National News
Union Budget FY 2025-26
GJEPC welcomes new Export Promotion Mission, National Manufacturing Mission & the National Centres of Excellence Skilling
Budget Reaction by Mr. Vipul Shah, Chairman, GJEPC
“Union Budget presented by Hon. Finance Minister Smt. Nirmala Sitharaman puts India in the growth path to Viksit Bharat. The Budget reforms will help to realise India’s domestic growth potential and unveil a new trade roadmap to navigate global uncertainties.
GJEPC welcomes the recognition of exports as the 4th engine of growth and the new Export Promotion Mission with sectoral and ministerial targets, driven jointly by Union Commerce, Finance & MSME Ministries. This will facilitate easy access to export credit cross border and factor support to MSMEs to tackle non-tariff barriers in exports. GJEPC welcomes the digital public infrastructure, ‘BharatTradeNet’ (BTN) for international trade to be set-up as a unified platform for trade documentation and financing solutions.
GJEPC further welcomes the proposal of creating of new tariff items in Chapter 71 so as to distinguish precious metals – containing 99.9% or more by weight of silver, containing 99.5% or more by weight of gold, containing 99% or more by weight of platinum under headings 7106, 7108 and 7110 respectively. This move aligns with the representation made by GJEPC for addressing the issue of classification of alloys of Platinum (pre-dominantly containing gold), which was invariably leading to claim of unwarranted customs duty exemptions for import of Platinum under India-UAE CEPA .
Gem & Jewellery sector comprises of 85%-90% of MSMEs. The revision in classification criteria of MSMEs especially with those with turnover from Rs. 250 crore to Rs. 500 crore will help them achieve higher efficiencies of scale, technological upgradation and better access to capital. The extension of credit guarantee cover to MSMEs leading to additional credit of Rs. 1.5 lakh crore in the next 5 years will benefit and provide boost to the MSMEs in the sector.
The Government’s stable approach on duties and levies across gem & jewellery products will enhance ease of doing business. The Basic Customs duty rate has been reduced from 25% to 5% on platinum findings classified under 7113 will enable consumers to get a new product and increase affordable jewellery sales..
GJEPC welcomes the Government’s labour intensive focus enhancing productivity, quality manufacturing and global competitiveness. G & J industry is labour intensive with 5 million people employed in Exports. The announcement of National Manufacturing Mission & the National Centres of Excellence Skilling furthering ‘Make for India ‘Make for the World’ is positive and is set to have direct benefit to the sector.
GJEPC welcomes income tax relief incentives to boost consumer demand. Overall, Union Budget presented by Hon. Finance Minister Smt. Nirmala Sitharaman puts India in the growth path to Viksit Bharat. The Budget reforms will help to realise India’s domestic growth potential and unveil a new trade roadmap to navigate global uncertainties.
GJEPC remains committed to collaborating with the Government of India to ensure the sector continues to contribute significantly to the nation’s economy. Council requests the issuance of FAQs on Safe Harbour Taxation. We seek Hon. FM’s support for co-funding global diamond promotion campaigns, the inclusion of jewellery parks in the harmonised infrastructure list, and an Infrastructure Support Fund to develop a Gem Bourse in Jaipur.
GJEPC urges the Government to align regulations with global benchmarks, to set up a policy that promotes exports, innovation, use of technology, and incentivises sustainable practices.
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.
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