Omnichannel jewellery retailer CaratLane wants to broaden its customer base beyond its affordable-diamond positioning, according to managing director Saumen Bhaumik.
“We are a diamond destination. So far, we have been playing in the lower affordable price point only,” Bhaumik said in an interview with Mint.
CaratLane operates under Titan Co. Ltd, which also houses jewellery retailer Tanishq, everyday fine jewellery brand Mia by Tanishq, and high-end luxury diamond and fine jewellery brand Zoya. The Tata group company bought a 62% majority stake in CaratLane for ₹357 crore in 2016 and an additional stake in 2023.
CaratLane, which turns 18 this year, is at an “inflexion point”, Bhaumik said, and wants to expand across diamonds, precious stones and semi-precious stones.
He said the company will ensure that it straddles all customer bases. “CaratLane so far has been playing in the 10% of the diamond industry. Any price point below ₹40,000 to ₹50,000,” he said. “Now, my customer is asking for something at a price of ₹1 lakh or ₹2 lakh”, which the company is ready to offer, he said.
Expansion goal
Even Titan has set an ambitious growth plan for the affordable jewellery brand. It wants CaratLane to grow its revenue to 2.3x its current level and its earnings before interest and taxes (Ebit) to 2.5x by FY30. These are among the steepest growth targets set by the company, according to its investor day presentation on 4 June.
CaratLane operates 380+ stores in India and two in the US. It closed FY26 with a revenue of ₹4,702 crore, up 34% from ₹3,501 crore in FY25. Its Ebit rose 60% year-on-year to ₹466 crore in FY26.
The brand, which has ensured that rising gold prices do not deter customers seeking value, was among the first players to introduce hallmarked 9K jewellery in India, ahead of the government’s decision to permit hallmarking for 9K gold jewellery in July 2025. It also launched Shaya Diamond, a range of diamonds nestled in silver, starting at ₹5,000. The company has also taken polki beyond its traditional wedding market, introducing it in daily- and office-wear collections.
Prices stood at ₹1,54,150 per 10 grams for 24-karat gold on Monday.
But the segment is becoming increasingly crowded. Competitors are strengthening their presence in the daily- and office-wear jewellery market through acquisitions. Senco Gold Ltd approved a ₹68 crore investment in January to acquire a 68% stake in August Jewellery Pvt. Ltd, popularly known as Melorra, strengthening its digital and omnichannel presence. In August, P.N. Gadgil Jewellers approved the ₹27.96 crore acquisition of Silvostyle Jewellers, adding to its silver jewellery offering.
Bhaumik said the increased formalization is helping the company attract more customers. The organized segment's share has nearly doubled to 40-45% of the roughly ₹8.5 trillion jewellery market in FY26, from 20-25% in FY19, according to an 11 August report by Motilal Oswal Financial Services, still leaving headroom for growth.
This formalization has also driven companies to adopt an omnichannel strategy. Bhaumik said that 90% of sales are closed in brick-and-mortar stores, but that does not make the online presence redundant. “75% to 80% of our buyers, they would have done the bulk of their homework at home. They come to the store for a sale,” he said.
The customers have already shortlisted the product from the online catalogue. The customers who want to “feel or try on the piece” before buying come to the store to close the sale.
The company exports to 30 countries and mainly serves customers online in these markets. Online customers currently drive sales in countries such as the US, Canada, Australia, and the UK. However, Bhaumik said it would focus on opening stores internationally once geopolitical issues subside in major markets such as the US and West Asia. “US expansion is a definite possibility, but it will take its own time.”
Bright prospects
The Union government raised gold and silver import tariffs to 15% from 6% in May to reduce gold imports by Indians as gold prices turned volatile after the US-Iran war broke out in February.
Despite uncertainty in the sector, analysts are hopeful about Titan’s prospects as it is the largest player in the listed space. “The company continues to see strong headroom from formalization, regional market share gains, studded jewellery, retail transformation, portfolio expansion, and growth in sub- ₹50,000 and sub- ₹1 lakh price points,” analysts at Mirae Asset Sharekhan said in an 11 August report.
Shares of Titan were up 35.98% from a year ago on the National Stock Exchange, compared with a 3.81% decline in the benchmark Nifty 50 over the same period.