Executive Summary 

In its IPO journey, Bluestone engaged with Redseer, India’s leading strategy consulting firm, to build a comprehensive analysis of India’s Jewellery market. Redseer delivered a deep-dive industry analysis that covered macroeconomic and consumer demographic trends, market sizing models for the Indian jewellery market (including the current baseline and future trajectory of demand), benchmarking of competing operating models, and identification of strategic levers to position organised, omnichannel retailers for sustained success. This study provided crucial insights for investors to understand the dynamic industry in which BlueStone operates. 

About the Client 

BlueStone is a digital-first, omnichannel jewellery brand founded in 2011 that designs, manufactures, and retails a wide range of fine jewellery with a focus on casual jewellery. The company operates both online platforms and over 275 stores across 117 cities in 26 States and Union Territories in India, servicing over 12,600 PIN codes. It offers its customers a seamless shopping experience that combines digital discovery with offline touch-and-feel. The company designs jewellery for men, women and couples aged from 25 to 45. In FY 2025, the company posted an operating revenue of over ₹ 17 billion and gross margins of ~51%.  

The Strategic Imperative

• Understand the key macroeconomic tailwinds for the Indian Jewellery market, and its evolution due to the changing consumer behaviour.  

• Estimate the size of the jewellery market in India across multiple factors and analyse key market trends. Basis the current market understanding, model out the growth estimates for the next 5 years.  

• Analyse key growth drivers and challenges within the Indian jewellery sector. 

• Detail the segmentation of the Indian jewellery market by region, occasion, product type, stone/metal type, and city tier. 

• Assess the evolution from traditional to organised retail, highlighting the rise of e-commerce and omnichannel models 

• Assess the right to win for organised, omnichannel jewellery retailers focused on casual jewellery operating in this market compared to other models. 

• Benchmark business models and other leading retailers across key performance metrics. 

Outcomes & Impact 

• Uncovered macroeconomic and demographic forces shaping jewellery consumption (e.g., rising disposable income, rising women workforce participation, lifestyle-focused discretionary retail consumption, organisation of retail, digitally influenced omnichannel purchases), identifying how these forces converge to create long-term demand tailwinds for the jewellery market. 

• Positioned India as a strategic growth engine in the global jewellery landscape, highlighting how its expansion and surpassing the USA to become the world’s second-largest jewellery consumer reflects fundamental drivers that are reshaping consumption patterns and attracting investor interest. 

• Disaggregated the Indian jewellery opportunity across channels, regions, product types, and occasions, uncovering fast-growing segments such as daily-wear and studded jewellery, and highlighting white spaces in Tier 3+ cities, non-gold categories, and digitally influenced demand.  

• Benchmarked the challenges and value add of various retailer operating models, such as omni-channel, pureplay online, traditional, and unorganized retailers and provided key right-to-wins for omni-channel retailers and provided key right-to-wins for players with omni-channel models with strong digital funnels that can leverage the large online-influenced purchases. 
• Mapped key performance and engagement levers across leading Indian jewellery retailers, identifying BlueStone’s competitive advantages  

What This Means for the Industry 

The Indian jewellery market sized at USD 75 billion and expected to grow at 12-14% CAGR in the next 5 years is undergoing fundamental shifts. The Indian jewellery market is observing a shift from a fragmented, unorganised sector to a more structured, digitally influenced landscape. Therefore, omnichannel models are becoming critical, as ~50–60% of purchases are already online influenced. The omni-channel jewellery market in India stood at USD 7 billion and is further expected to grow at 2x the industry growth in the next 5 years with a CAGR of 28-30%. Players that combine digital discovery, curated design, integrated manufacturing, and offline experience centres are well placed to capture the large jewellery market and lead the next wave of industry growth. 

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