BlueStone Earned INR 771 Cr in FY23: Ratan Tata-Backed Jewellery Retailer Achieves Strong Growth

What is the performance of Bluestone in FY23?

Ratan Tata-backed BlueStone, an omnichannel jewellery brand, earned INR 771 crore in operating revenue in the financial year ended March 31, 2023 (FY23), an increase of 67% from INR 461.3 crore in the previous fiscal year.

The Bengaluru-based startup reported a net profit of INR 35 crore in FY23, up from INR 25 crore in FY22. BlueStone’s growth was driven by strong demand for its diamond and gold jewellery, as well as its expansion into new markets. The company now has over 100 stores in India and plans to open more in the coming year.

What is the reason behind this success?

Omnichannel Model

BlueStone is an omnichannel jewellery retailer, which means that it sells its products online and in physical stores. The company has a strong online presence, with its website and app accounting for a significant portion of its sales. However, BlueStone is also expanding its physical presence, with a focus on opening stores in key metropolitan cities.

Product Portfolio

BlueStone carries a large selection of diamond and gold jewellery, such as rings, pendants, earrings, bracelets, and necklaces. Customers can also construct their own unique pieces of jewellery with the help of the company’s personalization possibilities.

Target Market

BlueStone’s target market is young and affluent Indian consumers. The company’s products are priced competitively, making them accessible to a wide range of consumers. BlueStone also offers a variety of payment options, including cash on delivery, credit/debit card, and net banking.

Growth Factors

BlueStone’s growth has been driven by a number of factors, including:

  • Strong demand for diamond and gold jewellery: Diamond and gold jewellery are popular among Indian consumers, both for personal use and as investment. BlueStone has benefited from this strong demand.
  • Expansion into new markets: BlueStone is expanding its physical presence in key metropolitan cities, which is helping it to reach new customers.
  • Focus on customer experience: BlueStone is focused on providing a superior customer experience. The company offers a variety of services, such as free shipping, returns, and exchanges.

Was Bluestone’s growth easy?

BlueStone faces a number of challenges, including:

  • Competition: BlueStone faces competition from both traditional and online jewellery retailers.
  • High marketing costs: BlueStone spends a significant amount of money on marketing and advertising.
  • Fluctuating gold prices: Gold prices fluctuate frequently, which can impact BlueStone’s profitability.


BlueStone is well-positioned for future growth, notwithstanding the hurdles it faces. The company has a strong brand, a diverse product offering, and a focus on the customer experience. BlueStone is also entering new markets, which will allow it to reach a larger number of clients.

Impact of Ratan Tata’s Investment

Ratan Tata’s investment in BlueStone has been instrumental in the company’s growth. Tata’s backing has helped BlueStone to attract other investors and to raise capital. Tata’s guidance has also been valuable to BlueStone’s management team.


BlueStone is a leading omnichannel jewellery retailer in India. The company has grown rapidly in recent years, and is well-positioned for continued growth. BlueStone’s growth is being driven by strong demand for diamond and gold jewellery, its expansion into new markets, and its focus on customer experience. Ratan Tata’s investment in BlueStone has been instrumental in the company’s growth.

In addition to the above, here are some other key takeaways from BlueStone’s FY23 financial performance:

  • The company’s gross margin increased from 38.5% in FY22 to 41.2% in FY23, indicating that it is able to command higher prices for its products.
  • BlueStone’s operating expenses increased by 55% in FY23, mainly due to increased investments in marketing and advertising.
  • The company’s EBITDA margins improved from 11.1% in FY22 to 12.8% in FY23.

Overall, BlueStone’s FY23 financial performance was strong, and the company is well-positioned for continued growth in the coming years.