Senco Gold Eyes Expansion in Saudi Arabia's Booming Luxury Market
Indian jeweler Senco Gold & Diamonds is exploring growth opportunities in Saudi Arabia's luxury market, which is valued at USD 8.3 billion. Participating in the Saudi Arabia Jewellery Exhibition, Senco targets collaboration under Vision 2030 while eyeing domestic growth and emphasizing sustainability with lab-grown diamonds and solar power.
- Country:
- Saudi Arabia
Senco Gold & Diamonds, an Indian jewellery company, is actively seeking opportunities to expand in Saudi Arabia's thriving luxury market, valued at USD 8.3 billion. The company aims for a 20% growth rate domestically while focusing on expansion in the Gulf region, according to its CEO, Suvankar Sen.
Senco Gold recently participated in the Saudi Arabia Jewellery Exhibition (SAJEX). Over 200 Indian exhibitors attended, as India's gem and jewellery industry looks to counter declining exports to one of the region's largest consumer markets. Senco views SAJEX as a platform for collaboration in line with Saudi Arabia's Vision 2030.
The company is particularly interested in Saudi Arabia's younger consumers who prefer modern, lightweight jewellery. Senco plans to capitalize on cross-border e-commerce opportunities if trade barriers ease. Concurrently, the company is investing in sustainable practices, offering lab-grown diamonds, and utilizing solar power in stores and factories.
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