These homegrown jewellery retail gems have been instrumental in shaping the country’s gems and jewellery sector and continue to shine bright amidst stiff competition on the global stage
Bengaluru: Renowned for intricacy and cultural significance, Indian jewellery has transcended borders to captivate global markets. The industry has witnessed a surge in demand, fuelled by a burgeoning middle class, increasing disposable incomes, and a penchant for luxury goods.
In 2024, the India’s jewellery market revenue is projected to reach $81.26 billion. It is further expected to witness an annual growth of 4.59% from 2024 to 2028, according to data analytics platform Statista.
Here are five Indian jewellery brands, listed in descending order of the number of stores they operate. These jewellery retail gems have been instrumental in shaping the country’s gems and jewellery sector and continue to shine bright amidst stiff competition on the global stage.
- Tanishq
Tanishq, the jewellery brand from Tata Group’s Titan Company, was founded in 1994. Titan’s jewellery division includes a portfolio of brands such as Tanishq, CaratLane, Zoya and Mia by Tanishq.
In 1996, Tanishq opened its first retail showroom in Chennai and the first international store in 2020, in Dubai. Presently, the retail chain boasts over 400 exclusive outlets spanning across more than 240 cities nationwide, along with over 13 international boutiques across UAE, USA, Qatar and Singapore.
Today, the Bengaluru-based company is planning to have 50 boutiques globally across the United Kingdom, Australia and Malaysia, according to a previous press release.
- Reliance Jewels
Reliance Jewels, the jewellery brand of Reliance Retail, operates under Reliance Retail Ventures Ltd (RRVL), the holding entity encompassing all retail businesses within Reliance Industries Ltd.
The Mumbai-based jewellery brand started its journey in 2007, with a single showroom nestled in Iscon Mall, Ahmedabad. The brand specialises in gold, silver and diamond jewellery.
Today, Reliance Jewels owns and operates over 400 flagship showrooms and shop-in-shops spread across more than 200 cities.
- Malabar Gold & Diamonds
Malabar Gold & Diamonds, the flagship company of Malabar Group was established in 1993 by M P Ahammed in Kerala. In 2001, the jewellery retailer stepped outside of India to open its first store in the Gulf region.
The brand that started its journey from a 400 sq. ft. shop in Calicut, currently, is today a chain of over 340 showrooms spread across India, United Arab Emirates, Qatar, Kuwait, Oman, Kingdom of Saudi Arabia (KSA), Bahrain, Singapore, Malaysia, USA, UK, Canada and Australia. It also has multiple offices, design centres, procurement centres, and factories.
With an annual turnover of $5.2 billion, the brand is charting expansion into new countries such as South Africa, Egypt, Bangladesh, Turkey and New Zealand, according to a previous press release.
- CaratLane
Omni-channel jewellery brand CaratLane was established in 2008 by Mithun Sacheti and Srinivasa Gopalan as an online brand offering rings, earrings, bracelets, bangles and solitaires.
In July 2016, the Tata Group purchased a 62% stake in CaratLane through its subsidiary Titan and the brand became ‘CaratLane – a Tanishq Partnership’. In September 2018, the retailer launched Shaya by CaratLane, a silver jewellery brand.
The Chennai-based jewellery brand currently operates over 265 retail stores across 100 Indian cities.
- Kalyan Jewellers
Kalyan Jewellers was founded in 1993 by T. S. Kalyanaraman with an initial capital of Rs 75 lakh. The first gold and diamond jewellery showroom opened in the Thrissur district of Kerala. It remains the company’s headquarters to this day. Kalyan Jewellers made its international debut in 2013.
As of December 2023, the total count of the company’s showrooms stood at 235, spread across India and the Middle East.
Currently, the jewellery firm plans to open 30 showrooms by the end of fiscal year (FY) 2024 in India and the Middle East. Additionally, it is gearing up to unveil more than 80 showrooms in FY25, as per a PTI report.
