Building on our reputation is the foremost agenda – Suvankar Sen

Suvankar Sen, MD-CEO, Senco Gold and Diamonds is not just excited about the future trajectory of his organization, he is also happy that hard work over the course of Senco’s journey has borne fruit. In a freewheeling chat with City Essence, he spoke at length about his plan vis – a – vis business expansion and what the next generation gem and jewellery enthusiast should look forward to.

Q: Tell us a little about how you started off and how has the journey been?

Ans:- After graduating from St. Xaviers College and finishing my MBA from Institute of Management Technology, Ghaziabad in 2005, I joined Senco Gold & Diamonds, a business that had been built by my father, the late Founder Chairman, Late Shankar Sen. I am deeply committed to upholding our brand's heritage while also expanding its presence throughout India. Over the years, I have focused on brand building and developing strategies to expand our operations nationwide, introducing Bengal's exceptional craftsmanship and artisanal skills to consumers across India, incorporating cutting-edge technology, and ensuring their success.

Despite the challenges posed by the pandemic, Senco Gold & Diamonds has continued to thrive. We have embraced technological advancements and stayed attuned to the changing needs of our customers. These efforts have resulted in our company achieving an impressive turnover of over Rs. 4,000 crore in FY2023, with a network of 144 showrooms nationwide. In July 2023, we achieved the major milestone of getting listed on the BSE and NSE.

Q: How has your rich knowledge of Science and Management helped you?

Ans:- Our understanding of science and management has been instrumental in the success of our jewellery business. Science has helped us to evaluate the authenticity, value, and quality of gemstones and metals, ensuring that our customers consistently receive top-notch products. While Management skills have been essential for streamlining our production processes, managing inventory and supply chains, integrating modern technology, and implementing efficient production techniques. These efforts have led to cost reduction and increased profitability.

Overall, the fusion of scientific knowledge and management expertise has enabled us to enhance product quality, streamline operations, market effectively, and adapt to evolving market conditions. This has significantly contributed to our business's success and continued growth.

Q: How do you assess the evolution of Jewellery Industry?

Ans:- The organised jewellery market is currently experiencing a growth rate of 12-15 percent. With the increasing stringency of regulations related to hallmarking, anti-money laundering policies, income tax, and GST, it is anticipated that the organized sector will experience even more accelerated growth

Q: How would you explain the greatest strengths of Senco Gold and Diamonds ?

Ans:- Senco Gold & Diamonds is a pan-Indian jewellery retailer with a legacy of over five decades and has a fourth-generation entrepreneur at the helm. We are the largest organized jewellery retailer in eastern India by number of stores, and we have the widest geographic footprint outside of eastern India among jewellery retailers based in eastern India. We have consistently ranked among the most trusted jewellery brands, and we have improved our ranking from fourth to second most trusted jewellery brand in TRA's Brand Trust Report between 2017 and 2020. Today, we have 144 showrooms located strategically across 14 states in India, including a mix of our own outlets and franchise establishments, each offering a variety of styles and formats. We recently achieved the significant milestone of getting listed on the Indian stock exchanges.

At the heart of Senco Gold & Diamonds, our strengths lie in trustworthiness, unique designs, and strong customer relationships and meticulously crafted jewels by our skilled karigars in Kolkata. We take great pride in being an organization that prioritizes customer satisfaction, creativity, unique designs, and technological innovation. While we remain dedicated to preserving the traditional art of handcrafted jewellery from Bengal, we also embrace modern technology and innovation to meet the evolving needs of our customers.

Q: How do you see the road ahead for Senco?

Ans:- We plan to expand our footprints in northern and eastern regions. We intend to build on the strong reputation as our brand has already established in these areas and extend our reach beyond the metro-cities within these regions.

Q: Your future business Expansion plans?

Ans:- Our main focus remains firmly on the Eastern region, where we are the market leader. We also acknowledge the significant growth potential in the Northern market, and we are dedicated to increasing our presence there. Moreover, we have well-thought-out strategies to expand into the Western and Southern regions while continuing to prioritize our triple bottom line approach.

Q: How do you see the Gold and Diamonds scene in India?

Ans:- The Indian gems and jewellery industry is estimated to be worth around Rs 4,70,000 crore in the fiscal year 2023. It is expected to experience significant growth, reaching approximately Rs 6,50,000 crore by 2027. Among the various segments within this industry, diamond jewellery constitutes about 15 percent of the total sales. The anticipated growth indicates that exports are set to increase by Rs 2,00,000 crore, with further expansion expected to reach Rs 3,20,000 crore over the next 5-7 years. In this market, wedding jewellery accounts for approximately 60 percent of sales, while non-wedding jewellery makes up the remaining 40 percent.

Q: How do you see the male domain given you boast of the Aham collection specially catering to men?

Ans:- The market for men's jewellery has been growing steadily. At Senco Gold, we introduced our brand called Aham in 2015, because we anticipated that this segment would become more popular as men started to wear jewellery.

With Teej festivities on how has the mangalsutra business been?

Ans:- On the occasion of Teej, we offered a special Mangalsutra collection for our customers in the regions of Uttar Pradesh and Bihar. Mangalsutra in different designs and types are quite in demand like mangalsutra bracelets, traditional heavyweight mangalsutras and mangalsutra rings.

Q: Elaborate a little about your Mariposa collection?

Ans:- Mariposa is a collection introduced as part of our Everlite brand, known for its lightweight jewellery. This collection takes inspiration from the enchanting world of butterflies. It includes a variety of finely crafted gold earrings, necklace sets, pendant sets, rings, and bangles, with prices starting at Rs. 10,000 and above.

Q: Whats on offer in your brand when you talk about chains?

Ans:- We recently had the Chain Festival in August 2023, where customers could explore a wide range of chains and neck pieces. A wide range of designs were launched under diamond, gold and platinum. Besides, currently we are running our Diamond Mela offer as well across all our stores online and offline.

Q: Any big plans for the wedding season?

Ans:- We’ll launch our new Rajwada Collection under Senco Vivaha, for the wedding season. Complete range of collections in Antique, Polki, Diamond and yellow Gold. Besides for wedding, we have designs in plan for our diverse customer base under every price points.

Q: On the career front how does one make a career out of golds, diamonds and jewels?

Ans:- I would say for making a career out of gold, diamond and jewels one must possess a combination of skills, qualities, and characteristics to thrive in this competitive field. Industry Knowledge, Integrity, Customer Focus, knack for Innovation, Patience, Problem-Solving Skills, having global perspective, resilience and a passion for the jewellery business.

Q: As a new entrant into Stock Exchange what is the feeling like?

Ans:- Getting listed on Stock Exchange is a landmark moment for any company. It marks the culmination of years of hard work and dedication, and it opens up a new world of opportunities. Our listing on the Stock Exchange has given us access to a wider pool of investors, including institutional funds and individual shareholders. Listing on the Stock Exchange has also raised the company's profile and credibility. It signals to customers, suppliers, and other stakeholders that we are a serious player in its industry. It's a moment of pride for the company's leadership and employees, as it reflects  hard work and dedication to achieving this level of success.