National News
Senco is gearing up for significant growth; plans to open 20 new stores this year
Senco Gold & Diamonds, one of India’s leading jewelry retailers, is gearing up for significant growth in the fiscal year 2025. The company has announced plans to open 20 new stores this year, aiming for a 20% increase in its topline revenue. This expansion is part of its broader strategy to maintain consistent annual growth while catering to rising consumer demand.These details were provided by Suvankar Sen, MD and CEO of Senco Gold & Diamonds, during an interview with CNBC TV18.
The company experienced a challenging start to FY25, with weak demand for diamond jewelry during the first three quarters due to high gold prices. However, the fourth quarter saw a revival, with increased sales of 14-carat and 18-carat diamond jewelry. Senco Gold also noted that silver sales outpaced both gold and diamonds in volume and value, as consumers increasingly view silver as an investment and gifting option.
Senco Gold has embraced innovation by launching dedicated lab-grown diamond jewelry stores under its sub-brand “Sennes.” According to Suvankar Sen, Managing Director and CEO of the company, lab-grown diamonds are gradually carving out their own market. The company expects these products to gain traction within the next two years, especially in the small-ticket segment catering to everyday wear.
The reduction in gold import duties by 9% provided temporary relief to customers but affected Senco’s profitability in Q2 and Q3. Despite this, the company expects profit margins to stabilize by the end of FY25.
In addition to domestic growth, Senco Gold has ventured into international markets by opening a store in Dubai. This move aligns with its strategy to cater not only to Indian expatriates but also to global consumers who appreciate handcrafted Indian jewelry. The company is also diversifying its product portfolio under the Sennes brand by introducing luxury lifestyle products such as leather bags.
Future Outlook
Suvankar Sen remains optimistic about the future, citing strong demand during wedding seasons and evolving consumer preferences for lightweight, versatile jewelry. The company is also focusing on digital services like virtual try-ons and personalized designs to appeal to younger, tech-savvy customers.
National News
MCX Gold Futures Trade Near ₹1.42 Lakh Amid Dollar Strength and Fed Rate Cues
Persistent Inflation Concerns and Hawkish Policy Cues From The US Federal Reserve Continue To Weigh On Non-Yielding Bullion.
Multi Commodity Exchange (MCX) gold futures for the December contract traded in the range of Rs 1,42,324 to Rs 1,43,150 per 10 grams, reflecting recent market pressure driven by a stronger US dollar and expectations of high-for-longer interest rates from the US Federal Reserve.
Key Market Highlights
MCX December Gold Futures: ~Rs 1,42,324 – Rs 1,43,150 per 10 gramsMCX Benchmark (Previous Close Range): ~Rs 1,44,100 per 10 grams. Domestic Physical Rates: Rs 1,43,290 per 10g (24K) | Rs 1,31,350 per 10g (22K).
COMEX Gold (International Reference): ~$4,068.70 per ounce
Market Drivers
US Fed Rate Outlook: Persistent inflation concerns and hawkish policy cues from the US Federal Reserve continue to weigh on non-yielding bullion.
Firm US Dollar: A strengthening US dollar has increased the cost of dollar-denominated gold across global and domestic markets.
Festive Domestic Demand: Local buying ahead of Dhanteras and the festive season continues to provide intermittent support, cushioning broader price pullbacks.
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