Despite a dramatic year of relentless gold rally and shifting consumer sentiments, Kalyan Jewellers remains steadfast in its plans to expand its global footprint in 2026. In the last nine months, the brand added about 46 new showrooms for Kalyan and Candere formats. The company has ambitious expansion plans for the remainder of FY26, aiming to open about 120 more stores, globally.
Ramesh Kalyanaraman, Executive Director, Kalyan Jewellers, reflects on 2025’s big takeaways, and details the growth roadmap and consumer trends set to shape 2026 in an interview with Shilpa Dhamija.
What were your biggest learnings from a tumultuous 2025?
Despite market conditions, our business remained resilient. Strong festive demand, disciplined network expansion and continued focus on hallmarking transparency helped us maintain momentum.
The biggest learnings of 2025 were the importance of operational agility and calibrated expansion. The significance of doubling down on customer-centricity even when markets are unsettled. Above all, the year reinforced that long-term credibility and consistency matter more than short-term fluctuations.
How do you see high gold prices shaping consumer behaviour during the current wedding season?
The wedding season has begun on a strong note, building on the momentum of the festive period.
From the bride’s perspective, timeless 22-karat gold and diamonds have continued to anchor the trousseau. However, we’re seeing a marked shift towards contemporary, colourful pieces that allow for greater individuality, a trend reflected in our Huescape collection. Larger bridal sets continued to perform well, with consumers placing greater emphasis on design detailing and craftsmanship.
Across the broader wedding-shopping segment, customers are gravitating towards impactful statement pieces as well as designs that create a richer and heavier look while keeping grammage efficient. Diamond sets, along with finely crafted plain-gold bangles and chains, are seeing renewed traction.
According to you, what were the most notable consumer spending patterns of 2025?
In 2025, we saw strong demand for 18-karat lightweight, lifestyle-focused diamond jewellery for everyday use, particularly among younger customers. This is a generation that views jewellery as an expression of ‘radical autonomy’. Evolving aspirations have been evident among first-time buyers, too, who are no longer intimidated by this category. They are exploring everything from everyday solitaires to statement pieces.
We saw solitaire engagement rings paired with coloured gemstones, gaining traction for their individuality. Natural diamonds continue to hold their place firmly in the market, and at Kalyan Jewellers we exclusively retail natural stones.
Affluent buyers are actively diversifying, seeking high-quality diamond jewellery with good design. This parallels gold’s traditional role but adds a layer of modern sophistication, bridging the gap between a safe investment and a style statement.
While gold continues to hold its unparalleled position as a reservoir of value, we are seeing a major shift where gemstones are claiming their space in the wealth preservation strategies of HNIs in India. In 2026, we expect these trends to continue.
What are your expansion plans 2026?
In the beginning of FY26, we were operating 388 showrooms globally across the Kalyan and Candere formats and had announced plans to open 90 new Kalyan Jewellers showrooms in a calibrated manner across India, the Middle East, the US and the UK. We had also planned to open 80 new Candere outlets in India. We will continue to work towards achieving this during January-March 2026.
What are the top trends that will shape 2026 for the jewellery industry?
Consumers are gravitating towards pieces that offer a richer, heavier look while keeping grammage efficient. Trousseau buying has become more expressive, with brides choosing contemporary, colourful gemstone-studded designs and bold statement diamond pieces.
Men’s jewellery is also evolving, with growing interest in brooches, cufflinks and stylised accessories. Across segments, customers remain value-aware but are willing to invest in differentiated design and trusted brands.
Jewellery is increasingly viewed as part of everyday lifestyle and personal expression, not limited to weddings or special occasions. 18-karat diamond jewellery remains the preferred choice for lightweight, contemporary designs inspired by Western aesthetics.
Consequently, the future belongs to collections that respect this duality of heritage and modernity. As consumers graduate from diamonds to coloured gemstones, they are looking for expressive, wearable colour that still carries weight as a store of wealth.
Our Shringar Utsav and Huescape collections resonate so strongly because they cater to this exact appetite: blending the structural integrity of an investment with contemporary design vocabularies. The modern buyer wants it all: the auspiciousness of the past, the design of the present, and the value security of the future