New York-based Warburg Pincus LLC will invest $196 million in Kalyan Jewelers Ltd. of Kerala, India as the retailer seeks to open more stores globally to tap demand for gold ornaments. According to Business Week, the company plans to triple its sales in three years by adding 28 new outlets in the next six months in India, Kuwait, Qatar, Singapore and Malaysia.
The demand for gold in India, which trailed China as the biggest user in 2013, is poised to rebound — after a 34 percent decline in the first half — due to a reduction in prices, and also because of festivals which spur buying. India accounted for 25 percent of the world’s total bullion consumption last year and companies such as Kalyan and the Tata groups’ Titan Co. are opening more outlets to tap consumers. Warburg’s investment will be the biggest private equity investment in the jewelry manufacturing and distribution sector in India, Kalyan said. The jeweler plans to open more stores in the northern and western regions of India too.
Last updated: December 26th, 2025
