Archive · 22 Jul 2026
Bluestone Jewellery Reports 48.8% Revenue Growth Despite Gold Price Hikes
Bluestone Jewellery reported a big increase in revenue for the first quarter of the financial year 2027.
This happened even though the price of gold went up a lot.
The company is changing some of their cheaper jewellery to use less gold, so it stays affordable.
They are also spending more on ads to keep their brand strong.
The CEO, Gaurav Singh Kushwaha, talked about how they are handling these changes and their plans for the future.
They want to reach Rs 12,000 crore in revenue by 2030 and are making sure they have enough manufacturing capacity to meet that goal.
Bluestone Jewellery reported a 48.8% year-on-year increase in Q1FY27 revenue to Rs 733 crore.
The company is redesigning entry-level products to use less gold and maintain affordability.
Advertising spend has increased to build the brand long-term, despite a decline in new customer additions.
Repeat customers account for 59.7% of revenue in Q1FY27, showing strong loyalty.
Bluestone aims to achieve Rs 12,000 crore in revenue by FY30 with 700-800 stores across over 300 cities.
- Who
- Bluestone Jewellery and Lifestyle, Founder and CEO Gaurav Singh Kushwaha
- What
- Reported a 48.8% year-on-year increase in Q1FY27 revenue to Rs 733 crore
- When
- Q1FY27, after the gold import duty was raised in May
- Where
- India
- Why
- To adapt to rising gold prices and maintain customer affordability
Optimistic Outlook
Challenges in Customer Acquisition
Demand Resilience
Optimistic Outlook
Consumers' confidence in jewellery has grown despite rising gold prices, showing resilience in both studded and non-studded jewellery.
Challenges in Customer Acquisition
Higher gold prices have pushed entry-level products into higher price bands, affecting customer acquisition.
Product Redesign
Optimistic Outlook
Redesigning entry-level products with thinner constructions and lower karatage helps retain customers by using less gold.
Challenges in Customer Acquisition
Redesigning products may not fully offset the impact of rising gold prices on customer acquisition.
Advertising Spend
Optimistic Outlook
Increased advertising spend is essential for long-term brand building and will decline as a percentage of revenue over time.
Challenges in Customer Acquisition
Higher advertising spend has not yet translated into significant new customer additions.
- Revenue Growth
- 48.8% year-on-year increase in Q1FY27
- Q1FY27 Revenue
- Rs 733 crore
- Gold Import Duty
- Raised from 6% to 15%
- Entry-Level Product Redesign
- Thinner constructions, modified alloy compositions, lower karatage
- Revenue Target
- Rs 12,000 crore by FY30
- Manufacturing Capacity
- Rs 10,000-12,000 crore annually
- Hedging Policy
- Hedges half of gold inventory based on cash flow and capital structure