Senco Gold is a jewellery retailer that has spent nearly nine decades turning Bengal’s artisanal goldsmithing tradition into a pan-India store network - it designs, makes and sells gold, diamond and silver ornaments, and it does so by keeping most of its jewellery handmade while using old-gold exchange to fund nearly half its sales. The business began in 1938 in Dhaka, moved to Kolkata during Partition, and grew from three showrooms to over 100 by 2020 under the founder’s grandson before listing on the stock exchange in 2023. The recurring approach is to stay asset-light in manufacturing, push into smaller towns through franchisees who put up the capital, and wrap the whole thing in a multi-brand portfolio that reaches everyone from a railway-station shopper buying an ₹8,000 pendant to a wedding family commissioning a ₹50-lakh set.
Business segments
A single jewellery-retail engine, stretched across price points and customer segments through a family of sub-brands and showroom formats - all fed by the same karigar network, the same old-gold pipeline, and the same balance sheet.
1. Senco Gold & Diamonds: the core jewellery retail engine
A 201-showroom network that sells handmade gold and diamond jewellery, funded in large part by customers’ own old gold and run on an asset-light franchisee model outside its eastern stronghold.
- Old gold is the working-capital engine - customers hand over their used jewellery and pay only the making charge plus any value difference for new pieces, which means the company acquires raw material without cash outlay; this exchange contributed roughly 44% of revenue in FY26 and the company targets 50-55% going forward.
- Handmade jewellery protects margins - roughly 75% of the company’s jewellery is crafted by hand, drawing on a network of more than 210 master karigars spread across West Bengal, Mumbai, Kerala, Rajkot and Coimbatore, and the company says this focus on handmade work - combined with launching 100 new designs a day - gives it gross margins among the best in the industry.
- Six showroom formats split the market by wallet size - Classic showrooms serve the mainstream buyer with an average ticket of about ₹94,300, while Everlite kiosks at railway stations in Kolkata and Mumbai target young commuters at ₹46,600, and the super-luxury House of Senco format reaches an average ticket of ₹1,03,700 across just three locations.
- Gold is borrowed, not bought outright - most gold is sourced through gold metal loans from bullion banks at around 3.1% per annum, and the company layers hedging across old-gold collections, MCX futures, and unfixed loan positions to keep 40-50% of its inventory protected from price swings.
2. Sub-brands and digital platforms: stretching the same engine to new customers
A portfolio of lightweight, men’s, solitaire and lab-grown jewellery brands - plus digital gold and silver apps - that repurpose the same karigar base and store network to reach buyers the flagship brand might miss.
- Everlite and Gossip catch the small-ticket, everyday buyer - Everlite sells lightweight fine jewellery starting at ₹8,000 from dedicated railway-station showrooms, while Gossip is a silver and fashion-jewellery line priced as low as ₹800, both aimed at younger customers who may not walk into a traditional gold showroom.
- Sennes bets on lab-grown diamonds and lifestyle accessories - launched in 2024 and housed in a separate subsidiary, Sennes sells lab-grown diamond jewellery from ₹5,000 alongside leather bags and fragrances, with 12 exclusive outlets and over 190 shop-in-shop counters inside Senco showrooms and Shoppers Stop by March 2026.
- Digital gold turns app users into future showroom customers - the My Digi Gold and My Digi Silver platforms let people buy and accumulate gold or silver digitally starting from ₹800, with the option to convert holdings into physical jewellery later; together they had over 2 lakh registrations and 9.3 lakh app downloads by March 2026.
Group structure and partners
A listed parent with three wholly owned subsidiaries - one for captive manufacturing, one for Dubai retail and B2B trade, and one for the Sennes lifestyle brand - plus a pending acquisition that would bring the Melorra fast-fashion jewellery chain under its control.
- Senco Gold Artisanship Pvt. Ltd. is the captive manufacturing arm in India, operating a job-working model that supplied nearly 4% of overall sales in FY25 through a mix of trading revenue and job-work income.
- Senco Global Jewellery Trading LLC runs the Dubai operation, where B2B sales of ₹1,951 million dwarfed retail sales of ₹51 million in FY25 - making it primarily a wholesale conduit rather than a consumer-facing storefront.
- Sennes Fashion Ltd. was incorporated in September 2024 to house the lab-grown diamond, leather and fragrance business, generating a modest ₹1.03 million in its first year from two retail stores and the shop-in-shop network.
- The Melorra acquisition would add a fast-fashion chain - in January 2026 the board approved a ₹68 crore investment to acquire 68% of August Jewellery Private Limited, which operates the 21-store omnichannel brand Melorra; Senco had already been running Melorra’s stores as master franchisee since April 2025, and completion is expected by September 2026.