This edition is exciting!

 

🔥 INR 770 Cr revenue in FY23

🔥 INR 900 Cr raised in Pre-IPO round

🔥 INR 8100 Cr valuation

🔥 200+ retail stores

 

BlueStone—the D2C brand that succeeded in making Indians purchase fine jewellery online!

 

When Gaurav Singh Kushwaha launched BlueStone in 2011, he knew that consumer willingness to pay wasn’t a hurdle, and the market was massive. The Indian jewellery market was worth a whopping INR 1,467 Bn!

 

The real challenge was to solve the trust deficit in online jewellery shopping.

 

With BlueStone, Gaurav fused cutting-edge tech with traditional craftsmanship and focused on customer-centric innovation. And the rest? Well, that’s pure gold!

 

Without further ado, let’s dive into BlueStone’s incredible growth playbook!

 

You Don’t Have True Differentiation Unless Your Model Is Tough To Replicate!

That’s the mindset Gaurav brought to the table when launching BlueStone, and it worked! The big question—do they have clear differentiators? You bet!

 

First to Sell Fine Jewellery Online

 

Yes, Caratlane was around in 2011, but they were only dealing in solitaires. BlueStone? They were diving headfirst into the fine jewellery game, bringing it all online—something no one else had dared to do at the time!

 

Browse First, Buy Later

 

BlueStone quickly figured out that customers weren’t exactly jumping at the idea of buying jewellery online. So, they eased them in. The first year was all about understanding consumer behaviour. BlueStone allowed customers to browse designs, save their favourites, and purchase later—breaking the mould of traditional in-store shopping. A true game-changer! In 2016 itself, BlueStone had 45% repeat customers

 

Competitive Pricing

 

Gaurav knew he couldn’t go toe-to-toe with big retail jewellers on their turf unless he made pricing a key part of the strategy. So, BlueStone brought manufacturing in-house. They have 3 manufacturing units – 2 in Mumbai and 1 in Jaipur. This gave them complete control over design and quality, letting them offer competitive prices and giving customers the freedom to choose the gold purity they wanted. Any carat? Done!

 

Manufacturing unit of the brand

 

 

An Options Galore

 

With over 7,000+ SKUs across 100+ collections, BlueStone wasn’t playing small. They were going head-to-head with industry giants like Tanishq and Kalyan Jewellers. Yep, bringing the fight to the big leagues!

 

30-Day Hassle-Free Return

 

Even your local jeweller isn’t offering this. BlueStone’s no-fuss return policy made online jewellery shopping feel like a breeze.

 

The trust barrier? Smashed!

 

How BlueStone Addressed The Trust Deficit For Online Jewellery

BlueStone knew that winning the hearts of Indian consumers meant tackling three big concerns: “I can’t touch and feel the jewellery,” “What happens after I buy it?” and “How easy is it to exchange?”

 

They didn’t just sit back—they took it step by step and turned those doubts into trust.

 

Try At Home

 

Let’s be honest, who in India buys jewellery without trying it on? BlueStone, being an online-first brand till 2018, made a smart move. They let consumers try on their purchases at home! It hit two birds with one stone: customers could inspect the gold’s quality firsthand, and BlueStone positioned itself as a brand that had nothing to hide. Win-win, right?

 

Virtual Jewellery Consultations

 

BlueStone turned online jewellery shopping into a personal experience. Virtual consultations meant customers received tailored advice based on their specific needs. The cherry on top? After the consultation, they could try the pieces at home! Talk about making online shopping feel luxe.

 

Lifetime Exchange & Buyback

 

Game changer alert! Customers could exchange their 18kt jewellery from BlueStone for the value of 20kt gold. It wasn’t just about buying; it was about building a long-term relationship.

 

Certified Jewellery

 

Every piece from BlueStone is certified by top authorities like BIS Hallmark, SGL, IGI, and GSI. It’s all about that authenticity stamp—so you know you’re getting the real deal.

 

So, why would anyone hesitate to buy jewellery online now?

 

Back in 2016, a Times of India article noted that BlueStone was clocking 5,000-7,000 orders a month and drawing in 2 Mn new visitors on its website. Yep, that’s a ton of trust being built—and fast.

Fast forward to today, and that trust is clearly reflected in their skyrocketing revenue growth.

 

Financials of BlueStone

 

 

Till 2018, BlueStone was a purely online brand, but then they decided to go omnichannel.

 

Tapping Into Omnichannel Play: BlueStone’s Growth Lever

BlueStone’s decision to go omnichannel wasn’t just about following a trend—it was all about making the shopping experience even smoother for their customers.

 

They opened their first store at Pacific Mall in Delhi, and in just six short years, BlueStone has skyrocketed to 200+ retail stores across India, focusing on Tier 1 and Tier 2 cities.

 

Offline store of BlueStone

 

But here’s where BlueStone truly nailed it:

 

✔️ Better Customer Service

✔️ More Consumer Touchpoints

✔️ Better Analysis Of Consumer Purchase Patterns

✔️ Physical After-Sales Support

 

Through these stores, BlueStone doesn’t just sell jewellery—they gather priceless insights. In a recent survey, a whopping 86% of customers said design was the top reason they chose BlueStone, with only 4% caring about price or convenience.

 

And what did BlueStone do? They doubled down on design! The brand continuously launches exclusive collections available both online and in stores. It’s this seamless integration of their digital and physical presence that’s catapulted them to the top of their game.

 

Interestingly, while most of their sales now come from their retail stores, the first touchpoint for customers often begins on the website. It’s a perfect mix of online and offline magic that’s made BlueStone a leader in the jewellery space.