Kalyan Jewellers is projecting revenue growth of over 25% for the current financial year, driven by an ambitious expansion plan that will see the Indian gold and diamond retailer open 160 new stores, according to Executive Director Ramesh Kalyanaraman.

Despite record-high gold prices, demand remains strong in India—the world’s second-largest gold-buying market. While affluent buyers continue to invest in high-value ornaments, middle-class consumers are gravitating toward lower-carat and lightweight jewellery. Kalyanaraman noted that shoppers are increasingly favoring organized retail chains over independent jewellers, spending more on gifts and shopping more frequently.

“Kalyan’s strength today lies in our ability to grow nationwide,” Kalyanaraman said in an interview. “We see many untapped markets and believe revenue will easily grow beyond 25% this year.”

As of March-end, Kalyan operated 278 showrooms under its flagship brand and 73 under its more affordable “Candere” label. The new store openings planned for this fiscal year will be equally divided between both brands.

Kalyan’s rapid expansion strategy is aimed at narrowing the gap with Titan Company, its largest competitor, which had over 1,000 jewellery stores across India at the end of March—roughly half of them under the premium “Tanishq” brand. Kalyanaraman said the company hopes its “Kalyan” branded outlets will match the number of Tanishq stores within three years, though he acknowledged that the swift rollout may put pressure on profit margins.

In the fiscal year ending March 31, Kalyan Jewellers saw its revenue surge by over 33% to ₹250.5 billion ($2.9 billion), supported by strong same-store sales and the addition of 136 new locations. Titan, by comparison, reported a 21% revenue rise in its jewellery segment, totaling ₹465.7 billion.