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Indian jewellery giant Senco Gold & Diamonds is actively exploring strategic partnerships in Saudi Arabia as it seeks to expand its footprint across the Gulf region, tapping into the Kingdom’s $8.3 billion luxury market.
The Kolkata-based jeweller recently participated in the Saudi Arabia Jewellery Exhibition (SAJEX), a key three-day trade event aimed at reinvigorating India’s gem and jewellery exports to one of the Middle East's largest consumer bases. Over 200 Indian brands showcased at the exhibition, which concluded last Friday.
“Saudi Arabia is a major consumption hub for jewellery in the Gulf, but Indian exports have declined in recent years as markets like Turkey have gained ground,” said Suvankar Sen, Managing Director and CEO of Senco Gold & Diamonds. “This event is a step toward reversing that trend.”
Sen noted that SAJEX 2025 served as a vital platform for Indian jewellers to connect with Saudi designers and businesses, particularly under the Kingdom’s Vision 2030 programme — a national strategy to reduce dependence on oil by boosting sectors like tourism, retail, and luxury goods.
Senco is especially targeting the Kingdom’s young consumers, who Sen says are gravitating toward “sleeker, modern, and lightweight designs” as opposed to traditional, ornate styles.
The company sees long-term potential in cross-border e-commerce and is optimistic about the prospects of a future trade agreement between India and Saudi Arabia, particularly following India’s recent EFTA Free Trade Agreement. However, Sen acknowledged that high import duties and taxes on jewellery in Saudi Arabia currently pose a significant barrier to trade.
Despite these hurdles, Senco is positioning itself to meet demand for more ethical and sustainable luxury. Its product portfolio now includes lab-grown diamonds under the Senes sub-brand, alongside increased use of recycled gold amid historically high gold prices. The company is also implementing solar energy systems in its stores and manufacturing units as part of its broader sustainability strategy.
“Sustainability is not just environmental — it’s about social and governance principles too,” said Sen. “Everything we do must align with long-term value creation.”
On the domestic front, Senco has invested ₹700–800 crore in the current fiscal year, with 10–12 new stores already opened and another 5–6 in the pipeline. The jeweller, which reported revenues of ₹6,400 crore last year, is targeting a 20% overall growth this year.
“Our Q1 performance was strong, with 30% year-on-year growth. Q2 has slowed slightly, but we remain on track for 20% annual growth,” Sen added, noting that diamond jewellery sales have outpaced gold due to soaring gold prices.
The company plans to open 16–18 new outlets this financial year, maintaining its goal of 18–20% annual expansion.
Senco’s participation in SAJEX is part of a broader strategic pivot toward Gulf markets, aiming to reduce reliance on Western exports and build a premium “Made in India” jewellery brand in the Middle East.
“We’re looking at joint ventures, collaborations, and even technology-sharing with Saudi partners,” Sen said. “This market has the potential to become a major growth engine for Indian jewellery.”
(Source: PTI)
