Dubai International Chamber, one of the three chambers operating under Dubai Chambers, has helped Indian jewellery brand Senco Gold and Diamonds establish its presence in the UAE.
The company’s showroom in Dubai will be its first outside of India.
Established five decades ago, the company has 139 showrooms and boasts an annual turnover of around $450 million.
President and CEO of Dubai Chambers, Mohammad Ali Rashed Lootah, 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.”
Sometimes called 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.
Gems and jewellery have traditionally been a large import and export sector, constituting around half of the annual trade between India and Dubai.
Managing director and CEO of Senco Gold and Diamonds, Suvankar Sen, 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.”
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.
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.
