India: Indian jewellery retailer BlueStone has announced plans to more than double its store network from 340 to 705 outlets by fiscal year 2030. The company also aims to increase its annual revenue from ₹23.42 billion in FY2026 to ₹120 billion and expand its retail workforce from about 2,100 to 4,000 employees.
Why is BlueStone focusing on high-street locations?
Chief Executive Officer Gaurav Singh Kushwaha said the company is already present in nearly 90% of India’s premium malls, leaving limited room for further expansion. As a result, around 75% of future stores will be opened on high streets due to the shortage of quality mall space across the country.
What is driving the shift away from malls?
According to property consultancy Anarock, India has only about 110 million square feet of Grade A mall space, significantly lower than China’s 400 million square feet and the United States’ more than 700 million square feet. The shortage has prompted retailers to increasingly rely on high-street locations for expansion.
How is BlueStone responding to market conditions?
Despite volatile gold prices, BlueStone is continuing its aggressive expansion strategy, unlike some smaller jewellers that have slowed store openings. The company said stable gold prices would provide the most favourable business environment for sustained growth.
What does this mean for India’s jewellery retail sector?
BlueStone’s expansion reflects continued confidence in India’s organised jewellery market and follows similar growth strategies by major players such as Kalyan Jewellers and Titan, as retailers seek to strengthen their physical presence despite constraints in premium retail infrastructure.