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
Gold and Silver Surge On U.S. Treasury Debt Buybacks
Front-Month Gold Futures Traded Higher, Hitting Their Strongest Level In Three Months As Debt-Market Dynamics Spurred Safe-Haven and Inflation-Hedge Buying.
On the Multi Commodity Exchange (MCX), gold futures were trading near Rs 1,63,150 per 10 gram while silver futures were around Rs 2,45,700 per kg.
Gold futures opened higher on MCX. The benchmark October gold contract opened at Rs 1,63,202 per 10 gram, up Rs 320 from the previous close of Rs 1,62,882.The contract was trading at Rs 1,63,136, up Rs 254. During the session, it touched a high of Rs 1,63,202 and a low of Rs 1,62,021. Gold futures had touched their highest level of the year at Rs 1,80,779.
Silver futures also opened higher. The benchmark September silver contract on MCX opened at Rs 2,45,583 per kg, up Rs 1,456 from the previous close of Rs 2,44,127.
Gold and silver futures advanced Wednesday, lifted by a surge in bullion prices to a three-month peak following an unexpected move by the U.S. Treasury to expand buybacks of long-term government debt.
The announcement triggered a pullback in benchmark yields, bolstering investor appetite for non-yielding precious metals across international markets.
Precious Metals Summary
- Gold Advances: Front-month gold futures traded higher, hitting their strongest level in three months as debt-market dynamics spurred safe-haven and inflation-hedge buying.
- Silver Tracks Higher: Silver futures followed suit, posting solid gains in tandem with bullion amid broad dollar softening.
- Global Market Strength: Spot and derivative contracts across major overseas exchanges remained firmly in positive territory, supported by shifting interest-rate expectations.
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