Dubai International Chamber, one of the three chambers operating under Dubai Chambers, has successfully assisted Senco Gold and Diamonds in establishing its presence in Dubai.
The company is a household name in India, with 139 showrooms and a trusted reputation spanning five decades. Senco boasts an annual turnover of around US$450 million, and the company’s showroom in Dubai will be its first outside of India.
Commenting on the achievement, Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, said:
“Senco’s story represents a perfect outcome for all concerned. We are delighted to have helped such a prestigious Indian company – one of the most respected jewellery brands in the entire sub-continent – to take advantage of the opportunities available in Dubai’s thriving gems and jewellery sector. Dubai International Chamber has had a representative office in Mumbai since 2018, and we remain committed to assisting our members to trade with India, as well as helping Indian companies understand all the benefits of setting up business in Dubai.”
Suvankar Sen, MD and CEO, Senco Gold and Diamonds, said:
“For our global expansion plan, it could not have been any city other than Dubai, "the city of gold", to start with. We are very much optimistic to start our operation in the next couple of months. And we thank Dubai International Chamber and its India representative office for helping us in every possible way in the incorporation process of Senco Gold & Diamonds in Dubai. We are looking forward to a very positive and prosperous relationship with Dubai Chambers in Dubai and beyond.”
Gems and jewellery have traditionally been a large import and export sector, constituting around half of the annual trade between India and Dubai. Often referred to as the City of Gold, Dubai is an extremely attractive market for Indian gems and jewellery businesses, with numerous Indian brands enjoying a well-established presence in the city.
Already mindful of the opportunities presented by the Indian diaspora and affluent tourist market in Dubai, Senco began talks with chamber representatives during the East India International Jewellery Show in April 2022. Soon afterwards, the company consulted the chamber again for assistance in gaining a greater understanding of the market, including its regulatory frameworks and banking aspects, in preparation for its expansion into Dubai. Senco is now finalising its UAE banking facilities and plans to open its first showroom in Dubai in August.
The company’s first foray into establishing a physical presence in another market represents an exciting turning point for the business. Senco has been awarded the title of second most trusted jewellery brand in India for the last three years in the Trust Research Advisory (TRA) Brand Trust Report.
Dubai International Chamber’s Mumbai office plays a crucial role in facilitating trade between India and the UAE, leveraging its geographical location to attract Indian companies to Dubai and helping them expand into global markets. Dubai Chamber of Commerce had a total of 83,266 Indian member companies by the end of 2022, around 11,000 of which joined in 2022 alone. Senco Gold and Diamonds has now joined this growing fraternity.
News Source: Dubai Media Office