Suvankar Sen, Managing Director and CEO of Senco, said the ongoing wedding season and regional festivals have kept footfalls steady, even with 10 grams of gold jewellery now priced close to ₹1 lakh from ₹70,000-80,000 six months back.

Jewellery retaiiler Senco Gold & Diamonds is seeing strong demand for gold despite the record high prices.

“There is a lot of interest amongst the consumers. We have been doing a lot of activities in terms of taking the money in advance... and giving the benefit of the lower gold price in the previous month,” said Suvankar Sen, Managing Director and CEO of Senco.

The ongoing wedding season and regional festivals have kept footfalls steady, even with 10 grams of gold jewellery now priced close to ₹1 lakh from ₹70,000-80,000 six months back, he noted.

However, he also pointed to the shifting preferences. “Consumers will want to buy maybe a 14 carat, 18 carat gold jewellery studded with diamonds and stones,” Sen said. “This is how I think the future looks like.”

"At Senco, Diamond-studded jewellery segment saw strong traction in the fourth quarter, following nearly flat growth through most of the year. The stud ratio for nine months was 10.5%, which, as we ended the year, became 10.9%. So just Q4 itself, we are seeing a very positive trend. This growth was driven by rising interest in diamonds during the wedding season and Valentine’s Day."

Courtesy: CNBC TV 18