Senco Gold CEO Sees Shift in Gold Consumption Trends Amid Economic Concerns

Suvankar Sen, Managing Director and CEO of Senco Gold & Diamonds, has said the recent decline in gold imports for jewellery consumption reflects changing consumer behaviour as well as the industry’s adaptation to economic pressures.

Sen noted that nearly 20,000 tonnes of gold remain idle within the Indian economy and stressed the need for coordinated efforts between the government and industry stakeholders to mobilise these dormant assets. Referring to Prime Minister Narendra Modi’s recent remarks on reducing non-essential gold purchases, he suggested there could be a possibility of higher gold import duties in the future.

He added that the jewellery sector is increasingly shifting toward lower-weight and lower-carat products to maintain affordability for consumers. According to Sen, if current trends continue, India’s annual gold imports could decline to nearly 550 tonnes, compared to the historical average of around 700 tonnes.