As part of its grand multicity multi-store expansion plan, BlueStone, India's leading destination for high-quality fine jewellery, is determined to expand its business in Hyderabad with the launch of its third store in the city. The new store has been launched at the Sharad City Mall Store.
The company has a total of sixteen stores across the country with the fourteen more in the pipeline, to be launched in the year ahead. BlueStone is known for its fine jewellery with superior quality and strikingly exquisite designs.
Gaurav Singh Kushwaha, Founder and CEO, BlueStone, said, “It is a moment of extreme pleasure for us that we have the opportunity of expanding our business in the city of Hyderabad. It would not have happened, had we not received the immense love and respect by the people of Hyderabad. The launch of the third store is a significant milestone in the expansion of the company.”
With this new store in Hyderabad, the company aims at revolutionizing the fine jewellery and lifestyle segment in India with a firm focus on craftsmanship, quality and customer experience. Kushwaha envisages the store as a precious touchpoint where the company can build a better relationship with its customers and deepen their faith in the brand.
Kushwaha dreams of creating a larger omni-channel ecosystem of BlueStone and maximize its offline footprints with the help of increasing numbers of such stores that offer buyers an immersive jewellery browsing and buying experience.
The two stores which are already operational in Hyderabad are located at Inorbit mall and Jubilee Hills.
Jewelry Market in India
Jewelry has been a significant part of Indian culture from ancient times. Indians' love for precious jewelry can be vouched for the fact that India is the biggest buyer of gold in the world.
In India, the Gems and Jewellery industry is one of the largest in the world, contributing 29% to global jewelry consumption. Gems and Jewellery’s market size in the country contributes to about 7% of India’s GDP and has grown at a CAGR of more than 14.8% over the last 50 years.
A major shift from unorganised to organised sector
Previously, the jewelry market was largely dominated by local jewelers and unorganised players. However, with time, people became skeptical of the quality and purity of the jewelry made by local players. This has made the consumers increasingly shift from the unorganised to the organised sector.
With the rise of the urban population and increased disposable income, there has been an increase in demand for premium products and established brand names.