RBZ Jewellers plans three new Gujarat stores by March 2027

RBZ Jewellers Ltd plans to open three further Gujarat stores by March 2027 after launching its Surat flagship on 24 September 2026, with the planned Rajkot large-format store requiring typical inventory deployment of Rs 125-150 crore. The rollout also includes mid-sized outlets in Maninagar and Gandhinagar.

When will RBZ Jewellers open its three planned Gujarat stores?

RBZ Jewellers plans to launch Rajkot in early Q3 FY27, Maninagar in Q3 FY27 and Gandhinagar in Q4 FY27, with completion targeted by March 2027. FY means fiscal year and Q3 and Q4 mean the third and fourth quarters, respectively. Surat, the first store in the four-location programme, began operations on 24 September 2026.

The disclosed sequence will create a Gujarat network of two flagship stores and two mid-sized stores. Surat is an operational large-format flagship, Rajkot is the planned second flagship, and Maninagar in East Ahmedabad and Gandhinagar are planned mid-sized locations. RBZ Jewellers lists Rajkot, Maninagar and Gandhinagar as leased, while Surat is partly owned and partly leased.

RBZ Jewellers says the aim is to establish a Gujarat retail backbone across key consumption hubs before accelerating national expansion. The presentation provides no city list, store count or timetable for expansion outside Gujarat, making the March 2027 target specific to the four-store Gujarat pipeline.

How much inventory will RBZ Jewellers deploy in new stores?

RBZ Jewellers says a large-format store of about 10,000 square feet of carpet area typically requires Rs 125-150 crore of inventory deployment. Rajkot is planned in this format, while Surat is the operational large-format flagship. The Rs 25 crore range is presented as a typical band, rather than a committed budget for either site.

A mid-format store has about 5,000 square feet of carpet area and typical inventory deployment of Rs 50 crore, according to RBZ Jewellers. Maninagar and Gandhinagar are both planned in this format. Their stated inventory level is Rs 75-100 crore below the typical large-store range, while their carpet area is about half that of a flagship.

Using the company’s format-level figures, the three future stores imply typical inventory deployment of Rs 225-250 crore: Rs 125-150 crore for Rajkot and Rs 100 crore for the two mid-sized stores combined. This is an arithmetic calculation from the disclosed format assumptions, not an aggregate inventory budget provided by RBZ Jewellers.

Why did RBZ Jewellers choose these Gujarat markets?

RBZ Jewellers identifies Surat as a diamond and bridal hub, Rajkot as a high-jewellery-demand market, Gandhinagar as a growing affluent catchment and Maninagar as a dense residential market. These are management’s stated reasons for pairing Rajkot with a large flagship and Gandhinagar and East Ahmedabad with mid-sized formats.

Surat’s approximately 10,000-square-foot Parle Point flagship opened on 24 September 2026 and was inaugurated by actor Vicky Kaushal. RBZ Jewellers says its product range includes everyday, occasion, statement and bridal jewellery, including the Gul, Saanjh and Polki collections. The Surat location therefore combines the company’s bridal and diamond-market rationale with its large-format retail model.

RBZ Jewellers also cites years of local market presence, an understanding of regional demand and cultural occasions, and an existing Ahmedabad flagship as support for the Gujarat plan. It participated in five trade shows during the first half, or H1, of FY27 across Surat, Rajkot, North Gujarat and Ahmedabad. The company says expansion across nearby consumption hubs can support operational efficiency, but it does not quantify any saving.

How has RBZ Jewellers’ retail revenue changed before the rollout?

RBZ Jewellers reported retail revenue of Rs 225.9 crore in H1 FY27, up Rs 93.8 crore from Rs 132.1 crore in H1 FY26. Wholesale revenue rose by Rs 30.6 crore to Rs 115 crore, while job-work revenue increased by Rs 0.4 crore to Rs 4.6 crore. Retail was the largest of the three disclosed revenue segments in both half-year comparisons.

In the second quarter, or Q2, of FY27, retail revenue was Rs 148.4 crore, compared with Rs 86.5 crore in Q2 FY26 and Rs 77.5 crore in Q1 FY27. Retail sales volume reached 96.76 kilograms in Q2 FY27, versus 80.04 kilograms a year earlier and 49.57 kilograms in the preceding quarter. RBZ Jewellers attributed its quarterly performance to customer demand, higher jewellery sales and improving brand visibility.

Wholesale revenue was Rs 72.9 crore in Q2 FY27, compared with Rs 55.8 crore in Q2 FY26, while job-work revenue increased to Rs 3.4 crore from Rs 2.8 crore. The presentation does not provide revenue targets, sales forecasts, break-even points or inventory-turnover assumptions for the Surat, Rajkot, Maninagar or Gandhinagar stores.

What manufacturing base supports RBZ Jewellers’ store expansion?

RBZ Jewellers has a 100%-owned manufacturing facility on the Sarkhej Gandhinagar Highway in Ahmedabad, measuring 23,966 square feet. The facility has capacity for 250 artisans, a current workforce of 200 and annual production capacity exceeding 2 tonnes. The company describes its manufacturing model as combining innovation, artisan expertise and selective outsourcing.

The facility covers the process from design through finishing, including casting, laser processes and 3D printing. RBZ Jewellers also lists raw-material testing, including 24K testing and fire assay, in-process design and dimensional checks, and final purity testing and hallmarking. The company does not disclose how much of its capacity will be assigned to the four Gujarat stores.

The retail expansion is therefore being pursued alongside a manufacturing base with 50 unfilled positions relative to its stated 250-artisan capacity. RBZ Jewellers has not disclosed store-level sourcing plans, production allocation or any manufacturing-capacity expansion linked to the FY27 store programme.

Conclusion

RBZ Jewellers has disclosed a defined Gujarat expansion sequence: Surat opened in September 2026, followed by a Rajkot flagship and mid-sized Maninagar and Gandhinagar stores by March 2027. The format mix makes inventory deployment the clearest measurable feature, with Rs 125-150 crore typical inventory for a large flagship and Rs 50 crore for each mid-sized outlet. Retail revenue also rose to Rs 225.9 crore in H1 FY27 from Rs 132.1 crore a year earlier.

The next disclosed milestones are Rajkot in early Q3 FY27, Maninagar in Q3 FY27 and Gandhinagar in Q4 FY27. RBZ Jewellers has not provided an aggregate capital or inventory budget, precise opening dates, or store-level sales targets, so subsequent disclosures will show whether the March 2027 completion target remains on schedule.