Focus East: In FY2024, we doubled our presence in West Bengal: Ramesh Kalyanaraman

The Indian Gems and Jewellery market is pegged at $89.65 billion in 2024 and is estimated to grow at a CAGR of 5.7% between 2024 and 2030, according to Grand View Research. The gems and jewellery market in India is a reflection of  artistry, innovation and the cultural nuances of each state as well as the emotions attached to them, contributing around 7% to the GDP of the country.

While national brands in India focus on fast-moving jewellery, regional brands offer products tailored to the tastes and preferences of local consumers. Jewellery brands such as Kalyan Jewellers have led its expansion plans beyond the South market.

Starting from handcrafted traditional jewellery to modern, contemporary, daily wear jewellery, the jewellery industry in India is flourishing and has been evolving with the changing times, speaking of the transitioning tastes, preferences, and lifestyle changes in the lives of the consumers. Moreover, with the rise in disposable incomes, a booming wedding season, a surge in e-commerce, the growing number of fashion conscious consumers and an emphasis on the celebration of cultural festivities, the jewellery industry is predicted to reach the mark of $124.70 billion by 2030.

The West Bengal market, specifically Kolkata, has emerged as an important center for the gemstone and gold trade, playing an instrumental role in propelling the jewellery industry to reach greater heights.

In an exclusive interview with Adgully, Ramesh Kalyanaraman, Executive Director, Kalyan Jewellers, shares his observations about the current market trends, challenges, and opportunities in the jewellery industry in the East, as well as the evolution of consumer behaviour.

Kalyan Jewellers was founded by T.S. Kalyanaraman in the year 1993 in Kerala. Initially, it bolstered its presence in Southern India, and in 2012, it led to the foundation of a showroom in Ahmedabad, Gujarat. In the next year, it expanded to the Middle East, and on the same day, it established as many as six showrooms in the UAE, gradually increasing to 30 showrooms in the Middle East.

At present, the brand has about 235 showrooms in India and the Middle East. It has set up nearly 71 showrooms in 2024, with plans to open 6 showrooms in the USA, and the Middle East and around 130 showrooms in India by 2025.

In Q4 of FY2024, the revenue of Kalyan Jewellers has grown by 34%. It has amalgamated with Candere.com as its digital platform, signing an agreement to make the acquisition of the remaining stake in Candere at Rs 42 crore.

On the current market trends, challenges, opportunities in the jewellery industry in the East market and the evolution of consumer behaviour, Ramesh Kalyanaraman said, “In recent years, we have been consistently expanding our geographic presence in East India, with a revamped focus on states such as Bihar, Jharkhand, West Bengal, and Odisha. Traditionally, consumers across these markets prefer yellow gold jewellery. While these styles continue to be popular choices across various consumer groups, we have been witnessing renewed interest from millennial and Gen-Z consumers towards jewellery buying, with a focus on trendy polki and diamond jewellery. In the menswear category, platinum as well as white gold and rose gold jewellery is fast gaining popularity, over the yellow gold products. The cosmopolitan nature of these colour tones makes it office as well as function-appropriate. From cufflinks to buttons to kadas and more, the menswear line is gaining significant traction within the Eastern market. With Jamai Shashti and Father’s Day this month, Senhor, our men’s line of jewellery, is seeing many takers. To meet these changing preferences, we have been strategically realigning our offerings through deliberate retail expansion. This approach aims to keep our jewellery in sync with current trends and authentically reflective of cultural significance during the wedding and festive season.”

Commenting on what forms the core of the creative communication process of Kalyan Jewellers and how it is catering to the requirements of the East market, Ramesh Kalyanaraman said, “The hyperlocal strategy has been an integral aspect to the brand, be it our product offering across showrooms or our marketing campaigns championing the brand. We aspire to appeal to a wide audience by attempting to understand the local market preferences and trends in various geographies, which has been one of the key reasons behind the brand’s success across the country. Time and again, we have leveraged regional festivals like Jamai Sashti, Durga Pujo, Kali Pujo, Chhath Puja, Rajo, and more to appeal to the wider consumer base in the East India market, which is one of the most critical regions for us. We have also introduced some all-new product offerings that resonate with the market. The jewellery line takes inspiration from the cultural ethos, tailored to cater to local tastes while celebrating the vibrant Bangla spirit.”

Discussing the focus areas of Kalyan Jewellers in 2024 in the East market and the medium in which it is investing more, Ramesh Kalyanaraman shared, “In recent years, we have witnessed a phenomenal increase in screen-time spent by Indians towards digital, social media, and OTT platforms. Keeping up with changing times, it has become imperative for brands to align their marketing budget towards new-age mediums. At Kalyan Jewellers, we have introduced changes to our media mix with a more digital-centric approach, which has played a key role in targeting next-gen consumers. We are now focusing on developing content in various shorter formats to amplify across digital platforms, especially for our vernacular campaigns. We believe this strategy is helping us achieve higher penetration in newer markets, leading to an uptick in our market share.”

Elaborating how Kalyan Jewellers is leveraging digital media, technology as well as influencer, and social media marketing as well as the ad campaigns launched by it this year, Ramesh Kalyanaraman noted, “This year, we have executed a diverse array of hyperlocal campaigns, strategically tailored to resonate with patrons across the country. The brand has highlighted its remarkable commitment to engaging with its audience on both region-specific and nationwide occasions. From the launch of the Women’s Day #SimplyMe campaign featuring Wamiqa Gabbi to the Gudi Padwa campaign headlined by Pooja Sawant, our campaigns have gained widespread popularity. Apart from these, the product-specific campaign for Nimah (temple jewellery line) featured brand ambassadors Rashmika Mandanna and Kalyani Priyadarshan in a distinctive avatar, sharing screen space for the first time. This campaign was followed by another unique campaign ad promoting the Antara jewellery line campaign, which brought together Jahnvi Kapoor and Kriti Sanon for the first time. Both campaign ads went viral across social media platforms.”

Delving into the performance of Kalyan Jewellers in 2023 in the East market and the growth projections, and expansion plans for 2024, Ramesh Kalyanaraman said, “At Kalyan Jewellers, we have been witnessing a multi-fold increase in revenue and footfalls across East India market. Following an aggressive expansion strategy, we aim to establish a stronger presence across states such as Jharkhand, Bihar, Odisha, and West Bengal. In the previous financial year, we doubled our presence in West Bengal, whereas increased four-fold our geographical footprint in Bihar and Odisha. By opening new showrooms and enhancing our distribution network, Kalyan Jewellers is taking our service-backed shopping experience to patrons across the country. This strategic expansion is a testament to our dedication to serving customers across India.”