Dubai International Chamber assists Senco Gold and Diamonds in entering the UAE market for the first time.
Dubai International Chamber, a key division of Dubai Chambers, has successfully supported Senco Gold and Diamonds in establishing its presence in Dubai, marking the company’s first foray into the UAE market. Senco Gold and Diamonds, a renowned household name in India with a reputable presence of 139 showrooms spanning five decades, has an impressive annual turnover of approximately US$450 million.
Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, expressed his delight at the accomplishment, stating, “Senco’s success story is a testament to the positive outcome achieved for all parties involved. We are thrilled to have assisted such a prestigious Indian company, recognized as one of the most respected jewellery brands in the entire sub-continent, in seizing the opportunities offered by Dubai’s thriving gems and jewellery sector. Dubai International Chamber has maintained a representative office in Mumbai since 2018, and we are committed to facilitating trade between India and Dubai for our members, while also assisting Indian companies in understanding the myriad benefits of establishing their businesses in Dubai.”
Suvankar Sen, MD and CEO of Senco Gold and Diamonds, expressed optimism about the company’s global expansion plan, emphasizing Dubai’s significance as “the city of gold” and the ideal starting point for their venture. He extended gratitude to Dubai International Chamber and its India representative office for their invaluable support in the incorporation process of Senco Gold & Diamonds in Dubai. Sen affirmed the company’s eagerness to foster a fruitful and prosperous relationship with Dubai Chambers.
Gems and jewellery have long been a prominent import and export sector, constituting approximately half of the annual trade between India and Dubai. Dubai, often referred to as the City of Gold, offers a highly attractive market for Indian gems and jewellery businesses, with numerous Indian brands already well-established in the city.
Recognizing the potential presented by the Indian diaspora and affluent tourist market in Dubai, Senco initiated discussions with chamber representatives during the East India International Jewellery Show in April 2022. Subsequently, the company sought further assistance from the chamber to gain comprehensive insights into the market, including regulatory frameworks and banking aspects, in preparation for its expansion into Dubai. Senco is currently finalizing its UAE banking facilities and plans to open its inaugural showroom in Dubai in August.
This strategic move marks a significant milestone for Senco as it ventures into establishing a physical presence in a new market. The company has earned the distinction of being the second most trusted jewellery brand in India for the past three years, as recognized in the Trust Research Advisory (TRA) Brand Trust Report.
Dubai International Chamber’s Mumbai office plays a pivotal role in facilitating trade between India and the UAE. Leveraging its strategic geographical location, the chamber attracts Indian companies to Dubai and supports their expansion into global markets. By the end of 2022, Dubai Chamber of Commerce boasted a total of 83,266 Indian member companies, with around 11,000 new members joining in 2022 alone. Senco Gold and Diamonds has now joined this growing fraternity of Indian businesses benefiting from the support and opportunities provided by Dubai Chambers.
