In an exclusive conversation with BW RetailWorld, Saumen Bhaumik, CaratLane’s Managing Director shares insights on design innovation, digital-first strategy, market evolution, and why staying true to natural diamonds still matters
Q: What are the key highlights from CaratLane’s recent performance?
The last quarter just ended, and while we haven’t announced the results yet, I can say we’ve had a very strong quarter with healthy growth across the top line, middle, and bottom line. We’re quite pleased with how it has shaped up.
Q: What factors have contributed to the brand’s growth this past year?
CaratLane has always been known for its design strength. Our collections — especially Luna and Soul, which launched early in the quarter — resonated well with customers. We also introduced a strong festive scheme, and our presence during the IPL added to our visibility. Despite market volatility, our merchandise, communication, and brand partnerships helped drive momentum.
Q: How has CaratLane responded to the growing demand for minimalistic and everyday jewellery?
Are you a CaratLane customer? (laughs) Then you already know the answer! Our jewellery is designed not for lockers but for daily wear. We’ve helped popularise the idea of wearing diamonds every day. Our modern design language and digital-first approach make us the perfect choice for the younger generation of women looking for something elegant, wearable, and accessible.
Q: How significant is online sales for CaratLane, given the growing trust in digital platforms?
Last year, online consumer sales were about Rs 240 crore — roughly 10 per cent of our total sales. But more importantly, 80–85 per cent of our sales are digitally influenced. Customers often browse online and then visit stores to experience the product. Jewellery is still a tactile purchase for many. That’s why we focus on delivering a seamless omni-channel experience — something we’re proud to say we excel at in the industry.
Q: What are your offline and online expansion plans for the year ahead?
We plan to add at least 40 stores this year. A significant portion of this growth will come from Uttar Pradesh, which is a priority state for us. We’re going both deep and wide across India, with our digital platform acting as a blanket to enable reach. We’ll also be opening a few stores internationally. Our aim is to maintain and expand our footprint while staying relevant across all customer segments.
Q: You mentioned Uttar Pradesh. How important is the state for CaratLane’s strategy?
We’ve had a meaningful presence in UP for about five to six years now. Interestingly, our growth in the state has outpaced the rest of India. Titan, our parent company, has done exceptionally well in UP over the last four decades, and CaratLane is no exception. It’s definitely a core market for us.
Q: With more players entering the affordable diamond space, how does CaratLane stay ahead of the competition?
We pioneered the concept of diamond jewellery at Rs 20,000 — something people didn’t believe was possible. Naturally, a successful idea attracts competition, and that’s good for the category. But we’re evolving with our customer. Someone who bought from us at 28 might now be 35, with different needs. We’re expanding our portfolio to offer larger stones and more variety, while retaining the CaratLane design language. It’s about staying relevant to both our loyal base and newer audiences.
Q: Is there anything you’d like to share about CaratLane’s future direction?
We’re ambitious. Yes, there’s some noise in the industry — gold price volatility, LGDs (lab-grown diamonds) — but we know how to separate trends from noise. In a Rs 7–8 lakh crore jewellery market, diamonds still account for less than 10 per cent. India remains predominantly gold-focused. But when it comes to adornment, diamonds offer emotional value gold can’t match. We believe the diamond market here will continue to grow, and we intend to stay in pole position.
Q: Finally, what is CaratLane’s stance on lab-grown diamonds (LGDs), especially with the government’s earlier support for them?
Frankly, we haven’t engaged much with LGDs. We’ve stayed true to natural diamonds, which take a billion years to form. LGDs are an impressive feat of science — but anything man-made typically depreciates in value. That’s why naturals hold a stronger emotional and perceived worth. Even De Beers, who initially entered the LGD market, eventually pulled back. The noise is dying down, and we believe the market is returning to normal.
