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Ahmedabad-based silver brand Chandikala is expanding through franchise, with unit investments ranging from Rs 1.73 crore to about Rs 4 crore, its founder said at a webinar. The brand will focus on Gujarat and Maharashtra for its franchise push.
From a family business to a silver brand
Chandikala is a modern Indian silver brand built on a third-generation silver business. Founder Kalpesh Soni said it opened its first store in Shivranjani, Ahmedabad, on 12 December 2022, and now runs two stores. A third, larger company-owned store will open in Nikol after Diwali, two more company-owned stores are planned in Ahmedabad, and three more are in the pipeline.
The brand sells pure silver jewellery, pooja articles, home décor, utensils, idols and gifting items under one roof, and makes furniture such as beds and sofa sets to order. It also offers silver pieces with gold plating and styles including fusion, antique, Kundan, Jadau and Polki. Soni said products are hallmarked and that the brand offers a 100% buyback on products bought from Chandikala, which he described as a key differentiator from jewellers that return only part of the value. He said products are sourced from manufacturing hubs including Jaipur, Bengaluru, Mumbai, Kolhapur, Ahmedabad and Rajkot.
Chandikala's presentation described its approach as built on purity, purpose and lasting value, with a vision to make genuine silver accessible, meaningful and inspiring.
Three ways to partner
Franchise-owned, franchise-operated (FOFO): A 400 sq ft store, preferably off the main high street in Tier 2 markets. According to the company's proposal, store setup costs Rs 20 lakh, the franchise fee is Rs 3 lakh and the inventory deposit is Rs 1.5 crore, for a total investment of Rs 1.73 crore. The partner earns a gross margin of about 25% on an assumed making-charge structure. The company projects a payback of 37 months and an IRR of 36% over a seven-year agreement.
Franchise-owned, company-operated (FOCO): A 900 sq ft high street store, where the company runs operations. Store setup is Rs 45 lakh, the franchise fee is Rs 3 lakh and the inventory deposit is Rs 3.5 crore, for a total of about Rs 4 crore. The partner receives a revenue share, with a minimum guarantee of 10% a year on the investment. The company projects a payback of 50 months and an IRR of 25%. FOCO is offered only in Gujarat and Maharashtra, while FOFO is open across India.
Area developer: Partners open a 400 sq ft FOFO store and build a sub-franchise network. The area developer fee is Rs 15 lakh, plus about Rs 1.70 crore for the partner's own store, for a total of about Rs 1.85 crore. Developers keep 50% of the franchise fees they collect and earn 2% of their sub-franchisees' cost of goods. The company plans a 12-unit rollout and projects payback in 36 months.
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Market outlook
The presentation put India's jewellery market at $89.02 billion in 2025, growing to $127.67 billion by 2030, and the precious metals market at $7.20 billion in 2024, rising to $14.76 billion by 2033. Soni said silver has moved from a necessity to a lifestyle and fashion product, and that sales have held up through price swings.
Investors can connect with the brand through Franchise India's key account manager.
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House of Aadyaa Builds a Modern Silver Jewellery Retail Brand
House of Aadyaa is positioning itself as a contemporary silver jewellery store that combines Indian heritage with everyday fashion. Founded by Sayalee Marathe, the brand began with a small studio in 2015 and has since developed a portfolio of more than 3,000 original in-house designs.
The brand works with 92.5 certified sterling silver and offers jewellery across earrings, necklaces, rings, toe rings, bracelets, bangles, anklets, nose pins, nath, mangalsutra, waist chains, hair accessories and other categories.
The presentation states that House of Aadyaa has served more than 1.5 lakh customers and ships to over 90 countries. Its journey also includes heritage-inspired collections such as Kudi, Saaj and Itihaas, alongside contemporary and handmade collections.
From Heritage Silver Jewellery to Everyday Contemporary Designs
The brand's positioning centres on design originality, certified purity, craftsmanship, accessibility, cultural authenticity and customer-centricity.
Its product universe spans heritage revival, handmade jewellery, contemporary collections, nature-inspired designs and premium lines. This gives the Premium Silver Jewellery Store concept a broader everyday positioning rather than limiting silver jewellery to occasional purchases.
The brand also highlights more than 21 registered design IPs, with its designs developed and crafted in-house.
House of Aadyaa Franchise Model Follows a FOFO Structure
The proposed franchise model follows FOFO, or Franchise Owned Franchise Operated. Under this structure, the franchise partner takes responsibility for the store investment, inventory, local hiring, daily operations, customer service, local marketing execution and compliance.
House of Aadyaa supports franchisees through store design, site feasibility, training, central inventory planning, replenishment, logistics, CRM, marketing guidelines and brand support.
The proposed franchise fee is ₹3 lakh as a one-time, non-refundable amount. The presentation states that the fee covers territory rights, design support, first-batch training and launch support.
The model also proposes a 35% blended gross margin on MRP with no ongoing royalty.
Investment Starts Below ₹1 Crore Including Opening Stock
House of Aadyaa has outlined two investment tiers for its proposed retail expansion.
| Particulars | Tier 1 | Tier 2 |
|---|---|---|
| CAPEX | ₹26.5 lakh | ₹24.5 lakh |
| Refundable security deposit | ₹10.8 lakh | ₹5.4 lakh |
| Pre-opening & launch marketing | ₹2.5 lakh | ₹2.5 lakh |
| Working capital | ₹8.6 lakh | ₹5.3 lakh |
| Investment excluding opening stock | ₹48.5 lakh | ₹37.7 lakh |
| Opening stock | ₹50 lakh | ₹43 lakh |
| Approx. total including opening stock | ₹98.5 lakh | ₹80.7 lakh |
The proposed store size is 450–700 sq. ft., with ground-floor locations, visible frontage and established jewellery or ethnic-wear retail clusters preferred.
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Centralised Supply Chain and Franchise Support
The operating framework includes a central warehouse in Pune supplying company and franchise stores from a common inventory pool. Replenishment is planned through defined cycles, while fast-moving products can receive quicker replenishment.
The brand also proposes insured transit, product exchange provisions and inventory planning. Franchisees receive phased training covering brand history, product knowledge, certification, shop-floor selling, POS, CRM, stock handling and customer service.
Expansion Across Tier 1 and Tier 2 Cities
House of Aadyaa's proposed expansion begins with Maharashtra markets before moving into cities such as Delhi NCR, Bengaluru, Hyderabad, Chennai, Kolkata and Ahmedabad. The presentation also identifies Nagpur, Indore, Vadodara, Lucknow, Coimbatore and Kochi among potential Tier 2 markets.
For entrepreneurs exploring a handmade jewellery franchise, the model combines an in-house design portfolio with a structured retail and supply-chain system. The broader opportunity also reflects growing consumer interest in handmade jewellery in India, heritage-inspired designs and accessible silver fashion jewellery.
The financial figures, margins and operating assumptions mentioned above are based on the brand's webinar presentation and should be evaluated against actual store-level costs, location economics and commercial agreements before investment.
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India’s jewellery market is evolving rapidly, and silver jewellery is emerging as one of the most promising segments. With changing consumer preferences, especially among Gen Z and millennials, silver jewellery has shifted from occasional wear to everyday fashion. The demand for affordable luxury, lightweight designs, and trendy collections is driving strong growth across both online and offline channels.
For entrepreneurs, silver jewellery offers a unique advantage—lower investment, faster stock turnover, and high repeat purchases. As a result, many brands are expanding through retail stores and franchise opportunities across India.
Why Silver Jewellery Franchise Businesses Are Booming in India
- Rising demand for affordable and daily-wear jewellery
- Strong growth driven by younger consumers and fashion trends
- Lower investment compared to gold jewellery stores
- High margins with frequent repeat customers
- Expansion of mall kiosks, high-street stores, and online retail
These factors make silver jewellery one of the most attractive retail business opportunities today.
Top 9 Silver Jewellery Franchise Opportunities Growing in India
1. Sangeeta Boochra
Sangeeta Boochra is a renowned heritage jewellery brand known for its handcrafted silver jewellery inspired by tribal and traditional Indian designs. With decades of craftsmanship and a strong presence in premium retail, the brand caters to customers looking for statement and ethnic jewellery.
Why choose this brand: Strong brand legacy, premium positioning, and high-margin handcrafted products.
Business opportunity: Ideal for boutique stores in metro cities or tourist destinations.
Investment & ROI: Premium segment allows higher pricing and margins, with steady demand during weddings and festive seasons.
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2. Miss Jo
Miss Jo is a contemporary jewellery brand that focuses on trendy and fashion-forward silver jewellery collections. The brand appeals to young consumers who prefer bold, stylish accessories for daily wear and occasions.
Why choose this brand: Trend-based designs, strong youth appeal, and fast inventory turnover.
Business opportunity: Suitable for mall kiosks, online stores, or compact retail outlets.
ROI potential: Lower investment and high repeat purchases make it a profitable entry-level jewellery business.
3. GIVA
GIVA is one of India’s fastest-growing silver jewellery brands, known for its strong online presence and expanding offline retail network. The brand offers modern, minimalistic designs and has built strong brand recall through digital marketing and celebrity endorsements.
Why choose this brand: Established franchise model, strong brand demand, and pan-India presence.
Franchise opportunity: Organized retail support, marketing assistance, and inventory management.
Investment & ROI: Approx. ₹15–30 Lakhs investment with strong ROI potential due to high footfall and brand pull.
4. EEVEE
EEVEE is an emerging jewellery brand focusing on minimal and elegant silver jewellery for everyday use. The brand targets modern consumers who prefer subtle yet stylish accessories.
Why choose this brand: Growing demand for minimal jewellery and affordable price range.
Business opportunity: Ideal for boutique jewellery stores or online-first retail models.
ROI potential: Low investment and consistent demand from working professionals ensure steady sales and scalability.
5. Chandikala
Chandikala is a traditional jewellery brand offering silver jewellery inspired by Indian heritage and cultural designs. It caters to customers looking for ethnic and festive jewellery collections.
Why choose this brand: Strong demand during weddings and festivals, especially in Tier II and III cities.
Business opportunity: Suitable for high-street retail stores in culturally rich markets.
ROI potential: Seasonal demand drives high sales volume, ensuring good returns for investors.
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6. Miss Highness
Miss Highness is a premium fashion jewellery brand offering stylish silver jewellery designed for modern women. The brand focuses on statement pieces and occasion-based jewellery collections.
Why choose this brand: Strong appeal among fashion-conscious consumers and social media-driven demand.
Business opportunity: Ideal for boutique stores in malls or premium locations.
ROI potential: High margins on designer jewellery and strong impulse buying behavior boost profitability.
7. Goyaz
Goyaz is a growing jewellery brand known for its affordable and trendy silver jewellery collections. It caters to young consumers looking for stylish jewellery at accessible price points.
Why choose this brand: Affordable pricing and wide customer base.
Business opportunity: Suitable for multi-brand jewellery stores or standalone outlets.
ROI potential: High demand and quick stock rotation help generate consistent revenue.
8. Silkriti
Silkriti is a handcrafted jewellery and lifestyle brand that focuses on unique silver jewellery inspired by Indian art and craftsmanship. The brand caters to niche customers looking for exclusive designs.
Why choose this brand: Niche positioning and artisanal craftsmanship.
Business opportunity: Ideal for premium boutique stores or curated retail spaces.
ROI potential: Premium pricing and limited competition ensure strong margins.
9. Ekadhi
Ekadhi is a modern jewellery brand offering minimalistic and everyday silver jewellery collections. The brand focuses on simplicity, elegance, and versatility.
Why choose this brand: Strong demand for daily-wear jewellery and repeat purchases.
Business opportunity: Perfect for small retail stores or online jewellery businesses.
ROI potential: Low investment and high customer retention make it a scalable business option.
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Investment & ROI in Silver Jewellery Business
- Investment range: Rs 10–40 Lakhs
- Break-even period: 12–24 months
- Margins: Higher than many retail categories
- Key advantage: Frequent repeat purchases and low inventory risk
Silver jewellery businesses are highly scalable and can expand into multiple outlets or online channels.
Key Trends Driving the Silver Jewellery Market
- Rise of affordable luxury jewellery
- Growth of D2C and Instagram-driven brands
- Increasing demand for minimal and daily wear jewellery
- Expansion in Tier II and III cities
- Popularity of lab-grown and sustainable jewellery
Final Thoughts
Silver jewellery is rapidly becoming a mainstream retail category in India. With strong consumer demand, lower investment requirements, and high growth potential, it offers one of the best opportunities for entrepreneurs entering the jewellery industry.
Brands like GIVA, Sangeeta Boochra, and emerging players are leading this transformation, making silver jewellery a future-ready and profitable business segment.
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