Indian jewelry retailer Kalyan Jewellers is forecasting strong growth above 25% this year as it accelerates expansion with plans to open 160 new stores. The company attributes this momentum to shifts in consumer behavior and a strategy focused on scaling its retail footprint across key markets.
Customers are increasingly favoring well-known retail chains over independent jewelers, a trend that benefits organized players like Kalyan. Shoppers are visiting stores more often and allocating a larger portion of their budgets to gifting and special-occasion purchases, supporting higher sales frequency and ticket sizes.
Although elevated gold prices have had some impact on buying patterns, high-net-worth consumers have largely continued to purchase without significant hesitation. At the same time, middle-class buyers are adapting by choosing lighter designs and lower-carat gold, enabling continued demand across a broader customer base.
Kalyan’s expansion push is part of a deliberate effort to grow its market presence and compete more directly with dominant incumbents. The retailer has set an ambitious goal to reach a store count comparable to Titan’s Tanishq brand within the next three years, signaling a focus on geographic coverage and brand visibility.
To support this rollout, Kalyan is investing in store openings that balance major urban centers with emerging towns, aiming to capture demand from both affluent buyers and value-conscious shoppers. The company is also leaning on standardized processes, centralized supply chains, and consistent branding to deliver a reliable in-store experience that appeals to consumers seeking trust and quality.
Product assortment is being calibrated to reflect changing preferences: a broader range of lightweight and mixed-metal pieces, platforms for lower-carat gold, and curated collections targeted at gifting occasions. These changes help maintain relevance amid price volatility while preserving margins through design, branding, and service differentiation.
Retail expansion, combined with evolving consumer trends, positions Kalyan Jewellers to capitalize on a market that is becoming more organized and brand-driven. If successful, the planned openings and customer-focused merchandising could help the company sustain double-digit revenue growth over the near term while increasing its share within India’s competitive jewelry sector.