
JB Insights10 hours agoThe Role Of Hallmarking and Transparency In Strengthening Consumer Confidence
-
National News1 day agoSenco Gold & Diamonds Partners With Olocker to Give Customers Free Jewellery Insurance, Letting Precious Memories Be Worn, Not Hidden Away
-
National News1 day agoDeepa Jewellers IPO Subscribed 43x

