Godrej & Boyce launches ISI-certified lockers for jewelers and goldsmiths

The security solutions division of Godrej & Boyce, part of the Godrej Enterprises group, has introduced a new line of high security products designed specifically for the jewelery sector. This new product line aims to address the needs of small jewelery units, which are particularly susceptible to theft and related risks due to lack of awareness about the importance of using certified products.

Pushkar Gokhale, Executive Vice President and Head of Security Solutions Business at Godrej & Boyce highlighted the need to increase awareness of ISI certification among jewelers and smaller pawnbrokers. “While public and private banks are well-versed in these requirements, the jewelery industry, especially the smaller players, lags behind,” he said.

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To improve security standards and ensure compliance with government regulations, all high security safes are now required to carry an ISI mark.

The Quality Control Order (QCO) issued by the Department of Promotion of Industry and Domestic Trade (DPIIT), part of the Union Ministry of Commerce and Industry, stipulates that no manufacturer, distributor or trader can sell safes or lockers without an ISI Mark. Gokhale noted that many manufacturers have been selling uncertified products, especially in the high-security segment, but the government is actively cracking down on this practice.

The company’s latest offering, the Defender Aurum Pro Class E safe, is designed to meet the new QCO standards. However, there is a noticeable price difference between Godrej certified products and non-certified alternatives, ranging from 40% to 50% due to variations in materials and safety standards. Its ISI-certified models start from ₹ 1.5 lakh and are available in different trim levels.

In the institutional market for fire resistant products, Godrej & Boyce has a significant share of approximately 60% in India. The company also has about 80% of the home security market, a category it has grown over time. “However, the facility security segment remains fragmented, with our share around 5-7%,” Gokhale added.

For fiscal year 2024, the security solutions division reported revenues of more than 1 billion rubles, with a target of reaching 1.5 billion rubles over the next three years.