CaratLane moves upmarket, targets 2.3x revenue by FY30

Titan-owned CaratLane is widening beyond affordable diamond jewellery into ₹1 lakh-₹2 lakh diamond, precious-stone and semi-precious ranges. The retailer, with 380+ Indian stores, reported FY26 revenue of ₹4,702 crore and is targeting 2.5x EBIT growth by FY30.

— Source publishedMon, 7 Sept, 2026, 12:49 IST·First seen Mon, 7 Sept, 2026, 12:56 IST·Source Mint

What happened

Titan-owned CaratLane is expanding beyond affordable diamonds into higher-value diamond, precious-stone and semi-precious jewellery. With 380+ Indian stores and

Key facts

  • 380+ stores in India
  • 2 stores in the US
  • FY26 revenue ₹4,702 crore, up 34% year-on-year
  • FY25 revenue ₹3,501 crore
  • FY26 EBIT ₹466 crore, up 60% year-on-year
  • Target: revenue 2.3x and EBIT 2.5x by FY30
  • New target price points of ₹1 lakh-₹2 lakh, versus earlier ₹40,000-₹50,000 focus
  • Shaya diamond-in-silver range starts at ₹5,000
  • Organized jewellery share 40-45% in FY26 versus 20-25% in FY19
  • India jewellery market roughly ₹8.5 trillion
  • 90% of sales close in stores
  • 75-80% of buyers research online before purchase
  • Exports to 30 countries
  • 24K gold price ₹1,54,150 per 10 grams
  • Senco investment: ₹68 crore for 68% of Melorra
  • P.N. Gadgil acquisition: ₹27.96 crore for Silvostyle
  • Gold and silver import tariff raised to 15% from 6%

Why this matters

CaratLane’s premium push strengthens its positioning for partnerships or acquisitions in gemstone sourcing, high-end design and luxury customer engagement rather than further scale in affordable diamonds.

What to watch

  • Quarterly average selling price growth and share of sales from the ₹1 lakh-₹2 lakh range.
  • Same-store sales growth versus growth contributed by new store openings.
  • EBIT margin trajectory, inventory turns and working-capital intensity as premium inventory scales.
  • Number, format and location mix of new stores, especially premium-mall and affluent-neighborhood openings.
  • Customer repeat rates and conversion from existing affordable-diamond buyers into premium collections.
  • Competitive response from Tanishq, Kalyan, Malabar, Senco, Bluestone and regional jewellers.
  • Gold and diamond price movements, consumer discretionary spending and wedding-season demand.
  • Evidence that premium-category growth is incremental rather than cannibalizing existing CaratLane or Titan jewellery sales.
  • Launch dedicated premium diamond, precious-stone and semi-precious collections with higher carat weights and customization options.
  • Expand into high-income metro, mall and Tier-1 micro-markets, potentially using larger format or premium-zone stores.
  • Use Titan ecosystem capabilities, including sourcing, trust credentials, loyalty programs and cross-brand customer data, to lower premium-category acquisition costs.
  • Increase omnichannel assisted-selling, virtual try-on, appointment booking and store-led consultations for higher-consideration purchases.
  • Tighten inventory planning through made-to-order, modular designs and faster replenishment to avoid capital being trapped in slow-moving premium SKUs.
  • Invest in brand messaging that preserves CaratLane's accessible identity while establishing credibility in higher-ticket occasion and bridal-adjacent jewellery.

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