BlueStone Jewellery and Lifestyle plans to more than double its retail footprint by fiscal 2030 as the jewellery retailer shifts its expansion strategy towards India’s high streets amid a shortage of premium mall space. The company also aims to nearly double its retail workforce while significantly increasing revenue over the next five years.
According to data from property consultancy Anarock, India currently has around 110 million square feet of Grade A mall space, compared with more than 400 million square feet in China and over 700 million square feet in the United States. Consequently, the limited availability of premium retail space is prompting several brands to prioritise high-street locations for expansion.
“We are fairly saturated,” Gaurav Singh Kushwaha, CEO, BlueStone Jewellery and Lifestyle, said. He added that the company already operates in nearly 90% of India’s quality malls and expects three-fourths of its future stores to open on high streets.
Backed by Prosus, BlueStone currently operates 340 stores across India and plans to increase that number to 705 by fiscal 2030. At the same time, the company aims to grow its revenue to ₹12,000 crore from ₹2,342 crore in fiscal 2026. Furthermore, BlueStone plans to expand its retail workforce to 4,000 employees, up from around 2,100.
Kushwaha noted that India’s limited supply of premium malls creates opportunities for jewellery retailers to grow through high-street formats. He also cited Tata Group’s Tanishq, which operates more than 500 stores, as an example of how jewellery brands can successfully scale outside malls, unlike many fashion and luxury retailers that rely heavily on mall footfall.
Meanwhile, several other retailers, including WestBridge Capital-backed Wooden Street and Asics, have also highlighted the shortage of premium retail space, particularly in major cities where demand continues to outpace supply.
Despite continued volatility in gold prices, BlueStone remains committed to its expansion plans. Like Kalyan Jewellers and Titan, the company continues to invest in new stores even as some smaller jewellery retailers adopt a more cautious approach because of rising input costs.
“I hope it stays range-bound, doesn’t go up, and doesn’t go down much,” Kushwaha said. “That’s the best environment to do business.”
By accelerating its high-street expansion strategy, BlueStone aims to strengthen its nationwide presence while capitalising on India’s growing organised jewellery retail market. As premium mall space remains constrained, the company’s focus on accessible high-street locations could provide a competitive advantage and support its ambitious revenue and growth targets over the coming years.
