BlueStone was conceptualised back in 2011 by Gaurav Kushwaha. He hit upon the idea while hopping from store to store to buy jewellery for his wedding. Through this experience, he realized there was a need to create an efficient model to manufacture and retail jewellery in the virtual sphere. With an initial investment of $5 million from Accel Partners, Saama Capital and Meena Ganesh, the CEO of Portea, the company was set up.
The initial challenge was to establish trust as an online jewellery brand. This required extensive communication efforts, as breaking into a market where customers relied on established, trusted brands and family jewellers for all their jewellery purchases was not an easy feat. Through its online model, BlueStone changed this orthodox shopping behaviour and introduced the consumer to a new format where they could browse for endless designs in each category. BlueStone offers a wide range of products such as rings, earrings, pendants, bangles and necklaces with over 5,000 designs that are consistently improved and reinvented. Their skilled artisans have allowed the company to attract and retain loyal customers in order to stay ahead of the competition.
Delhi-NCR, Mumbai and Bangalore are the top three markets for BlueStone, followed by a long list of tier two and three cities. It aims to be the country’s leading destination for contemporary fine jewellery through its large variety of designs. The brand is today is a leader in the online jewellery segment with about 40 – 45% of the market share and an annual return of Rs. 250 crore. In the next few years, BlueStone aims to strengthen its position and expand its customer base by investing in design, marketing, technology and logistics.