National News
BlueStone Nears Unicorn Status with $1.2 Billion Valuation Ahead of IPO
Omnichannel jewellery brand BlueStone is set to enter India’s unicorn club, reaching a valuation of $1.2 billion (Rs 10,500 crore) through secondary transactions led by 360 One and Centrum Wealth. This marks a 30% rise from its August 2024 valuation of Rs 8,100 crore, ahead of its much-anticipated IPO.
Singapore-based RB Investments, an early backer with a 2–3% stake, is exiting with an impressive 10–12x return. The secondary share sales, worth Rs 300–350 crore, are part of a strategic pre-IPO reshuffle by wealth firms transferring shares to their clients.
BlueStone, which combines online convenience with offline presence, filed its IPO draft with SEBI in December 2024 and secured approval in April 2025. The offering includes a fresh issue of Rs 1,000 crore and an OFS of nearly 24 million shares, with investors like Accel, Saama Capital, IvyCap, and Kalaari Capital set to partially or fully exit.
The company’s rise highlights growing investor interest in tech-enabled, consumer-focused retail in India’s evolving jewellery market.
National News
Smuggled Gold Distorting India’s Bullion Market
Sharp Rise In Smuggled Gold, Driven Largely By The May 2026 Hike In Import Duty To 15%, Which Has Made The Grey Market Significantly Cheaper Than Legal Channels and Squeezed Legitimate Dealers and Jewellers
India’s bullion market is being skewed by a sharp rise in smuggled gold, driven largely by the May 2026 hike in import duty to 15%, which has made the grey market significantly cheaper than legal channels and squeezed legitimate dealers and jewellers.
Market distortion and price gap
- Smuggled gold is now selling at discounts of up to Rs 8,000 per 10 grams compared with official prices, creating a wide arbitrage that undercuts compliant traders.
- Industry executives warn that this price gap is a clear signal of an active grey market, disadvantaging genuine bullion dealers and organised jewellers who pay full duty and taxes.
Scale of illegal inflows
- Industry estimates suggest more than 100 tonnes of gold could enter India through illegal channels in 2026, echoing past surges in smuggling after earlier duty hikes.
- Despite the higher tariff, India’s gold import bill rose 24% to a record $71.9 billion in FY26, even as physical volumes fell to about 721 tonnes, indicating persistent demand being met partly via unofficial routes.
Enforcement response
- Revenue intelligence agencies, particularly the Directorate of Revenue Intelligence (DRI), have intensified operations against organised smuggling networks using airports, land borders, coastal routes and domestic road transport
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