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The Indian jewellery market grew at a CAGR of 13%–15% between 2021 and 2024, and currently stands at approximately ₹6,340,000 million. It is projected to reach ₹11,000,000–₹12,000,000 million by 2029, growing at a CAGR of 12%–14% between 2024 and 2029. Organised retail accounted for approximately 37% of the Indian jewellery market in 2024. This share is expected to rise to 43%–47% of the overall market by 2029, with the organised segment projected to grow at a CAGR of 16%–18% during this period.
| Particulars | Details |
|---|---|
| IPO Open Date | August 11, 2025 |
| IPO Close Date | August 13, 2025 |
| Price Band | ₹492 to ₹517 per share |
| Lot Size | 29 Shares |
| Issue Size | ₹15,406 mln |
| Listing At | BSE, NSE |
| Tentative Listing Date | [To be announced] |
Bluestone Jewellery and Lifestyle Ltd. is a contemporary lifestyle jewellery brand offering a wide range of diamond, gold, platinum, and studded jewellery under its flagship brand, BlueStone. Positioned as a digital-first, direct-to-consumer (DTC) player, BlueStone has emerged as the second-largest digital-first omni-channel jewellery brand in India.
The company retails its offerings through its website, mobile application (available on iOS and Google Play Store), and an expansive pan-India offline network. As of March 31, 2025, BlueStone operated 275 stores across 117 cities in 26 states and union territories, effectively servicing more than 12,600 PIN codes nationwide—placing it among the leading jewellery retailers in India with a truly pan-India footprint.
BlueStone operates 3 manufacturing facilities located in Mumbai (Maharashtra), Jaipur (Rajasthan), and Surat (Gujarat). To support increasing volumes and growing demand, the company continues to expand its manufacturing capacity. An additional facility in Jaipur is currently under construction.
Capacity utilization across Bluestone’s manufacturing facilities has shown a strong upward trajectory, indicating improving operational efficiency and rising demand. The Mumbai facility, one of its key hubs, reached a high utilization of 98.57% in FY25, up from 78.19% in FY24 and 83.91% in FY23. The Jaipur plant, which commenced operations in FY23, also exhibited healthy growth, rising from 31.75% in its initial year to 80.34% in FY24 and further to 81.72% in FY25. The Surat facility, launched more recently in May 2024, already achieved 68.25% utilization in FY25, underscoring rapid scaling and productive capacity absorption across its manufacturing footprint.
Over the last 3 fiscals, the company has grown its’ revenue from operations from ₹7,707.26 million in Fiscal 2023 to ₹12,658.39 million in Fiscal 2024 and further to ₹17,700.02 million in Fiscal 2025, representing a CAGR of approximately 51.54% over this period. In terms of revenue growth, Bluestone is the fastest-growing jewellery retailer among leading jewellery retailers in India between Fiscal 2021 and Fiscal 2024.
Objects of the issue:
- Funding Working Capital requirements- ₹7500 million
- General Corporate Purposes
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