Most engineers from the Indian Institutes of Technology (IITs) are known to chase high-paying corporate jobs. But some take risks that change industries. One such story is that of Gaurav Singh Kushwaha, an IIT Delhi alumnus, who quit his secure job at Amazon to launch a jewellery start-up that is now valued at over Rs 1,300 crore. (News18 Hindi)
Kushwaha founded Bluestone Jewellery in 2011, blending technology with India’s centuries-old love for ornaments. What began as an online platform has today grown into one of the country’s largest jewellery brands, operating 275 stores across 117 cities. The company recently made a strong debut in the stock market with its IPO raising Rs 1,541 crore, subscribed 2.72 times. (News18 Hindi)
An important influence in Kushwaha’s journey has been Ratan Tata. The two first met in 2014, when Bluestone was still finding its feet. In an interview, Kushwaha recalled being nervous just hearing Tata’s name, but said the industrialist’s simplicity won him over. (News18 Hindi)
Tata’s advice to Kushwaha was, “If you do something good for customers with a true heart, they will trust you,” and it remained central to Bluestone’s growth. Tata also reminded him to focus on creating something extraordinary, whether in products, service, or company culture. (News18 Hindi)
But the journey was far from easy. Jewellery retail demands heavy investment in inventory. To overcome this, Bluestone initially outsourced production before setting up its own manufacturing, which cut design-to-delivery time to just 3-4 days. (News18 Hindi)
By 2014, the brand had 3,000 designs on offer and aimed to scale to 20,000. Sales at that time hovered around Rs 50–60 crore annually; today, revenues are in the hundreds of crores, backed by rapid offline expansion with 200 company-owned stores and 75 franchises. (News18 Hindi)
According to filings, Kushwaha holds 2.45 crore shares in Bluestone, around 17.7 percent stake, purchased at an average cost of Rs 47.92. With shares climbing to Rs 548 on the bourses, the value of his holding has surged to Rs 1,340.68 crore. (News18 Hindi)
Kushwaha often jokes about being married into the jewellery business. His wife once quipped that she buys ornaments from Bluestone’s website every month, adding that being newly married and running a jewellery company was an expensive combination. (News18 Hindi)
Bluestone is now taking on CaratLane, Titan’s jewellery venture, in the premium jewellery space. Analysts say its mix of technology-led design catalogues, faster delivery, and strong retail footprint has positioned it as a formidable competitor. The company raised Rs 693 crore from institutional investors during its IPO and has earmarked Rs 750 crore for expansion. (News18 Hindi)
