National News
Zen Diamond Plans Aggressive Expansion in India with 100 Stores by 2030
Diamond jewellery brand Zen Diamond is planning a major retail expansion in India, targeting 100 stores by 2030, primarily in premium malls across metro and Tier-II cities.
The company currently operates two stores in Mumbai and has signed up for three more — “two in the south and one in the north,” taking the total to five by year-end.

“We are looking at retail expansion in India. We are planning to have 100 stores across India in the next five years, initially in the major metros, followed by tier II cities,”
— Neil Sonawala, Managing Director, Zen Diamond India
The focus will be on establishing outlets in high-end malls that already attract premium shoppers.
“The stores will be located in quality malls, which already attract consumers and already have the presence of international brands.”
The company has already made a significant investment in the Indian market.
“For our India presence, we’ve already invested ₹100 crore, funded through internal accruals.”
Initial store openings will continue to be internally funded, but Zen Diamond is open to other models going forward.
“We plan to expand, at least up to 10–15 stores, through internal accrual. Post that, for 100 stores in India in the next five years, we will tap different channels for funding. Maybe it could also be a franchise or we could also have some other alternate funding arrangements. It’s a bit premature to talk about that at this stage.”
Zen Diamond currently operates over 450 stores in 20 countries, and is now ramping up its digital presence in India.
“We are launching an e-commerce platform. So, we will also have a shop-in-shop in 4–5 Pernia’s Pop-Up outlets by the end of the year.”
In terms of product offering and design strategy for India, the company is blending global appeal with local preferences.
“The Zen Diamond stores in India will have 75–80% of selected international designs. But of course, in India we also need to blend with the local culture and the local taste and preferences. So, 20% of designs are also created in India and which are more on the Indo-Western line.”
“We are on the modern, trendy, international side of designs, ranging from ₹20,000 and going all the way up to ₹15 lakh. Our focus is everyday wear, evening wear and gifting.”
To support local demand and ensure quick supply, Zen Diamond has also established a manufacturing unit in Mumbai.
“We have a manufacturing unit in Mumbai. So, everything is made in India in our facilities. We have a capacity of close to 35,000–40,000 pieces a month. So, almost 500,000 pieces a year.”
National News
Outstanding gold-backed loans surge by 128% from a year earlier
India’s appetite for borrowing against gold is reshaping the country’s credit landscape. Outstanding gold-backed loans have surged 128% from a year earlier, crossing Rs.4 lakh crore ($48 billion) for the first time, according to data from the Reserve Bank of India. As of Jan. 31, loans secured by gold jewellery stood at Rs.4,00,517 crore, marking one of the fastest expansions in retail credit in recent years.
The boom in gold loans has helped propel overall non-food bank credit growth to 14.4% year-on-year. Personal loans now account for 34.5% of total bank lending, outpacing other segments and underscoring a broader shift toward consumer-driven credit expansion
Gold loans alone contributed roughly 9% of incremental bank credit during the period. Between January 2024 and January 2026, outstanding gold-backed credit rose by nearly Rs.3.1 lakh crore—an increase of about 338% over two years—more than quadrupling the size of the portfolio.
Two factors are driving the surge. First, gold prices have climbed roughly 152% over the past two years, increasing the collateral value of household holdings. Second, regulatory guidance requiring banks to classify loans secured by gold explicitly as gold loans has sharpened reporting and accelerated balance-sheet growth in the segment.
The trend highlights a distinctive feature of India’s financial system: households’ vast stock of physical gold, long viewed primarily as a store of wealth, is increasingly being mobilized as collateral for formal credit.
While personal lending and credit to nonbank financial companies within the services sector continue to expand rapidly, industrial credit remains uneven. Loans to micro, small and medium enterprises are growing steadily, but borrowing by large corporations has stayed relatively muted.
Since March 21, 2025, banks have added Rs.21.8 lakh crore to their non-food loan books, translating into 12% growth for the financial year to date. Yet it is gold—rather than factories or infrastructure—that is emerging as one of the most dynamic engines of India’s current credit cycle.
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