Chennai-based Vummidi Bangaru Jewellers (VBJ) is gearing up for a phase of expansion with a revenue target of ₹5,000 crore by 2027-28.
The 125 year old-jewellery retailer, who notably made the Sceptre (Sengol) installed in the new Parliament, closed the financial year ending March 2026 with a topline of about ₹2,700 crore.
Amarendran Vummidi, Managing Partner, VBJ said that the company plans to achieve its growth targets by expanding its retail footprint with stores planned in Coimbatore, Tiruchirappalli and Hyderabad.
The expansion will be driven by an internal investment of ₹500 crore and will add to VBJ’s current footprint of two stores in Chennai. It also operates a store in the US with plans to launch another one, predominantly catering to the Indian diaspora there.
Amarendran was speaking to mediapersons at the launch of its flagship store here on Tuesday. The 14,000 sqft store is designed across multiple levels with dedicated floors for gold jewellery, diamonds, platinum and sapphire.
He added that the size and scale of stores will be dynamic based on the needs of the particular market. “The format of the stores depends upon the size of the market. Chennai and Coimbatore are a large market, so it can take a huge, large-format store. But when we scale to smaller tier 2/3 cities it has to be more flexible. It will depend upon the target audience and the location of the store,” he said.
digital gold
Beyond retail expansion, the company is also gearing up to launch a mobile app for digital gold investing within the next two weeks, Jithendra Vumidi, Managing Partner VBJ said.
Its business mix currently includes around 65 per cent gold, 30 per cent diamonds and about 5 per cent from platinum and other precious metals. Interestingly, Jithendra said that, given the increase in gold prices recently, there has been a marginal increase in demand for lower purity gold like 18 carat over the recent especially in design-led, contemporary pieces.
Speaking to businessline on the company’s performance over the past year when gold and silver prices moved up significantly,Amarendran said that while the volume of sales was lower, the value has gone up, with the company having posted a 17-20 per cent growth for FY26.
On the supply side, he said that the company has not yet faced any significant challenges in sourcing or imports, but continues to closely monitor global developments and adapt to ensure continuity and stability. “There are short-term fluctuations in sentiment but the demand in India remains largely resilient due to the strong cultural and investment linkage with gold,” he added.
Published on April 28, 2026