Bengaluru, April 24 -- Bluestone Jewellery and Lifestyle Ltd is falling behind its ambitious target of reaching 500 stores by 2026-27, as volatile gold prices weigh on its expansion plans.

The Bengaluru-based jeweller had outlined in its draft red herring prospectus (DRHP) plans to add over 290 new stores between 2024-25 and 2026-27, but managed to add only 65 stores in 2025-26, taking its total to 340 outlets.

It now expects a more measured pace of expansion of about 20% annually, well short of its original target.

"We should look at how the external operating environment has been, specifically from a gold price perspective," said Gaurav Singh Kushwaha, founder and chief executive of Bluestone, during the company's March-quarter earni...