On July 26, the Aditya Birla Group announced the launch of its new jewellery brand, Indriya, with an investment of Rs 5,000 crore. The brand will operate under Novel Jewels, with plans to open four stores on July 27 in Delhi, Indore, and Jaipur. Over the next six months, the group aims to expand to 11 more cities.
Indriya aspires to be among the top three jewellery brands in India within the next five years, with a projected growth rate of 50 percent annually. At the launch event in New Delhi, Chairman Kumar Mangalam Birla highlighted the brand's ambition and the market's potential.
The brand will feature 15,000 unique jewellery pieces crafted by 3,500 artisans across 13 cities. New designs will be introduced every 45 days, and the stores will be 40 percent larger than those of other national brands.
Dilip Gaur will serve as the Director, and Sandeep Kohli as the CEO of Novel Jewels. The initial investment will focus on setting up stores and stocking inventory, with an emphasis on creating proprietary in-house designs to enhance customer experience.
The company plans to first target major cities, followed by expansions into tier 2 and tier 3 cities. The recent reduction in customs duty from 15 percent to 6 percent is expected to boost demand, according to Gaur.
The Indian jewellery retail market is currently valued at Rs 6.7 lakh crore and is expected to grow to Rs 11-13 lakh crore by 2030. Despite being largely unorganized, with 60 percent of players being small businesses, the market holds significant potential. Currently, the largest national brand holds only a 6-7 percent market share.
According to the India Brand Equity Foundation (IBEF), the gems and jewellery industry contributes 7 percent to India’s GDP and 15.7 percent to total merchandise exports. In the 2023-24 period up to February 2024, jewellery exports reached $29.61 billion, though this marked a 15.31 percent decline from the previous year.
In recent years, the Aditya Birla Group has also ventured into the paints business with Birla Opus and the eCommerce construction sector with Birla Pivot. Kumar Mangalam Birla noted that 20 percent of the group’s revenue now comes from consumer businesses, and this is expected to grow to 25 percent, or $25 billion, in the next five years.
"The launch of Indriya is a strategic move to tap into the growing Indian consumer market," said Birla. "With rising disposable incomes, consumers are increasingly looking for high-quality, design-led jewellery. This venture leverages Aditya Birla Group’s expertise in lifestyle retail and its understanding of consumer preferences."
