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Business News/ Companies / News/  Senco Gold & Diamonds expands store presence in Maharashtra

Senco Gold & Diamonds expands store presence in Maharashtra

Senco Gold, which opened stores in Borivali and Vashi, has a national footprint with about 130 stores across 13 states.

Bollywood actor Vidya Balan is the brand ambassador of Senco Gold.Premium
Bollywood actor Vidya Balan is the brand ambassador of Senco Gold.

Senco Gold & Diamonds, a jewellery retailer in Eastern India announced the expansion of its footprint in Maharashtra with the launch of two new stores, in Borivali and Vashi. The company has a national footprint with about 130 stores across 13 states.

Its brand ambassador and Bollywood actor Vidya Balan who was part of the launch said, “My association with them goes back a long way. They are renowned for their karigari and fine jewellery collection, and it is a pleasure to be present today to inaugurate its showrooms in the city."Suvankar Sen, company’s MD & CEO said, “With the launch of our two new company owned showrooms today, our presence in Maharashtra has now increased to six stores." Senco’s director Joita Sen added, “Our focus on design and innovation, ability to recognize consumer preferences and market trends, the intricacy of our designs and the quality and finish of our products are among our key strengths."Its chief general manager Dhaval Raja said, “Our brand enjoys the trust and support of our customers which is why we are now branching out with our new stores in Borivali and Vashi."According to the India Brand Equity Forum, in February 2021, India’s gold and diamond trade contributed 7.5% to the country’s GDP and 14% to its total merchandise exports. The gems and jewellery sector is likely to employ about 8.23 million persons by the end of 2022, from five million in 2020. Based on its potential for growth and value addition, the government declared the gems and jewellery sector as a focus area for export promotion.

It added that India’s gold demand stood at 797.30 tonnes in 2021 and is expected to be in a range of 800-850 tonnes by the end of this year, 2022. In the fourth quarter of 2021 demand for gold rose by 93% on a year-on-year basis to 265 tonnes.

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Varuni Khosla
Varuni Khosla is a journalist with close to 14 years of experience in writing business news stories for mainstream newspaper companies like Mint and The Economic Times. She reports and writes on luxury and lifestyle brands, hospitality and tourism news, the business of sports, the business of advertising and marketing and alcohol brands.
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Updated: 16 Dec 2022, 04:19 PM IST
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