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Senco Gold & Diamonds’ ONDC integration: Will it transform the jewellery retail landscape?

Senco Gold & Diamonds joins ONDC: Revolutionizing jewellery retail with unbeatable prices – Read on to know more!

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In the dynamic realm of the Indian jewellery market, Senco Gold & Diamonds has not only carved a path to success but is also leading the charge in innovation. 

The Kolkata-based jewellery brand recently made headlines by becoming the inaugural Indian jewellery brand to integrate with the Open Network for Digital Commerce (ONDC) Network, marking a historic milestone in its illustrious journey.

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Senco Gold growth: A shining trajectory

Senco Gold & Diamonds boasts a stellar growth trajectory, evidenced by its robust financial performance and strategic expansions. In a recent update, the company unveiled its highest-ever Q3 revenue, showcasing an impressive 24% year-on-year growth. This upward trend extends to the first nine months of FY24 when the company achieved 26% YoY growth.

Key factors contributing to this success include enticing offers during festivals like Dhanteras and weddings, resulting in a substantial 40% increase in footfall and a 6% rise in invoices. 

Despite the challenges posed by fluctuating gold prices, Senco Gold & Diamonds achieved 9% volume growth in gold and an impressive 27% volume growth in diamond jewellery. 

The positive response is reflected in the share prices, witnessing a 15.58% surge. The shares, debuting at ₹405.3 apiece in July of the previous year, have witnessed a remarkable upward trend, reaching an all-time high of ₹850 per share. 

This represents a 157% premium over its IPO price, signalling investor confidence in Senco Gold & Diamonds’ growth potential.

History of Senco gold 

Senco Gold & Diamonds, with a rich legacy spanning over five decades, has solidified its position as a pan-India jewellery retail player. The brand’s products, showcased under the banner ‘Senco Gold & Diamonds,’ are celebrated for their exquisite craftsmanship and aesthetic appeal. 

Collections such as Everlite, Gossip, D’Signia, Aham, and Vivaha underscore the commitment to providing a premium and trustworthy jewellery shopping experience.

The company’s success is not limited to its diverse offerings but also reflects its dedication to innovation. Senco Gold & Diamonds has embraced technological advancements through its integration with the ONDC Network.

Also Read: India’s gems and jewellery industry: A treasure trove of opportunities

Financial performance

Senco Gold & Diamonds demonstrated robust financials, with a 19% CAGR in revenue from operations between FY20 and FY23. In the last fiscal, gross and EBITDA margins reached 16.1% and 8.5%, respectively. The profit-after-tax of FY23 amounted to ₹159 crore which represents a growth of 20% over the past three fiscal years.

With an inventory turnover ratio of 2.5, the company outshines the industry. Despite the inherent low-margin nature of the jewellery business and potential risks associated with gold price fluctuations, Senco Gold & Diamonds has a proven track record of resilience, making it a viable option for shareholders.

ONDC integration: Pioneering the future of digital commerce

Senco Gold & Diamonds has made history by becoming the inaugural Indian jewellery brand to integrate with the ONDC Network. This strategic move not only broadens consumer accessibility but aligns seamlessly with the company’s commitment to the ‘Make in India’ initiative. 

The ONDC Network, designed to empower businesses to reach a larger consumer market without entry barriers, provides a platform for Senco Gold & Diamonds to showcase its hallmarked products on various shopping apps.

This collaboration signifies a groundbreaking move for both Senco Gold & Diamonds and the ONDC Network.

Suvankar Sen, MD & CEO of Senco Gold & Diamonds, expressed confidence that the integration will significantly enhance the accessibility of their meticulously crafted exquisite pieces, ensuring a seamless and enjoyable shopping experience for consumers nationwide.

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In conclusion, Senco Gold & Diamonds not only stands at the forefront of the Indian jewellery market but also embraces tradition, innovation, and financial acumen. 

The company’s growth trajectory, commitment to quality craftsmanship, and forward-thinking approach to digital commerce through ONDC integration position it for continued success in the dynamic landscape of the jewellery industry.

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