National News

India’s polished diamond exports continue to slide in June

Published

4 months ago

July 19, 2025

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India’s gross monthly polished diamond exports declined by 23% year-on-year in June, amounting to $779 million, according to the latest data released by the Gems and Jewellery Export Promotion Council (GJEPC).

While the drop continues the downward trajectory seen over the past two years, the June decline was less severe than May, when exports fell by 35.5%, from $1.47 billion in May 2024 to $950 million—one of the steepest falls in recent memory.

India’s polished diamond exports have faced sustained pressure since 2022, with weakened consumer sentiment in major markets like the United States and China driving demand down. For the fiscal year 2024–25, exports declined 16.8% to $13.3 billion, marking the sector’s lowest performance in nearly two decades.

The latest data also highlights a 5% decline in rough diamond imports for the April–June quarter, signaling a cautious buying approach amid global market uncertainty.

While the overall gems and jewellery sector also experienced a downturn, it fared slightly better than diamonds alone, registering a 14.1% year-on-year decline in revenue.

National News

Kalyan Jewellers to expand in non-South markets via franchise model

Published

1 hour ago

November 8, 2025

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Kalyan Jewellers said it will accelerate the rollout of franchise-owned company-operated (FOCO) showrooms to drive expansion in India and overseas. Nearly half its revenue now comes from franchised stores, and most new openings in FY26 will follow the capital-light FOCO model as the company focuses on improving returns and reducing debt.

Thrissur-based jewellery retailer Kalyan Jewellers plans to sharpen its focus on franchise-owned company-operated (FOCO) showrooms as it scales both in India and overseas, according to its Q2FY26 earnings investor presentation. The jeweller said future incremental expansion will be driven largely through capital-light franchise formats, aimed at improving returns and reducing balance sheet leverage.

The company, which has 174 FOCO showrooms in India as of September 30, 2025, has signed letter of intents (LOIs) for 89 new FOCO outlets to be opened in FY26. Its digital-first brand Candere will also expand primarily through the FOCO route, with 54 such showrooms already in place. Internationally, Kalyan said calibrated expansion in the Middle East and entry into the US market will similarly rely on franchise-led stores.

The shift is part of a broader strategy towards capital-efficient growth. The company aims to use 40-50% of profits to repay debt and invest in shareholder returns. Since April 2023, Kalyan has repaid Rs 6,461 crore in working capital loans in India and declared a dividend payout of over 20% for FY25.

The jeweller reported about 31% revenue growth in Q2FY26, supported by 16% same-store sales growth and continued strong new customer additions, which accounted for over 38% of sales. Nearly 49% of quarterly revenue came from franchised showrooms. Margin gains were driven by improved procurement efficiencies and operating leverage.