CaratLane is expanding internationally beyond the US and Canada, with Australia and the UK as its next priority markets. As the Indian jewellery retailer builds its overseas business, it currently reaches customers across more than 30 countries, with the US its largest international market, followed by Canada. It operates two physical stores in the US and is now preparing to launch its online operations in Australia.
“The US expansion began with a New Jersey store around 18-20 months ago, followed by a Dallas store ahead of Akshaya Tritiya. Both stores are seeing encouraging traction, while online sales in the market have strengthened over the past five to six months,” said Saumen Bhaumik, managing director, CaratLane.
The company, however, is taking a calibrated approach to physical expansion both in India and overseas.
“There’s a space for us to expand. But as I said, we are not going to do anything in a hurry,” he said.
Australia is now the next market where CaratLane is investing in its digital presence. The company sees an opportunity among more than one million Indians in the country and expects its online business to help overcome the distance barrier.
“We are also opening our online operations in Australia as we have seen more than a million Indians around there. And we know distance is also a big barrier,” Bhaumik said.
The UK is also being evaluated as a priority market, while physical expansion in the Middle East has been put on hold amid the West Asia crisis.
CaratLane’s international strategy is supported by the same digital ecosystem that has become central to its domestic business. Although online contributes only a single-digit percentage of actual revenue, the company said digital plays a much larger role in driving store purchases.
“80-90 per cent of the homework is already done online even before the final purchase happens in a store,” Bhaumik said.
The company believes there is significant headroom for jewellery consumption in India as well, with only 10-12 per cent of the population currently consuming diamonds despite India becoming the world’s second-largest diamond consumer, ahead of China.
“CaratLane will continue to remain focused on natural diamonds as it expands its customer base globally,” he asserted.
Within its portfolio, Shaya, CaratLane’s silver jewellery brand, is expected to cross Rs 100 crore in revenue this fiscal from a sub-Rs 100 crore base currently.
Meanwhile, the company is continuing to invest in its backend infrastructure in India. It invested Rs 59 crore in capex last fiscal and plans around Rs 20 crore this year, including the relocation and consolidation of two Mumbai units spread across 25,000-30,000 sq ft.
The company also plans to strengthen its flagship network, currently at six stores, with the number expected to double over the next 12 months.
CaratLane is targeting another year of around 28 per cent growth after closing FY26 with a similar growth trajectory, with Q1 FY27 growth crossing 40 per cent and the company planning to add 50 stores this fiscal.
The company has already opened 20 stores in the current fiscal and plans to add another 30 by year-end, taking its retail expansion further across high-traffic markets.
“Growth will be driven by healthy double-digit same-store sales growth, network expansion and portfolio additions, alongside continued investments in digital,” he concluded.
