Kolkata, March 20 City-based jeweller Senco Gold and Diamonds (SGD) on Friday said it is investing Rs. 350 crore in a pan-India expansion drive to become the third largest national jewellery firm in terms of highest number of stores by early 2018.
“We are planning to invest Rs.350 crore for our pan India expansion and take the store count to 100 covering 2.5-3 lakh square feet of total shop area by early 2018,” its executive director Suvankar Sen said here in an interaction with media persons.
It is shortly coming up with three new stores in Bengaluru and add another one in Mumbai.
The company, which received private equity funding of Rs. 80 crore last October from Delhi-based Saif Partners, said it is currently making 600,000 pieces of jewellery every year and by late 2017, it will cross 1,000,000 pieces.
It said of the total gold jewellery sales in the country, south India accounts for 40 percent of the market followed by west India at 26 percent and north India at 22 percent. East India, incidentally accounted for 12 percent of the total national sales.
The firm is expecting to close the current fiscal year at Rs.1,400 crore and reach Rs. 2,000 crore by early 2018.
It is also considering venturing directly into overseas markets.
Asked about its preferred locations for overseas expansion, Sen said: “Singapore and Dubai are the markets we may consider in 2016.”
He said India’s gold jewellery market is valued at about Rs. 180,000 crore comprising 600 tonnes of gold and the yellow metal’s market rate will not fall below Rs.25,000 in the near future.