Senco Gold and Diamonds Becomes First Qualified Jeweller from East India to Import Gold on India International Bullion Exchange IFSC Ltd (IIBX). Senco Gold and Diamonds proudly announces its achievement as the first Qualified Jeweller from East India to import gold on the India International Bullion Exchange (IIBX) following the integration with ICEGATE.
Recognized as a Qualified Jeweller by the International Financial Services Centres Authority (IFSCA) in March 2023, Senco Gold and Diamonds gained authorization to purchase Bullion Depository Receipts (BDRs) on IIBX for gold imports.
Senco Gold has a long and illustrious history of over five-decades, with the company formally incorporated as Senco Gold Pvt. Ltd. in 1994, before converting to a public limited company in 2007. Late Shri Shankar Sen, the Founder Chairman, had been instrumental in putting the brand on the national map. From owning three jewellery stores in Calcutta, which he inherited from his father in the early 1990s, he expanded to more than 100 stores across the country covering 14 states during his lifetime, before he passed away due to COVID in 2020. His son, Shri Suvankar Sen, currently the Managing Director and Chief Executive Officer, has continued the legacy and expanded Senco’s presence to many more states, with 136 showrooms and counting.
Senco has played a pivotal role in making West Bengal a prominent jewellery manufacturing hub. The key strength of their brand lies in the craftsmanship of the Bengali Karigars. The manufacturing of the jewellery is carried out by extremely experienced Karigars in Kolkata who create beautiful designs like filigree, meenakari, polki, jadau, temple jewellery and many more. In their own words, “Our presence in West Bengal allows us to access quality craftsmen, who have been working with our company for a number of years.”
Shares of Senco Gold made a strong debut on Dalal Street on Friday as the stock was listed at Rs 431 on the BSE, a premium of 36 per cent over its issue price of Rs 317. The stock kicked off its maiden trading session with a premium of 36 per cent at Rs 430 on the National Stock Exchange (NSE). It is definitely a proud moment for Bengal and East India to be listed on the NSE India.
The company successfully completed its first trade, settling the BDR within a remarkable 30 minutes. Additionally, Senco also holds the distinction of being the first East Indian company to trade the Gold Mini 999 100 grams contract after the implementation of ICEGATE. Through its maiden public issue, Senco is planning to raise INR 405 crore to expand their business.
