Bluestone

BlueStone is an Indian fine jewellery retailer that sells certified gold, diamond, platinum and gemstone jewellery through its website and a network of physical stores. Its catalogue spans rings, earrings, pendants, chains, necklaces, bracelets, bangles, kadas, mangalsutras, nose pins, anklets, solitaires, gold coins, watch accessories, and men's and kids' jewellery, organised into more than 100 collections. The company states it offers 7,000+ certified designs, with pieces certified by BIS Hallmark, IGI and GSI, and supports customisation of attributes such as gold purity, colour and diamond clarity.

The company was founded in 2011 in Bangalore by Gaurav Singh Kushwaha, with Vidya Nataraj also identified as a co-founder; operations began in early 2012. It started as an online-first, digital-native jewellery seller and later added physical retail, opening its first store in New Delhi in 2018 and subsequently scaling its footprint. Customer-facing services include a lifetime exchange and buyback policy, a "Big Gold Upgrade" offering a 1% benefit over the prevailing market gold rate on old gold across purities, free shipping on online orders, a 30-day returns policy, video-call shopping consultations, and a 10+1 monthly instalment purchase plan.

The operating entity is identified as BlueStone Jewellery and Lifestyle Ltd, listed as public, with an employee count of about 2,391 and reported revenue of ₹2,490.4 crore in FY26, up roughly 91% year on year.

Founding story

Gaurav Singh Kushwaha, an IIT Delhi alumnus who previously worked at Amazon in the United States and India and founded the movie portal Chakpak in 2006-2007, started BlueStone in 2011 with Vidya Nataraj, who brought luxury retail experience. They incorporated the company in Bangalore in mid-2011 and began operations in early 2012, targeting a gap between strong Indian demand for gold and limited design variety and opaque pricing, using certification, design and transparent pricing to build trust.

Business model

BlueStone operates an omnichannel direct-to-consumer jewellery retail model, combining its e-commerce site with company retail stores in Indian cities. It was built around a just-in-time manufacturing approach in which items are produced after an order is placed, minimising finished-goods inventory and overhead, supported by in-house manufacturing facilities in Mumbai and Jaipur and a proprietary design studio. In-person elements such as store visits, home try-on and video-call consultations complement online discovery.

Revenue comes from the retail sale of fine jewellery — gold, diamond, platinum and gemstone pieces, plus gold coins — sold at price points ranging from below ₹10,000 to above ₹50,000, through the website and physical stores. Promotional mechanics include discounts on making charges, gift cards and a 10+1 monthly instalment plan in which the last of eleven instalments is waived.

Traction

Reported revenue crossed ₹1,200 crore in FY2023-24, growing over 60% year on year, and is reported at ₹2,490.4 crore for FY26, up about 91%. The store network expanded from roughly 50 to more than 180 locations within a 24-month window following funding rounds, and stood at 200+ stores in 75+ cities. Other reported figures include about 2,391 employees, roughly 4.25 million monthly web visits, and a last known valuation of about $963.5 million as of August 2024 (cited as $970 million in March 2025).

Latest developments

Reported figures list a debt raise on 13 May 2025 involving BlackSoil, an employee base of about 2,391, FY26 revenue of ₹2,490.4 crore, and cumulative funding of about $289 million across 13 rounds. The operating entity BlueStone Jewellery and Lifestyle Ltd is listed as public.