How Kalyan Jewellers Became a Household Name in Indian Jewellery

By Archita LotaniWednesday October 8, 2025

When the conversation revolves around gold, diamonds, and exquisite craftsmanship, one name stands out more than most: Kalyan Jewellers. What started as a small jewellery store in Kerala has grown into a brand trusted by millions of Indian families for its quality, transparency, and timeless designs.

Founded in 1993 by T.S. Kalyanaraman, Kalyan Jewellers has combined traditional Indian jewellery-making with modern business practices to create an emotional connection with customers that goes beyond just buying ornaments. From weddings and festivals to life’s moments, they have become a symbol of trust and celebration across India.

In this article, we explore how Kalyan Jewellers transformed from a local store into a household name in Indian jewellery, building a legacy that continues to sparkle even today.

Kalyan Jewellers’ Business Profile

Source: Indian Retailer

Founded	1993
Headquarters	Thrissur, Kerala
Industry	Retail Jewellery
CEO	Sanjay Raghuraman
Market Cap (October 8, 2025)	₹50,368 crore (According to Groww)
Employees	14,092

Establishment of Kalyan Jewellers

Source: Ritz Magazine

Back in 1908, T.S. Kalyanarama Iyer started the first textile mill in Thrissur city. In 1913, using his entrepreneurial expertise, he also established the first retail textile showroom in the city. Eventually, the textile business expanded to Kalyan Sarees, Kalyan Silks, and Kalyan Collections. Hence, he formed the ‘Kalyan Group’.

Later, his son, T.K. Seetharamaiyer, joined and operated the businesses. Seetharamaiyer’s eldest son, T.S. Kalyanaraman, at the age of 12, by helping his father at the shop, learned the business basics. In 1991, Seetharamaiyer divided the businesses among his five sons. In 1993, T.S. Kalyanaraman established his first jewellery shop named ‘Kalyan Jewellers’ with an initial capital of ₹50,00,000.

In the 1990s, Indian jewellery was largely unorganised, with customers relying on local goldsmiths and small shops. Hence, they introduced hallmarked jewellery, quality assurance, and transparent billing to become a trusted household name in the jewellery industry.

In 1995, Kalyanaraman’s eldest son, Rajesh, joined the company and took responsibility for managing procurement and finance. Later, in 1997, his youngest son, Ramesh, also joined the company with marketing responsibilities.

Expansion Across India

With a strong foundation and strong family leadership, they focused on expanding their operations in Kerala. Through regional trust, craftsmanship, and focusing on local design, they expanded their presence in major cities and smaller towns of Kerala. Alongside, they also opened multiple showrooms in the metro cities of Tamil Nadu, Karnataka, and Andhra Pradesh. In this way, they established themselves as a leading player in the southern states by offering designs inspired by traditional festivals, weddings, and temple jewellery.

The real transformation came when they ventured into new territories beyond their home ground. It required adaptation to the diverse preferences of jewellery buyers in every region. For instance, the West India leans towards contemporary styles with a mix of gold and diamonds, while the Northern part has a strong presence of heavy bridal jewellery with intricate designs.

Source: Kalyan Jewellers

For these expansions, they invested hundreds of crores to establish showrooms, often with multiple floors, to offer an environment of scale and luxury. However, their marketing campaigns with brand ambassadors from different regions, such as Amitabh Bachchan and Katrina Kaif, really helped them to get recognised in these new markets. While campaigns with Prabhu, Manju Warrier, and Shivarajkumar helped them to create strong connections at the state level.

Global Expansions

In 2013, they opened their first overseas showroom in the Middle East, the UAE. This move was significant because the Gulf is not just a strong jewellery market but also a cultural extension of India’s gold-buying traditions. In a decade, they rapidly expanded across the UAE and the other Gulf countries.

Growth with Innovative Strategies

They launched the ‘My Kalyan’ service centres that are located in Tier II and Tier III towns. These centres spread awareness about their gold schemes to customers, help them with transactions, and thus, act as customer touchpoints. They also introduced the Franchise-Owned, Company-Operated [FOCO] model to accelerate growth without overburdening their balance sheet. This move allowed faster entry into markets with lower capital requirements by maintaining brand consistency.

Leadership Evolution, Challenges & Acquisition

In 2014, Rajesh and Ramesh became Executive Directors of the company with their same responsibilities of finance and marketing, while Kalyanaraman continued his leadership as MD and Chairman of the company. Later, in 2015, they faced a major controversy when the Advertising Standards Council of India [ASCI] flagged one of their advertisements featuring Aishwarya Rai Bachchan for being racist and promoting child slavery. Thus, they pulled down the advertisement.

In 2017, they acquired a majority stake in Candere, an e-commerce jewellery platform. The acquisition was aimed at establishing the online presence of the company.

In 2021, they went public by launching an IPO. They raised around ₹1,175 crore through fresh equity shares and sales by offer to existing investors. Still, their debt kept on rising and reduced their profit margins. Additionally, competition from regional giants like Malabar Gold, Joyalukkas, and Tanishq gave them intense competition. Despite the stiff rivalry, they maintained their loyal customer base by constantly innovating customer service, designs, and transparent pricing. With the FOCO model, they were also able to reduce their capital expenditures to some extent.

Today, Kalyan Jewellers has over 400 showrooms across India, the Middle East and the US. They have also included diamonds, platinum, and lifestyle collections to attract a wider consumer base.

Competitors

Kalyan Jewellers competes with giants like Tanishq Jewellery, Malabar Gold & Diamonds, and Joyalukkas. Tanishq has built a strong national presence with hallmark-certified jewellery and modern retail formats. Malabar Gold has expanded rapidly in India and the Middle East with festival-focused collections, while Joyalukkas blends traditional designs with global appeal.

Additionally, digital-first Jewellery brands like Caratlane and Bluestone are also reshaping buying habits with online options and lighter designs. In this saturated market, Kalyan Jewellers leans on its legacy, transparent pricing, and strong customer base to stay ahead.

Financial Performance

In Q1 of FY26, Kalyan Jewellers, with 31% growth, earned revenue of ₹72,685 million. Their gross profit also increased by 28% to ₹10,081 million. However, EBITDA rose by ₹5,080 million at 38% growth. Profit After Tax [PAT] showed the highest increase by 49% growth at ₹2,641 million. Hence, this quarter reflects strong execution of post IPO and expansion in Tier II and Tier III towns.

Awards & Recognitions

In 2014, Kalyan Jewellers was awarded the ET Emerging Retailer of the Year Award for its contributions to the retail sector.
In 2015, they were recognised with the Emerging Kerala Award for being the most influential brand of the year.
In 2018, at the Economics Times India: UAE Strategic Conclave, they were recognised with the Lifestyle Brand of the Year Award in the GCC and India.
In 2019, they ranked among the Top 100 Luxury Brands globally and second among Indian luxury brands in Deloitte’s Top 100 Luxury Brands.
In 2022, they were credited with the Anmol Ratna Award at the National Jewellery Awards by GJC.
In 2025, they were recognised with the Best National Chain Award and the Best Digital Campaign Award at the Retail Jeweller Awards.
They received the Best Social Media Campaign Award for their Daughters’ Day, ‘The Smile Campaign’.

Philanthropic Initiatives

Kalyan Jewellers established the Kalyan Jewellers Foundation in 2019 to promote education, support health-related causes, advocate for women’s rights and opportunities, and implement environmental sustainability practices.
They have been involved in organising community clean-up drives and also partnering with organisations to provide clean drinking water facilities in hospitals.
They have collaborated with the Mathrubhumi Charitable Trust and contributed around ₹15 lakh to the Snehabhoomi Project, which is aimed at constructing houses for flood-affected families in Kerala.
T.S. Kalyanaraman pledged ₹5 crore to the Kerala Chief Minister’s Disaster Relief Fund to help in the devastating floods and landslides of Kerala.
Recently, they have launched the Crafting Futures program with a commitment of ₹3 crore to support jewellery artisans.

Conclusion

What began as a regional brand in Kerala has now transformed into one of India’s most recognised jewellery retailers, balancing heritage with modern retail strategy to sustain growth across a highly competitive national market. Strategic expansion, innovative customer engagement, and a strong focus on social responsibility have helped them to maintain trust, stay relevant, and grow in the market.