Written By: Khushboo Verma

Mumbai remains India's commercial capital and one of the most lucrative markets for jewellery retail. The city's diverse consumer base, ranging from traditional families to young professionals, creates demand across all price segments. For entrepreneurs exploring business opportunities, a jewellery franchise in Mumbai presents a compelling investment option backed by organised retail growth and strong consumer confidence. For investors seeking the best jewellery franchise in Mumbai, the timing couldn’t be better.

Why Mumbai for Jewellery Franchises?

India's jewellery market is projected to reach $100 billion in 2025, with Mumbai accounting for a substantial share of this growth. The organised retail segment now represents over one-third of total jewellery sales, and mandatory hallmarking standards have further strengthened consumer trust in branded outlets. This growing confidence has positioned the city as a hotspot for those researching how to start a jewellery franchise with established national brands.

Moreover, favourable policy measures like reduced import duties on gold and silver have boosted jewellery demand. The India-UK Free Trade Agreement signed in 2025 is expected to enhance jewellery exports, strengthening the overall industry ecosystem. For investors, these factors make the jewellery franchise in Mumbai increasingly attractive.

Investment Landscape Overview

Before exploring specific brands, understanding the investment structure helps franchisees plan better. Most jewellery franchises involve:

Capital allocation for:

• Franchise fees and security deposits
• Store setup, interiors, and fixtures
• Gold and diamond inventory (typically the largest component)
• Working capital for operations
• Staff training and compliance systems

Operating considerations:

• Revenue-sharing or royalty-based models
• Marketing and promotional contributions
• Quality compliance with BIS hallmarking
• Technology integration for inventory management

Now, let's examine the leading options for those seeking the best jewellery franchise in Mumbai.

Mumbai's Best Jewellery Franchises For 2026

1. Tanishq

Category: Premium Gold, Diamond & Platinum Jewellery

Investment Range: ₹15-30 crore depending on location and format

ROI: 2-3 years breakeven period

Store Size: 2,000-2,500 sq. ft.

Brand Overview: India's most trusted jewellery brand from the Tata Group, Tanishq offers comprehensive operational support including training, marketing, and supply chain management. The brand has established itself as the benchmark for quality and transparency in Indian jewellery retail. Tata brand equity provides instant customer trust, while national advertising campaigns reduce the local marketing burden for franchisees. The proven revenue-sharing model ensures partners benefit from the established retail network and customer loyalty built over decades.

Mumbai Advantage: Performs exceptionally well in premium suburbs like Bandra, Powai, Malad, and South Mumbai where customers seek trusted brands for bridal and investment purchases.

2. Kalyan Jewellers

Category: Full-Service Gold, Diamond & Platinum Jewellery

Investment Range: ₹5-15 crore depending on store format

ROI: Revenue-sharing between 12-20%

Store Size: 1,500-3,000 sq. ft.

Brand Overview: Founded in Kerala and expanded nationally, Kalyan Jewellers combines traditional craftsmanship with transparent pricing that resonates with modern consumers.Strong brand recall through celebrity endorsements and transparent pricing builds customer confidence, driving repeat purchases and referrals consistently.

Mumbai Advantage: High-footfall areas in Navi Mumbai, Thane, and Borivali drive consistent traffic where family shopping remains active throughout the year.

3. BlueStone

• Category: Contemporary Diamond & Gold Jewellery
• Investment Range: ₹1-2 crore
• ROI: Minimum 12% annual return guarantee
• Store Size: 600-900 sq. ft.

Brand Overview: A digitally native brand that successfully transitioned to omnichannel retail, BlueStone offers seamless integration between e-commerce and physical stores. This hybrid model allows customers to browse online and complete purchases in-store, or vice versa, creating convenience that drives conversion. Modern, contemporary designs appeal to urban professionals seeking design-led jewellery at accessible price points. The brand's focus on certified diamonds and transparent pricing has built trust among millennials who value both quality and value for money.

Mumbai Advantage: Works exceptionally well in commercial areas, malls, and business districts where young working professionals shop regularly.

4. ORRA

• Category: Luxury Diamond & Solitaire Jewellery
• Investment Range: ₹2-3 crore
• ROI: Strong margins on premium products
• Store Size: 1,000-1,500 sq. ft.

Brand Overview: A Mumbai-born luxury brand specialising in high-end diamond jewellery, ORRA focuses on solitaires and certified diamond collections with global certification standards. The premium positioning attracts high-value customers seeking exclusivity and quality assurance.

Mumbai Advantage: Affluent neighbourhoods such as Juhu, Worli, and South Mumbai provide a steady customer base that prioritises exclusivity and craftsmanship.

5. GIVA

• Category: Lifestyle Silver & Gold-Plated Jewellery
• Investment Range: ₹1-2 crore
• ROI: Faster returns due to high inventory turnover
• Store Size: 300-600 sq. ft.

Brand Overview: An emerging lifestyle jewellery brand focused on fashion-forward designs, GIVA operates a mix of franchise and company-operated stores. The brand focuses on 925 sterling silver and lab-grown diamonds, attracting customers who purchase frequently throughout the year.

Mumbai Advantage: Youth-dominated shopping areas provide consistent footfall for trendy, affordable luxury pieces, particularly in suburban malls and commercial zones.

6. KISNA Diamond & Gold Jewellery

• Category: Mid-Range Certified Diamond Jewellery
• Investment Range: ₹60-80 lakh
• ROI: Healthy margins through efficient operations
• Store Size: 800-1,200 sq. ft.

Brand Overview: A structured, process-driven brand by the Hari Krishna Group, KISNA provides complete operational guidance and training to franchisees. Low wastage through an efficient supply chain and strong branding support maintains healthy margins.

Mumbai Advantage: Mid-range diamond jewellery appeals to middle-class families in areas like Andheri, Kurla, and Mulund where value-conscious buyers seek certified products.

7. PNG Jewellers

• Category: Traditional Gold & Diamond Jewellery
• Investment Range: ₹1-2 crore
• ROI: Strong repeat customer base
• Store Size: 1,200 sq. ft. and above

Brand Overview: A trusted brand with generational loyalty across Maharashtra, PNG Jewellers has deep-rooted trust in Maharashtrian communities. Excellent craftsmanship reputation combined with a growing focus on lightweight gold designs attracts younger buyers.

Mumbai Advantage: Thane, Kalyan, Vashi, and traditional neighbourhoods where heritage brands command loyalty provide a stable customer base throughout the year.

8. Voylla

• Category: Fashion & Imitation Jewellery
• Investment Range: ₹15-20 lakh
• ROI: Fast inventory turnover ensures steady returns
• Store Size: 200-400 sq. ft.

Brand Overview: A leader in imitation and affordable fashion jewellery, Voylla offers the lowest investment among all franchise options. Fast-moving inventory with minimal wastage generates steady cash flow, ideal for first-time entrepreneurs.

Mumbai Advantage: Young shoppers in malls and commercial areas seeking trendy accessories for daily wear drive consistent sales, particularly in youth-centric locations like Bandra and Andheri.

9. TBZ – The Original

• Category: Fine Gold, Diamond & Bridal Jewellery
• Investment Range: ₹2-3 crore
• ROI: Consistent walk-ins from loyal customers
• Store Size: 1,000-2,000 sq. ft.

Brand Overview: One of Mumbai's oldest and most respected jewellery houses with over 150 years of legacy, TBZ has deep customer loyalty built over generations. Strong brand awareness as a Mumbai-born brand and reputation for craftsmanship attracts discerning buyers.

Mumbai Advantage: Local heritage ensures sustained customer relationships across South Mumbai, Dadar, and traditional communities who value legacy brands.

10. CaratLane

• Category: Modern Diamond & Gold Jewellery
• Investment Range: ₹1.5-2 crore
• ROI: High repeat purchase rates
• Store Size: 800-1,200 sq. ft.

Brand Overview: A Titan Group brand combining technology with quality, CaratLane offers digital interfaces that enhance customer experience. Clean, minimalist designs appeal to millennials, while smart pricing attracts value-conscious buyers.

Mumbai Advantage: Targeting younger demographics in commercial hubs like Lower Parel, BKC, and Powai, CaratLane appeals to millennials and Gen Z consumers who prefer tech-enabled shopping experiences.

Market Trends Shaping 2026

• Organised Retail Growth: Over one-third of jewellery retail now comes from organised brands, and this share continues rising.
• Consumer Preferences: Lightweight, certified, and transparently priced jewellery is gaining preference over heavy traditional sets.
• Technology Adoption: AR try-ons, virtual catalogues, and app-based shopping are becoming standard features.
• Compliance Benefits: Mandatory BIS hallmarking and HUID systems have strengthened consumer confidence in branded outlets.
• Lab-Grown Diamonds: Growing acceptance offers new product categories with attractive margins.

Investment Checklist for Franchisees

Financial Planning:

• Allocate capital for franchise fees, store setup, inventory, and working capital
• Understand revenue-sharing versus royalty-based models
• Plan for marketing contributions and technology investments

Location Strategy:

• Match store format to neighbourhood demographics
• High-footfall areas work for lifestyle jewellery; premium locations suit bridal collections
• Assess competition and parking availability

Due Diligence:

• Visit existing franchise outlets
• Speak with current franchisees about profitability and support
• Review financial performance and growth trajectory
• Verify brand reputation and customer reviews

Operational Discipline:

• Follow all hallmarking and safety standards rigorously
• Invest in staff training for product knowledge and customer service
• Maintain technology systems for inventory and compliance
• Build strong relationships with the franchisor's support team

Final Thoughts

The jewellery business remains emotionally connected to Indian consumers and offers long-term stability. Mumbai's unique blend of traditional families, working professionals, and aspirational buyers creates year-round demand across segments. For investors comparing multiple options, understanding which one is the best jewellery franchise in Mumbai for their capital can ensure better returns.

For entrepreneurs seeking structured business opportunities, the jewellery franchise in Mumbai route provides brand credibility, operational support, and access to established supply chains. In addition, the city's strong consumer base ensures consistent footfall and repeat purchases.

Success in 2026 will depend on choosing a brand that aligns with your capital, target audience, and operational comfort. With careful research, proper financial planning, and consistent execution, a jewellery franchise can become one of the most rewarding retail investments in Mumbai's dynamic market.

Disclaimer: The brands mentioned in this blog are the recommendations provided by the author. FranchiseBAZAR does not claim to work with these brands / represent them / or are associated with them in any manner. Investors and prospective franchisees are to do their own due diligence before investing in any franchise business at their own risk and discretion. FranchiseBAZAR or its Directors disclaim any liability or risks arising out of any transactions that may take place due to the information provided in this blog.