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
MDR For UPI: Credit Card Bill Payments and Jewellery Purchases Remain Free For Consumers
Consumers Are Advised That Merchant-Imposed Surcharges On Card Or UPI Payments Violate Current Payment Guidelines
Following recent industry discussions regarding the updated Merchant Discount Rate (MDR) framework for Unified Payments Interface (UPI) transactions, financial experts and industry leaders have clarified that individual consumers will not incur any additional charges when paying credit card bills or purchasing high-value items like jewellery via UPI apps.
Zero Fees on Credit Card Bill Payments via UPI
Despite the implementation of the revised UPI MDR structure, consumers using UPI-enabled applications to pay their credit card bills remain entirely exempt from MDR fees.
No Cost Impact for Users: Cardholders can continue paying their bills through standard UPI QR codes or app-based transfers without losing reward points, credit float advantages, or incurring extra costs.
Understanding BBPS Fees: While standard bank-to-bank UPI transfers do not carry MDR, credit card bill payments processed through the Bharat Bill Payment System (BBPS) may incur small convenience or processing fees set directly by participating payment platforms under their own commercial terms—not as part of the UPI MDR framework.
Framework for Jewellery Purchases and High-Value Merchants
For high-value retail transactions, including jewellery purchases, regulatory guidelines mandate that the burden of MDR falls strictly on merchants, not customers:
Consumer Exemption: Merchants and payment platforms are prohibited from passing MDR charges or platform surcharges directly onto buyers.
Capped MDR for Jewellers: Under the revised Person-to-Merchant (P2M) framework for transactions exceeding Rs 2,000, jewellers and high-value merchants absorb a capped MDR of 0.4% (up to a maximum limit of Rs 300 per transaction for purchases of Rs 75,000 and above).
Payment Transparency: While jewellers absorb nominal fees for bank-linked UPI transactions, standard credit card fees continue to apply to credit card swipes and RuPay-credit card UPI transactions.
Consumers are advised that merchant-imposed surcharges on card or UPI payments violate current payment guidelines.
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