The brand plans to open more than 20 franchise stores, beginning with its flagship outlet in Chembur, Mumbai, followed by an experience-focused store in Pune
New Delhi: Lab-grown diamond jewellery brand Lucira Jewelry has entered into a franchise partnership with Franchise India Brands Limited to expand its retail presence across India. The brand plans to open more than 20 franchise stores over the next 24 months, beginning with its flagship outlet in Chembur, Mumbai, followed by an experience-focused store in Pune. The expansion roadmap includes key metro markets such as Bengaluru, Delhi NCR, Hyderabad, Chennai and Ahmedabad, supported by an omni-channel retail approach.
India’s lab-grown diamond jewellery market was valued between $300 million and $350 million in 2024 and is projected to grow at a compound annual growth rate of around 15% over the next decade. The segment is gaining traction as consumers seek alternatives to natural diamonds, supported by increasing digital awareness and organized retail penetration. Lab-grown diamonds are priced lower per carat compared to natural diamonds, contributing to wider consumer adoption, particularly among urban buyers.
Changing consumer preferences have also played a role in this shift, with diamonds increasingly chosen over gold for everyday wear, gifting and occasions. Growth in e-commerce and organized jewellery retail, expected to reach a 43% market share by 2028, has further supported this transition.
Lucira focuses on solitaire-based jewellery for weddings, anniversaries and milestones, offering products across categories including rings, earrings, pendants and bracelets. Its retail strategy combines online discovery with physical stores that allow customers to view, try and assess designs before purchase.
“We know that jewellery is a more touch-and-feel kind of product where people can discover us online, but before buying they want to see, try on and check the fit of the design,” said Rupesh Jain, Founder, LuciraJewelry.
“Lucira’s franchise model aligns perfectly with India’s booming LGD sector, projected at 13.7% CAGR. Franchise India’s expertise will drive multi-unit growth, creating jobs and capturing Gen Z’s shift to conscious luxury,” said Gaurav Marya, Founder and Chairman, Franchise India Brands Limited.
Founded by Rupesh Jain and Vandana Jain, Lucira operates online with nationwide delivery and is now expanding through physical retail. The brand is backed by Blume Ventures and uses lab-grown diamonds and recycled gold. Through this franchise partnership, Lucira aims to scale its retail footprint while strengthening visibility in metro markets.
Franchise India Brands Limited works with brands across retail, jewellery, education and food services, supporting expansion through franchise development, advisory services and investor engagement.
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