Bengaluru-based jewellery retailer Bluestone has not seen any softening in consumer demand despite heightened volatility in gold prices and rising macroeconomic uncertainty, according to Gaurav Singh Kushwaha, Chairman, Managing Director, and CEO.
In India, gold jewellery demand fell about 26 per cent year-on-year (y-o-y) in the first half of FY26, even as demand for bars and coins rose 15 per cent, signalling a shift towards investment-led buying amid price volatility and global uncertainty, per a ICRA-Assocham Report.
However, BlueStone’s experience diverges from this trend. “If there is any softening, we don’t see it in our data. In fact, as we have grown, demand has only strengthened,” Kushwaha said.
Financially, the company reported strong traction for the quarter, with standalone revenue from operations rising 38 per cent y-o-y to ₹687.7 crore. It also swung back to profitability, posting a net profit of ₹36.4 crore, compared to a loss of ₹48.6 crore in the previous quarter.
This shift is playing out alongside broader macro pressures. Rising daily expenses, partly driven by geopolitical tensions and input cost inflation, are squeezing discretionary spending. Yet, instead of pulling back entirely, consumers are recalibrating, opting for lower ticket sizes or more frequent purchases of lighter pieces.
Growth driver
The growth in the quarter was led by store expansion and strong same-store performance, with existing outlets clocking about 34 per cent growth. The company now operates around 340 stores across 125 cities and plans to expand its footprint by about 20 per cent annually. “Most of our stores hit operational breakeven in 3–4 months and continue to grow handsomely year-on-year,” said Kushwaha, adding that demand trends remain consistent across markets. “We don’t see too much of a difference across cities, with larger cities simply allow us to open more stores,” he said.
Kushwaha said a broader shift is underway in consumer behaviour, with buyers moving away from heavy, occasion-led purchases to lighter, wearable jewellery. “Instead of one large purchase, consumers are increasingly buying more frequently but at smaller ticket sizes,” he concluded.
Published on April 24, 2026