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SEEPZ jewellery exporters want govt nod  to manufacture for the domestic market amid  job loss fears

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Jewellery exporters at SEEPZ in Mumbai have requested government permission to manufacture jewellery for the domestic market, anticipating job losses due to forthcoming US tariffs. The US’s reciprocal tariffs could severely impact India’s jewellery exports. Industry leaders suggest reducing import duties on US gold jewellery or permitting domestic production to safeguard jobs and sustain the sector.

Jewellery units at SEEPZ, numbering around 200, employ 50,000 permanent and a similar number of contract workers.SEEPZ-SEZ has the largest concentration of manufacturers in India for diamond-studded precious metal jewellery.

Currently, India imposes a 20% import duty on US gold jewellery, significantly higher than the 5.5-7.0% tariff levied by the US on Indian gold jewellery. Similarly, India enforces a 5% duty on cut and polished diamonds, whereas the US imposes none. Under the proposed reciprocal measures, Washington may escalate tariffs on these Indian exports, rendering them less competitive in the US market.

The impending implementation of reciprocal tariffs by the United States on Indian jewellery exports has raised significant concerns within the industry. Given that SEEPZ accounts for jewellery exports worth ₹28,000 crore annually, with 85% directed to the US, these tariffs pose a considerable threat to employment and industry sustainability.

“The government has told us that it is under consideration,” said Adil Kotwal, president of the SEEPZ Gems & Jewellery Manufacturers Association. The government will have to issue a notification to change the special economic zone (SEZ) status for the jewellery units there to sell in the domestic market, he said. “All our units are compliant according to international standards. So, if we get the bullion and diamonds for the domestic units, we can produce quality jewellery,” Kotwal said.

The jewellery export industry in India is at a critical juncture. The imposition of reciprocal US tariffs demands proactive policy measures to safeguard employment and industry viability. By either reducing import duties on US jewellery or permitting domestic sales from SEEPZ, the Indian government can provide crucial support to exporters. In the face of evolving global trade dynamics, strategic policy interventions and adaptive industry responses will be key to ensuring the resilience of India’s jewellery sector.

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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.

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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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