The brand aims to secure a position among India’s top three jewellery retailers over the next 5 years with an investment of Rs 5,000 crore
Aditya Birla Group ventures into the rapidly expanding Rs 6.7 lakh crore Indian jewellery market with the unveiling of its in-house brand Indriya. The brand aims to secure a position among India’s top three jewellery retailers over the next 5 years with an investment of Rs 5,000 crore.
Commenting on the unveiling, Kumar Mangalam Birla, Chairman, Aditya Birla Group said, “The Indian consumer is rapidly coming of age and India is perhaps the most promising consumer cohort globally. This year, we have redoubled our bet on the dynamism of the Indian consumer, by launching two major new consumer brands – in paints and jewellery. Entering the jewellery business is compelling due to the ongoing value migration from informal to formal sectors, the rising consumer preference for strong, trusted brands and the ever-booming wedding market, all of which present substantial growth opportunities.”
Birla said that the foray is a natural extension for the group, which has been in the fashion retail and lifestyle industry for over 20 years. “The robust competencies that we have honed in retail, design and brand management will serve as pillars for our success,” he added.
Under Novel Jewels venture, Indriya will primarily open four stores in Delhi, Indore and Jaipur with plans to expand to over 10 cities within six months. The large format stores will feature extensive range of collections, the company said in a release. It will offer an initial assortment of 15,000 curated jewellery pieces with over 5,000 exclusive designs. New collections will be introduced every 45 days.
Aditya Birla Group’s new brand will be competing in a market dominated by established players like Tata-owned Tanishq and Reliance Jewels, besides other popular brands like Kalyan jewels, Senco Gold, Joyalukkas and Malabar Gold.
Novel Jewel will be led by Dilip Gaur as the Director and Sandeep Kohli as the CEO of the company.
According to India Brand Equity Foundation (IBEF), the gems and jewellery industry contributes 7 per cent to the country’s Gross Domestic Product (GDP). The sector contributes about 15.7 per cent of India’s total merchandise exports, accounting for the third largest commodity share. During 2023-24 (until February 2024), the gems and jewellery exports reached 29.61 billion USD with a decline in growth of 15.31 per cent from 2022-23.
Meanwhile, the Union Budget 2024’s surprise cut in gold customs duty triggered a dramatic market upheaval. Gold prices plummeted by over five per cent in a single day, erasing around Rs 10.7 lakh crore in value. This unprecedented drop marked the sixth largest wealth erosion in Indian market history, surpassing the volatility often seen in equity markets.
