Rupesh Jain On Candere’s Disruptive Growth And His Next Big Bet In The Jewellery Space

Candere means shine in Latin. When Rupesh Jain graduated in software engineering, he wanted to make the best use of his knowledge in technology and his exposure to the evolving market dynamics to brighten up the jewellery business that was transported to his genes by legacy. 

It is this tradition that’s passed down the generations, making India unique in its culture of business by legacy. More than a trade, jewellery is a part of heritage in India, with its roots running deep into our customs, rituals, beliefs, and prosperity.  

The exquisite craftsmanship with precious metals and unmatched artistry with sparkling stones have helped India corner over 24.21% of the $354 Bn global jewellery market. The $89.65 Bn Indian jewellery market stays the course to reach $124.70 Bn by 2030, averaging a 5.7% annual growth rate. 

The traditional Indian jewellery market is still dominated by brick-and-mortar stores, accounting for 85% of total sales. Although it was initially a tough turf war for online ventures to create space in such a market, the entry of ecommerce in the space threw up fresh challenges for traditional outlets. 

“I saw traditional jewellery stores face challenges such as high operational costs, restricted growth and a change in customer behaviour. I realised that with ecommerce, new channels could be opened, and our jewellery could go to a much larger base,” Jain says. 

Hailing from a family of jewellers, Jain grew up observing the sheer creativity that goes into the making of a piece of jewellery. “Candere came out of the union of my experience and my passion for innovation.” 

In a freewheeling interaction with Inc42, Jain talks about his journey of bringing up Candere and eventually handing it over to Kalyan Jewellers for over 300 Cr valuation He talks about his insight into the Indian ecommerce market, challenges in retail business, and how the omnichannel strategy has helped him raise his brainchild to a leading ecommerce player for jewellery in India. 

As the conversation advances, Jain also shares his vision for the next venture and his blueprint for making luxury jewellery affordable. 

Here are the edited excerpts from the conversation…

Inc42: Growing up in a family of jewellers, you were immersed in the world of gemstones and craftsmanship from an early age. How did this legacy influence your perspective on the business and shape your entrepreneurial journey?

Rupesh Jain: Born into a family of jewellers, I was immersed in a world of sparkling gemstones and intricate craftsmanship from an early age. The artistry involved in creating jewellery and the joy it brings to its wearers became an integral part of my life’s narrative. 

In 1975, my parents made the bold decision to relocate from Rajasthan to Mumbai. This move, while filled with challenges, marked the beginning of an inspiring entrepreneurial journey. With unwavering dedication, they built a jewellery business from scratch, facing numerous hardships along the way.

Our family jewellery business, nestled in the bustling Malad area of Mumbai, specialises in a wide array of gold jewellery, including rings, earrings, and mangalsutras. In an industry that’s constantly evolving, my family has shown remarkable resilience by learning from emerging trends, innovating designs, and adapting to a fast-changing market. Their journey has been my greatest inspiration, shaping my values, discipline, and work ethic.

For me, jewellery transcends its physical form; it’s an emotion, a cherished memory, and a piece of heritage. I’ve witnessed firsthand the painstaking effort that goes into creating each piece. My family worked tirelessly to create pieces that would become part of one’s most cherished moments. 

This dedication to craftsmanship and attention to detail has been a cornerstone of my business philosophy.

Inc42: While your entry into the jewellery business was expected, given your family’s legacy, the real surprise was how you chose to transform it. What made you take the ecommerce route, and what was your thought process behind this shift?

Rupesh Jain: As years passed, I saw that traditional jewellery stores were grappling with soaring operational costs, stunted growth and evolving customer behaviour. I realised that with ecommerce, new channels could be opened, and our jewellery could go to a much larger base. That’s what encouraged me to launch Candere. 

For me, Candere was never just about making money — it was a way to honour my family’s legacy. At Candere, we built a bridge between tradition and technology, past and future, jewellery and emotion. My deep understanding of jewellery enabled me to shape Candere into a platform that seamlessly blends the convenience and transparency of ecommerce with authenticity and personalisation — all from the comfort of one’s home.

As I had the right exposure, it helped me understand what customers really want – be it concerns about the authenticity of products bought online or the need for customised jewellery. I built Candere while keeping these insights in mind to offer a seamless, customer-friendly online shopping experience which was backed by a trusted network of suppliers, artisans, and designers that promised high-quality craftsmanship at competitive prices.

I saw the market trends and focussed on contemporary, lightweight, and personalised designs, keeping Candere at the forefront of the online jewellery revolution. 

While most brands focused on wedding jewellery as a segment at this point in time, our focus was on everyday jewellery and this really helped us connect with our consumers. Also, trust has been at the heart of Candere. My family’s legacy in the industry reassures customers that they are buying genuine, high-quality pieces. 

Inc42: Take us through Candere’s journey — what were the biggest challenges in building the brand, securing the first investment, and ultimately leading to its acquisition by Kalyan Jewellers? How did you navigate your exit from the company?

Rupesh Jain: It was my out-of-the-box thought process with which I decided to explore ecommerce. It was clear that if we keep creativity and fresh perspectives at the core of our business, we can redefine the scope of the market and stay ahead of our competitors. With this idea, we built Candere, bringing high-quality luxury jewellery to customers in the most seamless way possible. 

For the first few years at Candere, we focused entirely on building a strong digital presence using social media, reaching out to our customers first and making them feel valuable. As we progressed, orders started trickling in and that too not only from India but even from abroad. After building a sustainable presence online, Candere raised its first angel investment round in 2015 from Brijesh Chandwani and Subram Kapoor and its second round in 2016 which accelerated our expansion. 

The inflow of funds allowed us to improve our technology, work on our core infrastructure, and widen our product range. 

From that point on, building Candere was no longer just about survival or being an accessible alternative — it became about growth and innovation. We expanded our collections, introduced fresh designs, and invested in cutting-edge technology to enhance security in payments and improve UI/UX. Additionally, we partnered with leading logistics providers to ensure a seamless and delightful experience for every customer.

The year 2017 was a landmark period for us when Kalyan Jewellers saw potential in Candere and partially acquired us. The partnership meant access to Kalyan’s vast resources, craftsmanship, and network, while Candere continued to operate independently with the same ethos and customer-first approach. With Kalyan’s support, we scaled our revenues from INR 7 Cr in 2017 to nearly INR 150 Cr in 2024. We expanded our jewellery collections, introduced customisation options and flexible payment plans, and made fine jewellery more accessible to a wider audience. 

As my role as a founder evolved, I took on greater responsibilities, concentrating on business expansion while preparing for a seamless exit. To facilitate this transition, I ensured a smooth integration of both companies’ cultures, values, and visions without compromising the essence of what made Candere a unique brand. Once this alignment was in place, I shifted my focus to scaling operations, entering new markets, diversifying our product range, and strengthening our online presence.

But, perhaps the most emotional aspect of this journey was preparing Candere to move ahead without me. During my last days with Candere, I mentored my key team members to take on important leadership roles, shared insights and experiences to keep the essence of the company intact, and created a knowledge base for future teams to learn from. I also think there couldn’t have been a better outcome for Candere where Kalyan Jewellers acquires Candere and takes it to the next phase of growth from here.

Inc42: What were the key lessons you took away from your journey with Candere? How did they shape you as a founder?

Rupesh Jain: Perseverance, adaptability, and trust – these are what the journey of building Candere has been all about. It shaped me both as an entrepreneur and an individual. One of the most crucial lessons I have learned while building Candere is the importance of adaptability. I learned that a key differentiator between successful companies and those who fail is the capacity to adapt, alter, and pivot. 

Candere helped me realise that business is about people and their feelings and not mere data and making profits. We focused on selling emotions and memories, and not just jewellery, by keeping innovation at the centre of it all. I realised that every leap of faith – from introducing novel designs to experimenting with technology – helped to mould Candere into what it is today.

Building a strong team was also crucial for a successful brand and we achieved it by trusting the right people. I have discovered that having proper people is not enough to achieve success – you also need to empower and trust them. 

After we collaborated with Kalyan Jewellers, I learned that strategic partnerships can accelerate growth and can be key enablers to achieve desired results. 

And last but not least, staying true to your vision helps. Candere could achieve what it did because we never compromised with our vision. 

Inc42: With jewellery being a high-involvement purchase, do you believe an omnichannel strategy is essential for success, or can purely online or offline models thrive?

Rupesh Jain: Omnichannel strategy enables consumers to explore the products on the internet and walk into the shops to try them before they actually make the purchase. The approach broadens the consumer base of the brands because those who want to shop physically can experience the jewellery in person, while tech-savvy consumers can buy it anytime from anywhere.

The omnichannel strategy also helps build deeper connections and loyalty since it is targeted at both online marketing platforms and in-store activities, coupled with one-to-one engagement with the customer. 

The integration of technology also equips the jewellers with the ability to monitor inventory levels across all stores, process orders efficiently, and minimise overstocking and stock-outs.

Brands like BlueStone and CaratLane have launched their physical stores to offer a ‘try before you buy’ experience to its users. And then you also have Lenskart which has mastered this strategy in the eyewear segment with its huge offline network providing smooth online as well as offline experience to its customers. 

But the omnichannel approach comes with its own challenges. Combining online and offline systems can often be complicated, brand messaging can differ across platforms, and inventory management across channels can be a major stumbling block. 

To overcome this, brands need to invest in strong tech infrastructure such as CRM, marketing automation and inventory management software, create a single brand strategy across channels, and adopt an advanced inventory tracking system to harmonise stock levels across stores and online channels.

Inc42: Traditional jewellery retail involves significant overhead costs, whereas ecommerce eliminates many of these expenses. How does this impact unit economics and overall profit margins?

Rupesh Jain: When it comes to profit margins, the jewellery industry is known for its attractiveness, as margins can vary from 5% to 50%. For gold jewellery, the margins remain the lowest – from 5% to 15% – depending upon the purity, design complexity, and brand premium. 

While diamond jewellery has higher margins due to the cut, carat, and rarity of diamonds, the lab-grown diamond jewellery segment boasts a profit margin of 15% to 40% due to lower costs when compared to mined diamonds. These margins are influenced by government policies such as GST, supply chain efficiency, and consumer demand trends.

Factors such as overhead costs, scalability, and customer experience affect profitability when comparing ecommerce platforms with traditional retail models. 

Physical retail stores require significant investments in infrastructure, utilities, maintenance, and providing a tactical shopping experience but online platforms eliminate those expenses by offering lower overhead costs and higher potential for scalability. 

As a result, online jewellery stores operate on higher margins, provided logistics, operations and marketing expenses are well managed. However, the personalisation that physical stores offer is second to none. 

Inc42: You just mentioned lab-grown diamond jewellery as an emerging segment. How do you see this trend shaping consumer preferences and redefining luxury jewellery?

Rupesh Jain: The market for lab-grown diamond jewellery is expanding quickly due to growing customer awareness of cost, ethical sourcing, and sustainability. The market size of lab-grown diamonds in India was $0.3 Bn as of 2024 and by 2032, it is set to hit $1.2 Bn. 

There are several key market drivers for this trend. First, the growing sustainability trend means consumers today are prioritising sustainability and ethical sourcing in their purchases. Lab-grown diamonds eliminate the need for mining, reducing environmental impact and making them an eco-conscious alternative to natural diamonds. 

Second, cost-effectiveness is a major factor. Unlike natural diamonds, which come with high mining and supply chain costs, lab-grown diamonds are significantly more affordable. This affordability makes them an attractive option for price-conscious buyers who want luxury without the hefty price tag. 

Last, technological advancements have played a crucial role. Innovations in Chemical Vapour Deposition (CVD) and High Pressure High Temperature (HPHT) methods have enhanced the quality, clarity, and availability of lab-grown diamonds. These advancements ensure that lab-grown diamonds are visually and chemically identical to natural ones, making them widely accepted in the market.

The expanding online presence and ecommerce growth is another significant opportunity. The rise of ecommerce platforms has made it easier than ever for consumers to explore and purchase lab-grown diamond jewellery. Digital-first brands are leveraging technology, AI-powered customisation, and virtual try-ons to enhance the shopping experience. 

Custom-designed jewellery is on the rise, and lab-grown diamonds offer more flexibility in terms of size, cut, and design options. Consumers now have the ability to personalise engagement rings, pendants, and other fine jewellery at a fraction of the cost of mined diamonds.

Inc42: As a seasoned entrepreneur in the jewellery industry, what unique insights are you bringing into your lab-grown diamond venture that will set it apart from existing players?

Rupesh Jain: Well, I am starting a new journey that aligns with my passion for accessible luxury, innovation, and sustainability after decades of involvement in the jewellery industry. I plan to redefine the future of luxury – where responsibility and beauty coexist – instead of simply creating exquisite jewellery.

My main focus will be to make lab-grown diamond jewellery more accessible with its sophistication and quality at a fair price using environmentally friendly manufacturing and ethically sourced material. 

We will present a unique character of lab-grown diamonds through modern and innovative designs. To create distinctive pieces that challenge norms, we will collaborate with young designers and artists and also invest in educating through influencers and empowering consumers to make ethical choices before purchasing lab-grown diamonds.

This venture is a step towards ethical luxury and not just a business. My mission remains crystal clear as I set out on this amazing journey — to build a world where beautiful jewellery is not only beautiful but also ethical, green, and accessible to all.