Godrej & Boyce launches ISI certified safe deposit boxes for jewelers and pawn shops

Godrej & Boyce’s Security Solutions division, part of the Godrej Enterprises Group, has unveiled a new line of high-security products tailored specifically for the jewelery sector. This new product line aims to meet the needs of small jewelry stores, which are particularly susceptible to burglaries and associated risks due to a lack of awareness about the importance of using certified products.

Pushkar Gokhale, Executive Vice President and Business Head of Security Solutions at Godrej & Boyce emphasized the need to increase awareness about ISI certification among smaller jewelers and pawn shops. “While public and private banks are well aware of these requirements, the jewelry industry – especially smaller players – is lagging behind,” he said.

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 for Promotion of Industry and Internal Trade (DPIIT), part of the Union Ministry of Commerce and Industry, states that no manufacturer, reseller or dealer shall sell safes or lockers without an ISI quality mark. Gokhale pointed out that many manufacturers sell uncertified products, especially in the high-security secure segment, but the government is actively clamping 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 notable price difference between Godrej’s certified products and non-certified alternatives, ranging from 40 to 50 percent due to variations in materials and safety standards. The ISI certified models start at ₹ 1.5 lakh and are available in different class standards.

In the institutional market for fireproof products, Godrej & Boyce has a significant share of around 60 percent across India. The company also has about 80 percent of the home safe market, a category it has cultivated over time. “However, the premises security segment remains fragmented, with our share around 5-7 percent,” Gokhale added.

For fiscal 2024, the security solutions division reported revenues of over ₹1,000 crore, with a target of reaching ₹1,500 crore in the next three years.