Kalyan Jewellers began the year with the launch of its 250th global showroom in Ayodhya, inaugurated by its national brand ambassador, Amitabh Bachchan. Another highlight this year was the complete acquisition of Candere, which has been pivotal in advancing the phygital strategy of Kalyan Jewellers. This integration allowed the jewellery brand to diversify its offerings and connect more deeply with its new-age consumer base. Candere’s physical experience centres now span 50+ locations across metro markets and tier-2 towns,
In a recent conversation with Storyboard18, Ramesh Kalyanaraman, Executive Director, Kalyan Jewellers discusses several trends shaping the jewellery market in India. These include the rising demand for organised jewellery retailers, the emergence of rural and semi-urban markets and more.
Edited excerpts:
What were the key highlights for you and your teams in 2024?
The year 2024 has been a transformative year for us at Kalyan Jewellers, marked by exceptional milestones and strong quarter-on-quarter growth. Our aggressive expansion strategy, combined with successful penetration into tier-2 and tier-3 cities, has allowed us to meet the rising demand for organised jewellery brands while solidifying our market leadership.
We began the year with the launch of our 250th global showroom in Ayodhya, inaugurated by our national brand ambassador, Amitabh Bachchan. This milestone symbolised our commitment to expanding our reach across Bharat. Taking a grassroots approach, we have strategically leveraged hyperlocal campaigns and Deep-India influencers to strengthen connections with end consumers. With 2025 around the corner, we are proud to mark our presence in over 300 locations worldwide, enhancing our footprint across the country and beyond. The success of our franchise model has also emerged as a major pillar for our ongoing Pan-India expansion.
Another significant highlight this year was the complete acquisition of Candere, which has been pivotal in advancing our phygital strategy. This integration allowed us to diversify our offerings and connect more deeply with our new-age consumer base. Candere’s physical experience centres now span 50+ locations across metro markets and tier-2 towns, offering a seamless mix of online and offline shopping experiences tailored to today’s discerning customers.
Internationally, we are exploring exciting opportunities to expand our network into key markets such as the USA, Singapore, and Australia, bringing the legacy and craftsmanship of Kalyan Jewellers to a global audience.
These achievements reflect our vision to blend tradition with innovation, creating meaningful experiences for our customers while positioning Kalyan Jewellers as a truly global brand.
What defining trends stood out for you in 2024?
Rising Demand for Organised Jewellery Retailers: The paradigm shift towards organised jewellery retail gained momentum, with a growing number of customers favouring trusted, certified brands over unorganised players. This formalisation of the sector has been instrumental in enabling Kalyan Jewellers to enhance its market share on a pan-India level, supported by consistent footfalls across our 300+ showrooms.
Gold as a Reliable Investment: Despite rising gold prices, consumer confidence in gold as a long-term investment has remained resilient. Many customers are considering jewellery investments as a hedge against inflation and a reliable asset for substantial long-term returns. Additionally, a significant percentage of customers opted to exchange old gold jewellery for newer designs, offsetting costs and making purchases more accessible.
Diversification of Product Offerings: To cater to diverse consumer needs, Kalyan Jewellers has been consistently launching curated jewellery lines to capitalise on seasonal trends. From the launch of the Pushpa jewellery line, celebrating the release of Pushpa 2 by our brand ambassador Rashmika Mandanna, to diversifying our offerings with niche product categories, we have set new benchmarks in consumer centricity. Approximately 35% of jewellery designs at our showrooms are inspired by the cultural ethos of specific regions. Additionally, addressing the rise in gold prices, we introduced traditional jewellery pieces with reduced grammage, ensuring affordability without compromising on design or craftsmanship.
Growing Affinity Among Millennials and Gen-Z Consumers: We have witnessed a noticeable increase in millennial and Gen-Z consumers investing in gold jewellery, driven by their preference for dual-tone and platinum pieces. This renewed interest among younger demographics presents a phenomenal opportunity to lay the roadmap for the next phase of growth, by aligning with evolving consumer trends and building an effective omnichannel strategy.
Emergence of Rural and Semi-Urban Markets: Rural and semi-urban regions have emerged as growth hubs, with increased purchasing power and demand for branded jewellery. Kalyan Jewellers’ hyperlocal strategy—from design preferences to in-store activations—has enabled us to effectively tap into these underpenetrated regions.
How did the rise of AI and generative AI impact your industry this year?
AI has significantly influenced the jewellery industry, and at Kalyan Jewellers, we have embraced this transformative technology to blend innovation with tradition. By strategically integrating AI into our design thinking and manufacturing processes, we have successfully reduced the grammage of traditional jewellery designs, making them more accessible and affordable for a broader audience. This approach ensures that intricate pieces, inspired by regional ethos and cultural significance, retain their authenticity and charm while addressing modern affordability challenges.
The recent technological advancements have not only allowed us to offer better value to our customers but have also enabled us to stay agile in today’s dynamic market. We remain optimistic that our adoption of innovative techniques, AI, and cutting-edge technologies in jewellery manufacturing will help us continue to expand our product portfolio and refine our offerings.
What are your New Year’s resolutions?
2025 will be a year of consolidation and innovation for Kalyan Jewellers. My primary focus is to deepen our customer-centric approach while strengthening our omnichannel strategy. Expanding into new international markets, optimising our franchise model for further growth, and enhancing operational efficiencies through technology are my key resolutions.
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