Prosus-backed Indian jeweller BlueStone to double workforce, expand beyond malls

Jewellery chain BlueStone plans to more than double its store network and nearly double its retail workforce by fiscal 2030, with most new outlets set to open on India’s high streets as premium mall space remains limited, its CEO said.

India has about 110 million square feet of Grade A mall stock, compared with more than 400 million in China and over 700 million in the United States, data from property consultancy Anarock showed, underscoring the shortage that is pushing retailers towards high streets.

“We are fairly saturated,” BlueStone Jewellery and Lifestyle CEO Gaurav Singh Kushwaha told Reuters, adding that the company was already present in about 90% of India’s “quality malls” and three-fourths of future stores would be on high streets.

The Prosus-backed jewellery retailer, which sells products including rings, earrings, necklaces and bangles, aims to raise its store count to 705 from 340 and increase revenue to 120 billion rupees ($1.25 billion) by fiscal 2030 from 23.42 billion rupees in fiscal 2026. It also plans to expand its retail workforce to 4,000 from about 2,100.

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Kushwaha said there were not enough malls in India, while citing Tata Group’s Tanishq, which has more than 500 stores, as evidence jewellers could expand on high streets, unlike fashion and luxury brands that rely on mall footfall.

Brands, including WestBridge Capital-backed Wooden Street and Asics, have also pointed to a shortage of premium retail space, particularly in major cities where mall supply has lagged demand.

BlueStone, like peers Kalyan Jewellers and Titan , is pressing ahead with its expansion despite volatile gold prices, which have made some smaller jewellers more cautious about opening stores.

“I hope it stays range-bound, doesn’t go up, doesn’t go down much,” Kushwaha said. “That’s the best environment to do business.”