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........

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