BlueStone aims to expand its retail footprint from 340 to 705 stores and double its workforce to 4,000 by fiscal 2030.
The jewellery retailer targets a massive revenue increase to ₹12,000 crore by FY30, up from ₹2,342 crore in FY26.
Due to a shortage of Grade A mall space in India, BlueStone plans to open 75% of its future stores on high streets.
BlueStone plans to scale up its Indian operations rapidly by fiscal 2030. The brand wants to reach 705 outlets from its current 340 and increase its retail staff to 4,000 from 2,100, Reuters reported.
It expects this expansion to lift revenue to ₹120 billion ($1.25bn) by fiscal 2030, up from ₹23.42 billion in fiscal 2026. As premium mall space remains limited, BlueStone expects three-fourths of future stores to open on high streets.
4 July 2026
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BlueStone Jewellery and Lifestyle CEO Gaurav Singh Kushwaha told Reuters, "We are fairly saturated." Kushwaha noted that the company already operates in about 90% of India's quality malls.
High Street Strategy
India lacks sufficient shopping malls, Kushwaha said. He pointed to Tata Group's Tanishq, which operates over 500 outlets, to show that jewellery brands can thrive on high streets, whereas fashion and luxury labels depend heavily on mall traffic. The Prosus-backed firm sells items such as rings, earrings, necklaces and bangles.
BlueStone, alongside peers Kalyan Jewellers and Titan, presses ahead with expansion despite volatile gold prices, which have made some smaller jewellers wary about opening new stores. Kushwaha said, "I hope it stays range-bound, doesn't go up, doesn't go down much. That's the best environment to do business."
Mall Shortage Crisis
India has only 110 million square feet of Grade A mall space. This lags far behind China's 400 million and the US's 700 million, data from property consultancy Anarock stated.
This deficit forces brands to look outside shopping centres. Other retailers like WestBridge Capital-backed Wooden Street and Asics also reported a severe deficit of premium commercial real estate in major cities.
A Reuters report in March highlighted the severe shortage of high-quality retail spaces in India, with only three luxury malls, two in Delhi, owned by real-estate developer DLF, and one in Mumbai, owned by Reliance conglomerate.
The shortage stands in contrast with the growing consumer population. Based on Euromonitor data, India's luxury market was estimated at just $12.1 billion in 2025, against the potential for greater luxury sales that could offset slowing momentum in other key regions.
