India’s jewelry market, valued at a staggering Rs 6.7 trillion, is undergoing a dramatic transformation. From heritage-heavy gold retailers to modern, design-driven players, brands are aggressively expanding their footprints—both domestically and internationally. What’s fueling this expansion is not just rising demand, but also new retail strategies that leverage franchising, shop-in-shop formats, and a balanced omnichannel presence.

Across the country, jewelry brands are in the middle of what can only be described as a retail revolution. From Kalyan Jewellers’ 170-store expansion plan to the Aditya Birla Group’s debut with Indriya, from CaratLane’s deep push into small-town India to Giva’s meteoric rise from digital-first to offline-first, the strategies may differ, but the ambition is strikingly similar: to build accessible, trusted, and expansive retail footprints.

The Franchise Gold Rush

If there’s one word that defines the current expansion playbook, it is franchising. Jewelry, with its high-touch consumer journey, thrives on physical presence. But opening and operating hundreds of company-owned outlets requires capital, local expertise, and speed — areas where the franchise model delivers.

“We are planning to open 170 showrooms in 2025–26, of which 90 will be Kalyan and 80 will be Candere. Almost all of these will be through the franchise model,” said Ramesh Kalyanaraman, Executive Director, Kalyan Jewellers. For a brand that already operates more than 400 showrooms globally, franchising provides the agility needed to deepen penetration in Tier II, III, and IV markets, while freeing up capital for debt reduction and international bets.

The Aditya Birla Group is taking a similar route with Indriya, its newly launched jewelry brand. Instead of testing the waters with a few company-owned stores, the group has set an aggressive target of 100 franchise-led outlets in just 18 months. For a late entrant into the category, franchising ensures speed to market and leverages the credibility of the group’s retail expertise.

This franchising wave is not limited to traditional gold jewelers. Even lifestyle-oriented brands are finding scale through partnerships. Giva, for instance, has grown its footprint to over 210 outlets in less than three years — a mix of exclusive brand outlets (EBOs) and shop-in-shop counters within retail giants like Shoppers Stop and Lifestyle. While not all are franchise-operated, the strategy reflects the broader industry shift: growth comes faster when brands embrace shared models of ownership and expansion.

Beyond Metros: The Rise of Tier II & III Cities

The days when jewelry brands confined themselves to Mumbai, Bengaluru, or Delhi are long gone. Today, smaller cities are where the action is.

“Building on the momentum in metros, we’ve recently ventured into Tier II cities, and the reception has been phenomenal,” noted Anirudh Kudva, Senior Vice President - Revenue, Giva. Cities like Indore, Bhopal, Lucknow, and Ludhiana are not only welcoming these brands but also delivering strong sales, validating the notion that jewelry’s appeal truly transcends geography.

CaratLane, which has built its reputation on lightweight, contemporary diamond jewelry, has also found fertile ground in smaller towns. Recent launches in cities like Moradabad, Navsari, and Bokaro have exceeded expectations. “These high-potential regions offer a unique opportunity to make diamond jewelry more accessible to a broader audience,” explained Atul Sinha, COO, CaratLane.

Even legacy brands like Kalyan and Malabar are consciously shifting northward and westward. Malabar, with its southern roots, is expanding into Rajasthan, Punjab, and Gujarat, supported by region-specific designs and localized marketing. The logic is simple: rising incomes, aspirational consumers, and an appetite for branded jewelry make Tier II and III markets the next big growth story.

Multi-Format Strategies: From Flagships to Shop-in-Shops

Another defining feature of this retail evolution is the multi-format strategy. Brands are no longer relying solely on sprawling standalone outlets. Instead, they are experimenting with a mix of EBOs, shop-in-shop (SIS) formats, and even smaller neighborhood stores.

For instance, Giva’s offline retail is powered equally by its exclusive brand outlets and its nearly 90 SIS counters in department store chains. The SIS model allows jewelry brands to plug into high-footfall locations without heavy investment, while also creating entry-level access points for first-time customers.

Kalyan Jewellers, meanwhile, is leveraging its flagship showrooms for trust and brand-building while allowing Candere, its lifestyle jewelry arm, to operate in smaller, more accessible store formats. Malabar has doubled down on manufacturing-driven efficiency, giving it the ability to tailor store assortments based on format, geography, and local demand.

“The customer journey today begins online but often ends offline, or vice versa. Our goal is to enable both paths seamlessly,” said O Asher, Managing Director of India Operations, Malabar Group. This emphasis on integration means formats are designed not just for physical convenience but to complement digital discovery.

Global Ambitions: Diaspora-Driven Demand

While India remains the heart of the business, global markets are emerging as the next frontier. The Indian diaspora, particularly in the US, UK, and the Middle East, has become a powerful growth driver.

Malabar, already present in 13 countries with over 400 stores, considers the GCC and the US among its best-performing regions. The demand for Indian bridal and traditional designs remains robust, making diaspora-heavy markets a natural choice for expansion.

Kalyan is following a similar path, with new stores planned in the UK and the US this fiscal. “We are getting inquiries from countries like Australia, Malaysia, and Singapore. However, our overseas expansion will be very calibrated,” said Kalyanaraman.

CaratLane, too, has made its international debut in New Jersey, catering to Indian-Americans who value contemporary design with Indian craftsmanship. “The intricate craftsmanship and timeless appeal of Indian jewelry deeply resonate with this audience,” said Sinha.