Senco Gold & Diamonds, one of India's leading jewellery retailers, is set to expand its revenue streams, with its non-jewellery business expected to contribute 5% of total revenue in the next four to five years. The company has launched a wholly-owned subsidiary, Sennes Fashion, to explore a variety of luxury products, including leather and non-leather accessories, perfumes, and lab-grown diamonds.

Suvankar Sen, MD and CEO of Senco Gold, announced an initial investment of Rs.50-60 crore into this new venture, followed by an annual investment of Rs25-30 crore over the next few years. Senco plans to increase its store count, diversify product offerings, and leverage its existing customer base to fuel growth in the non-jewellery sector.

While non-jewellery products may have lower ticket sizes, they are expected to offer gross margins of 30-35%, similar to those in the diamond jewellery segment. Sen noted that this diversification will help protect margins amid growing competition in the gold jewellery market. Additionally, he predicted that lab-grown diamond jewellery could contribute 3-4% to overall business in the coming years.

Senco Gold has seen strong performance in 2024, with September marking a robust month for jewellery sales. The company's sales have risen 15% compared to the first half of last year, and its market capitalization currently stands at Rs. 9,672 crore, with shares surging 212% over the past year.