In India’s vast and traditional jewellery market, few names shine as brightly as Gaurav Singh Kushwaha. He didn’t just enter the industry, but reimagined it through his visionary approach.
At a time when buying gold or diamonds was often associated with hesitation, skepticism, and limited access, he recognized an opportunity to bridge the trust gap between customers and jewellers.
With a keen eye for technology and a deep understanding of consumer behaviour, he set out to build a digital-first, customer-focused brand that could make jewellery shopping seamless, transparent, and modern.
His journey, marked by bold ideas, calculated risks, and relentless perseverance, stands as a compelling example of how innovation and determination can take over even the most traditional industries.
Gaurav Singh Kushwaha – Biography
Full Name
Gaurav Singh Kushwaha
Nationality
Indian
Education
B.Tech in Computer Science from the Indian Institute of Technology, Delhi
Current Role
Founder & CEO, BlueStone.com
Achievements
-Built BlueStone into one of India’s leading online jewellery brands – Recognized as a pioneer in digital jewellery retail – Featured in leading business publications for innovation
Gaurav Singh Kushwaha’s journey began with a computer science degree from IIT Delhi, which equipped him with analytical skills and a problem-solving mindset. He started his career at Amazon, gaining firsthand experience in e-commerce operations and consumer behaviour.
However, driven by a desire to modernize the traditional jewellery industry, Kushwaha ventured into entrepreneurship. A pivotal moment in his journey was a conversation with industrialist Ratan Tata, whose advice to focus on building a scalable and innovative business deeply resonated. This mentorship became a guiding light for Kushwaha, shaping BlueStone’s growth strategy and future success.
Gaurav Singh Kushwaha – The Vision Behind BlueStone
Founded in 2011, BlueStone is an online jewellery brand with the vision of Gaurav Singh Kushwaha to transform how people experience fine jewellery. At a time when jewellery shopping was largely confined to physical stores, Kushwaha imagined a platform that would combine the convenience of e-commerce with the elegance of premium-quality jewellery. His idea was simple yet revolutionary: offer a seamless, personalized, and transparent shopping experience that caters to the modern consumer. Today, BlueStone enables customers to browse and purchase a wide range of gold, diamond, and platinum jewellery; all from the comfort of their homes, while ensuring trust and quality at every step.
Kushwaha’s entrepreneurial foresight was instrumental in aligning BlueStone with the evolving needs of India’s digital-savvy shoppers. He recognized that today’s customers value convenience, transparency, and customization, and built a platform that delivers on all three. This vision has not only propelled BlueStone to the forefront of the online jewellery industry but also established Gaurav Singh Kushwaha as a pioneer in digital jewellery retail.
Bluestone’s journey from a small online venture to one of India’s leading jewellery e-commerce brands is a testament to Gaurav Singh Kushwaha’s strategic foresight and leadership. By spotting market trends, embracing new technologies, and consistently adapting to customer needs, he has positioned Bluestone as a trusted, modern brand in a traditionally conservative industry.
Significant investments have further fueled the company’s growth, allowing Bluestone to enhance its technology, product offerings, and customer service. Today, the brand enjoys a loyal following while continuing to attract new customers with its innovative, customer-first approach, making Bluestone a shining example of how vision and perseverance can transform an industry.
Key growth milestones include:
Over 1,000,000 unique monthly visitors on the BlueStone platform.
International expansion, with shipping now available to the US, UK, Canada, and Australia.
Recognized as the Best Online Jewelry Portal by the India Bullion and Jewellers Association.
Surpassed 2,000,000 unique monthly visitors, showing significant growth in user engagement and popularity.
A major milestone in this journey was BlueStone’s IPO, with Kushwaha holding a 17.7% stake. His initial investment of INR 117 crore grew to over INR 1,340 crore, reflecting the company’s strong market valuation and highlighting the potential of online-first jewellery retailers.
Gaurav Singh Kushwaha – Innovation and Customer-Centric Approach
Under Gaurav Singh Kushwaha’s leadership, Bluestone has continually redefined what it means to shop for jewellery online. One of the brand’s most groundbreaking innovations is its ‘Make Your Own’ feature, which allows customers to design personalized jewellery pieces by choosing the metal, design, and stones they prefer. This level of customization ensures that every purchase becomes a truly personal experience, turning ordinary jewellery into something deeply meaningful.
Kushwaha also understood that in the online jewellery space, trust and transparency are paramount. To address customer concerns, Bluestone offers a 30-day return policy and free lifetime exchange, setting a new standard for customer service in the industry. Every jewellery piece comes with certification from reputable institutions, giving buyers confidence in the authenticity and quality of their purchase. By putting the customer first, Bluestone has transformed the way Indians shop for jewellery online.
Gaurav Singh Kushwaha – Sustainability and Ethical Practices
Beyond innovation, Gaurav Singh Kushwaha has made sustainability and ethics central to Bluestone’s operations. The company works closely with responsible suppliers who adhere to ethical sourcing and production practices, ensuring that diamonds are conflict-free and metals are responsibly sourced.
Kushwaha has also championed eco-friendly initiatives, from sustainable packaging to efforts in reducing the company’s carbon footprint. These steps highlight his vision of building a business that not only delivers high-quality jewellery but also contributes positively to society and the environment.
Gaurav Singh Kushwaha – Future Outlook and Strategic Plans
Under Gaurav Singh Kushwaha’s leadership, BlueStone is gearing up for major growth and expansion in the coming years. Here’s what’s on the horizon:
Upcoming IPO
BlueStone plans to raise around INR 2,000 crore ($240 million) through its upcoming IPO, which will involve 10–15% of its equity, including both fresh shares and an offer for sale from existing investors. The company intends to file its draft red herring prospectus later this year, with a public listing expected soon after.
Expansion Across Stores and Cities
Store Growth: BlueStone currently operates about 220 offline stores and plans to expand to 400 stores within the next 12–18 months, strengthening its omnichannel presence.
Geographic Reach: The company is focusing on urban and tier-2 cities, tapping into the growing demand for jewellery and catering to consumers who prefer a seamless online-to-offline shopping experience.
Financial Performance and Profitability Goals
Revenue Growth: The company’s operating revenue rose 67% to INR 771 crore in FY23 from INR 461 crore in FY22, with FY24 expected to reach around INR 1,200 crore.
Profitability Targets: BlueStone aims to achieve EBITDA profitability by March 2025, having already reduced losses significantly from INR 1,268 crore in FY22 to INR 167 crore in FY23.
Technology and Innovation
Digital Enhancements: The company is integrating AI for personalized recommendations and AR for virtual try-ons, creating a smooth and interactive shopping experience.
Continuous Innovation: BlueStone plans to invest further in technology, upgrading its online platform and introducing advanced features to stay ahead of changing consumer behaviour.
Gaurav Singh Kushwaha – Awards and Recognition
Gaurav Singh Kushwaha has garnered significant recognition for his contributions to the jewellery and e-commerce sectors:
Fortune India’s 40 Under 40: In 2015, he was featured in this prestigious list, highlighting his leadership in transforming the online jewellery market. Board
Luxury e-Retailer of the Year: He was awarded at the 4th Indian Retail & e-Retail Awards in 2014, reflecting Bluestone’s excellence in the luxury e-commerce space.
FAQs
Who is Gaurav Singh Kushwaha?
Gaurav Singh Kushwaha is the Founder and CEO of BlueStone.com, one of India’s leading online jewellery brands.
What is the educational background of Gaurav Singh Kushwaha?
Gaurav Singh Kushwaha holds a B.Tech in Computer Science from IIT Delhi, which laid the foundation for his strong analytical and problem-solving skills that later shaped his entrepreneurial journey.
When was BlueStone founded?
BlueStone was founded in 2011 by Gaurav Singh Kushwaha.
Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations.
BlueStone is a renowned online jewelry brand that has revolutionized the way consumers shop for fine jewelry in India. With a focus on quality and design, BlueStone ensures that each piece is crafted with precision, using ethically sourced materials. The brand’s user-friendly platform allows customers to customize designs, making the jewelry shopping experience personal and engaging.
This StartupTalky article explores BlueStone’s journey, innovative business model, and its impact on the Indian jewelry market.
Since its launch in 2011, BlueStone has grown into one of India’s go-to destinations for elegant, high-quality jewelry. Whether you’re looking for something timeless or trendy, they’re here to elevate your jewelry experience with a blend of creativity, quality, and personalized service.
They offer a dazzling collection of over 8,000 unique designs—each one crafted with meticulous care and attention to detail. What makes them stand out? You have the freedom to tailor your jewelry exactly to your liking. Adjust the gold purity, color, or diamond clarity to fit your style and occasion with a motto of ‘Your vision, your jewelry!’
Their stores are more than just a place to shop—they’re designed to offer an immersive experience. With a welcoming atmosphere, knowledgeable staff, and the sparkle of their stunning collections, each visit is a memorable one. Team BlueStone strives to make every customer feel at home while exploring the brilliance of their jewelry.
Behind each piece is their award-winning design team, ensuring that every product you pick up is a masterpiece. Leveraging cutting-edge technology and innovative craftsmanship, they bring you jewelry that shines as bright as your special moments. Whether you’re buying for yourself or a loved one, BlueStone promises excellence in every detail.
BlueStone – Industry
India’s jewelry industry plays a vital role in the nation’s economy, contributing around 7% to its GDP as of early 2022, and employing approximately 5 million people. The sector, especially known for its gold and diamond trade, has immense growth potential, making it a key focus for export promotion. Recent initiatives by the government, such as allowing 100% Foreign Direct Investment (FDI) and signing the Comprehensive Economic Partnership Agreement (CEPA) with the UAE, have further boosted this potential by enhancing global market access and encouraging investment.
Despite a slight decline in exports in FY24, India’s gems and jewelry industry remains strong, with its market size expected to reach $100 billion by 2027. The future growth will likely be driven by the rise of organized retail brands, which bring innovation, diverse products, and expanded market reach. Additionally, relaxed gold import restrictions, stabilizing gold prices, and low-cost gold loans are set to fuel further expansion in the sector. India’s status as a hub for jewelry manufacturing, with over 450 organized players, ensures it will continue to play a significant role in global markets.
BlueStone – Founders and Team
Gaurav Singh Kushwaha
Gaurav Singh Kushwaha – CEO and FOunder, BlueStone
CEO and Founder Gaurav Singh Kushwaha, the visionary founder and CEO of BlueStone, has reshaped India’s fine jewelry market with his innovative approach to blending the digital and physical shopping experience. An IIT Delhi alumnus, Gaurav’s entrepreneurial journey spans over two decades, during which he pioneered India’s first Web 2.0 portal, tapping into the early wave of social media and carving out a name as a forward-thinking leader.
Before launching BlueStone, Gaurav Singh Kushwaha co-founded Chakpak, an online entertainment portal, in 2007. Under his leadership, Chakpak secured two rounds of funding, marking his first entrepreneurial success. Before his ventures, Gaurav gained valuable experience working at Amazon, both in the USA and India, where he honed his skills in tech and business strategy. These experiences laid the foundation for his entrepreneurial journey, ultimately leading him to establish BlueStone and revolutionize the fine jewelry industry.
Sudeep Nagar
Sudeep Nagar – COO, BlueStone
Sudeep Nagar, the COO of BlueStone, has been a driving force behind the company’s evolution into a leading omnichannel fine jewelry brand in India. A graduate of IIM Ahmedabad, Sudeep brings a wealth of experience from his work in tech, sales, and luxury real estate, skills he has skillfully applied to BlueStone over the past decade. Before his pivotal role at BlueStone, Sudeep Nagar served as the Deputy General Manager of Sales Strategy and Planning at the Lodha Group. He has also worked at Computer Sciences Corporation (CSC) and HCL Technologies. His strategic insights and experience in this position helped shape his understanding of market dynamics and customer needs.
BlueStone – Startup Story
Gaurav Kushwaha is more than just the founder and CEO of BlueStone Jewellery; he’s a trailblazer who identified the immense potential within the online jewelry sector. A daring entrepreneur at heart, Gaurav excels in creating businesses that challenge the norm while achieving profitability.
His entrepreneurial path began at the young age of 27 when he launched his first website in 2006 – Chakpak. It was a popular movie review platform where users could engage, debate, and share their views on films. Within just three years, it rose to become one of the top 50 websites in India, showcasing its widespread appeal.
Building on this success, founder Gaurav Kushwaha, along with Vidya Nataraj, ventured into the world of fine jewelry by starting BlueStone in 2011. BlueStone quickly gained recognition as a leading online destination for exquisite jewelry, offering customers high-quality, customizable pieces with a seamless shopping experience.
One of its remarkable achievements includes securing a personal investment from Ratan Tata, a distinguished figure in Indian business.
The first meeting with Tata in Mumbai was a noteworthy moment in Gaurav’s journey. Rather than simply pursuing financial support, Gaurav sought to learn from the respected entrepreneur. Tata’s guidance was straightforward yet impactful: prioritize creating value for customers and strive to build an outstanding product, service, and workplace culture. This mantra has been instrumental for Gaurav and his team at BlueStone.
BlueStone – Mission and Vision
Mission Statement: At BlueStone, the mission is to deliver exquisite jewelry that resonates with every individual’s unique style and occasion. Each piece is individually crafted and undergoes rigorous quality checks to ensure that it meets the highest standards of purity and authenticity before it reaches your doorstep. Whether you’re looking for plain gold, dazzling diamonds, or vibrant gemstone jewelry, BlueStone offers a design to suit every mood and budget.
Vision: The vision of BlueStone revolves around building trust and transparency in the jewelry industry. They are committed to maintaining ethical practices across social, environmental, and business dimensions, ensuring no compromise on integrity. By allowing customers to personalize their jewelry choices, BlueStone fosters a lifelong relationship, offering a seamless exchange experience and a commitment to customer satisfaction that extends far beyond the initial purchase.
BlueStone – Name, Tagline and Logo
BluesStone Logo
The BlueStone logo is a stunning embodiment of luxury and elegance, featuring a harmonious blend of blue and white hues. The glossy finish of the logo reflects sophistication, instantly capturing the eye and conveying a sense of refined quality. The deep blue symbolizes trust and reliability, while the crisp white accentuates purity and clarity, echoing the brand’s commitment to authenticity in every piece of jewelry. This striking logo not only represents the essence of BlueStone but also resonates with customers seeking exquisite craftsmanship and a touch of elegance in their jewelry choices.
BlueStone – Business Model
BlueStone has carved a niche for itself in the online jewelry retail industry with a forward-thinking eCommerce business model. By integrating technology, craftsmanship, and customer engagement, the brand has become a dominant player in this competitive space. Here’s a closer look at how BlueStone operates:
Online Retail Focus: Customers can easily browse, customize, and purchase jewelry from the comfort of their homes.
B2C Model: Eliminates the need for middlemen, enhancing cost efficiencies and providing a personalized shopping experience.
Extensive Product Range: Offers over 8,000 unique designs, including rings, bracelets, and everyday accessories, catering to diverse customer preferences.
Money Return Guarantee: Provides a 30-day money-back guarantee to build trust and confidence in purchases.
Customization Options: Customers can tailor their jewelry to their liking, enhancing engagement and satisfaction.
Quality Assurance: Ensures that every piece meets high-quality standards with full transparency in pricing and materials.
Physical Retail Presence: Maintains physical stores alongside the online platform to offer a comprehensive shopping experience.
Quick Delivery Options: Includes next-day delivery to enhance customer convenience.
Try-at-Home Service: Allows customers to try jewelry from home, avoiding crowded retail environments.
Customer Incentives: Offers Blue Cash, discounts, and subscription plans to foster customer loyalty and engagement.
BlueStone – Revenue Model
The revenue model of BlueStone is strategically designed to maximize earnings through multiple streams. By focusing on product sales, customization, and innovative subscription plans, BlueStone ensures a sustainable and profitable business. Here’s how BlueStone generates revenue:
Product Sales: The primary source of income comes from the sale of jewelry items via both online and physical stores.
Customization Fees: Additional charges apply to customers who choose to personalize their jewelry, contributing to revenue growth.
Subscription Plans: Offers programs like the Gold Mine 10+1 Plan, providing members with exclusive discounts and offers, and encouraging repeat business.
Strong Customer Service: Committed to exceptional customer experience, which drives repeat purchases and increases overall sales.
User-Friendly Interface: An easy-to-navigate platform that enhances customer satisfaction and boosts conversion rates.
Quality and Authenticity: The brand’s commitment to high standards ensures customer trust, leading to increased sales and referrals.
BlueStone – Challenges Faced
The jewelry industry has traditionally lacked the incentive to embrace technological advancements due to its fundamentally different business model, as noted by Gaurav Singh Kushwaha, founder and CEO of BlueStone. While the Indian eCommerce market has rapidly expanded, creating an illusion of permanence in online shopping, many consumers were still in college when Flipkart launched just a decade ago. The evolution of Indian eCommerce began with commoditized products like books and electronics, eventually branching out into more personal categories such as apparel and jewelry.
In contrast to conventional jewelers, who maintain substantial inventories for customers to explore in-store, BlueStone operates with a vast catalog of over 6,000 designs that are made to order. To address this unique challenge, BlueStone invested significantly in technology and logistics—not merely for website functionality like most eCommerce platforms but specifically for the manufacturing processes of the jewelry they sell. By establishing its manufacturing facility that is closely integrated with its website, BlueStone has innovated across the entire production chain, enabling it to create products within a three to five-day timeframe. This operational model aligns more closely with companies like Lenskart, which manufactures glasses on demand, rather than traditional marketplaces such as Flipkart or Amazon.
BlueStone – Funding and Investors
Since its founding, BlueStone has reached impressive milestones. The company attracted a substantial investment of INR 100 crore from Nikhil Kamath, co-founder of Zerodha. With manufacturing facilities in Mumbai and Jaipur, BlueStone has successfully enhanced its production capabilities.
Following several funding rounds from both emerging and established investors, the company’s valuation skyrocketed to around $970 million.
Date of Funding
Funding Amount
Round Name
Investors
August 22, 2024
INR 900 crore
Series F
Peak XV Partners, Prosus, Think, Pratithi Investments Steadview
BlueStone is positioning itself as a key player in India’s jewelry market, competing with major brands like Titan’s Tanishq, Kalyan Jewellers, and Senco Gold. Founded by Gaurav Singh Kushwaha and Vidya Nataraj in 2011, BlueStone has expanded its operations to include over 203 physical stores across 86 cities in 26 states and union territories in India as of June 30, 2024.
The company offers a catalog of over 7,000 unique jewelry designs. BlueStone manufactures its jewelry in Mumbai, Jaipur, and other locations. Initially an e-commerce brand, BlueStone ventured into offline retail with its first store in Delhi’s Pacific Mall in 2018 and has since expanded to multiple locations across the country.
BlueStone – Financials
BlueStone Financials
FY25
FY24
Operating Revenue
INR 1770 crore
INR 1266 crore
Total Expenses
INR 2050 crore
INR 1446 crore
Profit/Loss
Loss of INR 222 crore
Loss of INR 142 crore
BlueStone Financials
The company’s sole revenue stream was the sale of diamond, gold, platinum, gemstone, and pearl jewelry, with an average order value (AOV) of INR 47,671 in FY25. This growth was steered by increasing store maturity and a broader product portfolio. The Bengaluru-based company operated 275 stores across 117 cities in 26 states and union territories by March 2025.
Meanwhile, online sales contributed only 6.66% of the total sales, while the rest of the income came from stores and other channels.
On the expense side, Bluestone’s cost of materials remained its largest expense head, which increased by 46% to INR 1,098 crore and accounted for 54% of total expenses. Employee benefit expenses rose 47% to INR 203 crore, while advertising costs stood at INR 159 crore, up 28% from FY24.
Other operational expenses and finance costs contributed another INR 643 crore. Overall, total expenses rose 42% to INR 2,050 crore in the last fiscal year (FY25) from INR 1,446 crore in FY24.
BlueStone – IPO
BlueStone has received approval from the Securities and Exchange Board of India (SEBI) for its upcoming Initial Public Offering (IPO). The IPO will include a fresh issue of shares worth INR 1,000 crore and an Offer For Sale (OFS) of up to 23,986,883 equity shares by existing shareholders.
The company intends to allocate INR 750 crore from the fresh issue to fund working capital requirements and for general corporate purposes. The offering will follow a book-building process, with at least 75% of the net offer reserved for Qualified Institutional Buyers (QIBs), up to 15% for Non-Institutional Investors (NIIs), and up to 10% for Retail Individual Investors (RIIs).
BlueStone – Online and Social Media Presence
BlueStone employs a multifaceted digital marketing strategy that leverages the strengths of both online marketing and social media to craft a comprehensive promotional plan. By collaborating with well-known actresses, celebrities, and influencers, the brand effectively targets its desired audience, creating a direct connection that resonates with potential customers. Their commitment to cultivating a robust following across various social media platforms has significantly enhanced engagement and bolstered brand visibility. Campaigns featuring prominent Indian figures, like Alia Bhatt, exemplify their approach, further solidifying their allure among consumers.
Recognizing the importance of deeper engagement with their audience, BlueStone has strategically focused on the modern Indian woman, whose interest in jewelry is driven more by fashion and aspiration than by investment value. To address this, the brand has developed captivating social media campaigns tailored to resonate with its audience, successfully capturing attention and igniting interest in its diverse jewelry offerings.
To maximize the effectiveness of its messaging, BlueStone has seamlessly integrated its campaigns across email communications and below-the-line (BTL) initiatives, ensuring a consistent and cohesive brand narrative throughout all channels. Additionally, the company has produced engaging web film scripts to raise awareness about its services, demonstrating its commitment to enhancing customer interaction. Through these innovative digital marketing approaches, BlueStone continues to solidify its position as a trendsetter in the jewelry industry.
Outstanding e-Retail Performance: BlueStone’s excellence in the online retail space.
Best Online Jewellery Portal: Awarded by the India Bullion and Jewellers Association.
Luxury e-Retailer of the Year: Awarded at the 4th Indian Retail & e-Retail Awards in 2015.
Fortune India’s “40 Under 40”:Gaurav Kushwaha, CEO of BlueStone, was featured in this list, recognizing him as one of India’s top young entrepreneurs driving innovation and growth in the jewelry sector.
BlueStone – Competitors
Bluestone’s close competitor, CaratLane, which is owned by Titan, reported impressive financial results for FY24, with INR 3,081 crore in revenue and a INR 79 crore profit. Other competitors:
Bluestone is focusing on aggressive expansion, both online and offline, to solidify its position in the jewelry market. They plan to grow their store network, enhance their omnichannel presence, and leverage technology for a seamless customer experience. The company also plans to launch an IPO to raise capital for these expansion plans and for general corporate purposes.
FAQs
What is BlueStone?
Established in 2011, BlueStone is India’s leading destination for high-quality fine jewelry with strikingly exquisite designs. It is one of India’s largest eCommerce portals for fine jewelry.
Who is the founder of BlueStone?
Gaurav Singh Kushwaha is the founder of BlueStone.
When was BlueStone founded?
BlueStone was founded in 2011.
Who are the main competitors of BlueStone?
The main competitors of BlueStone include CaratLane, Tanishq, Joyalukkas, Kalyan Jewellers, Mellora, and more.
Shevaughn Pimenta
