Dr. Kalyanaraman, founder of Kalyan Jewellers, has made an impressive comeback in the Forbes India Rich List 2024, with a personal fortune of $5.38 billion. This success not only makes him the richest jeweler on the list, surpassing Joy Alukkas ($3.3 billion), but also affirms Kalyan Jewellers’ position in the Indian jewellery industry.

Unexpected events change destiny

The growth story of Kalyan Jewellers is not only due to business strategy but also linked to a shocking event more than two decades ago. On February 14, 1998, the city of Coimbatore – a major commercial hub in southern India – was rocked by 12 bomb blasts over six hours, killing 58 people and injuring 200. The attacks were retaliation for riots that had occurred a year earlier, causing panic and dramatically changing people’s shopping habits.

At the time, Dr. Kalyanaraman – then 51 – was running a 4,000 square foot jewelry store in Thrissur, the cultural capital of Kerala. Kalyan Jewellers was then a single store gold jewelry retailer in Kerala, established in 1993, after he moved from the textile business to the jewelry industry.

Opportunities from Changing Consumer Behaviour

Coimbatore was a favourite shopping destination for many people in Palakkad, a historic town less than 50 km away. However, after the bomb blasts, safety concerns led locals to limit their visits to Coimbatore and instead, they started looking for shopping options within the state of Kerala.

Recognising this change, Palakkad residents repeatedly requested Kalyanaraman to open a store in the area. As the demand for shopping increased, small jewellery shops in Palakkad quickly became bustling. Responding to customer demand, Kalyan Jewellers decided to expand beyond Thrissur, starting with Palakkad.

This expansion decision marked a turning point in the company’s growth, helping Kalyan Jewellers not only become a major brand in Kerala but also lay the foundation for expansion across India.

From Regional Enterprise to Leading Jewellery Company

Kalyan Jewellers continued to expand aggressively in the years that followed, building a reputation for quality products, exquisite designs and transparency in business. Today, the company has grown to become India’s second largest jewellery retail chain, with a market capitalisation of INR 72,000 crore.

The story of Kalyan Jewellers is a testament to how an unexpected event can change the fate of a business. However, it was Dr. Kalyanaraman’s business acumen, adaptability and ability to seize opportunities that helped Kalyan Jewellers rise to become one of India’s leading jewellery brands.