The Aditya Birla Group on July 26 ventured into the Rs 6.7 lakh crore Indian jewellery market with the launch of its in-house brand Indriya.
Backed by an investment of Rs 5,000 crore, the brand aims to secure a position among India’s top three jewellery retailers over the next 5 years.
This brand will be housed under the company Novel Jewels. The group plans to set up four stores on July 27 in Delhi, Jaipur, and Indore. They also plan to expand to 11 cities in the next six months.
The brand foray into the already crowded market which already that directly pits it against the Tata Group’s Tanishq and the Reliance Group’s Reliance Jewels, and other national chains such as Kalyan Jewellers and Joyalukkas.
“Indriya is less about who we are and more about how we make her feel, she is the inspiration and her love for jewellery is what the brand celebrates everywhere, everyday, across every touch point. Crafted with love, each piece is a masterpiece reflecting the spirit of Indian craftsmanship with over 16000 exquisite designs,” the company said.
Commenting on the launch, 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.”
He added, “This 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 homed in retail, design and brand management will serve as pillars for our success.”
Dilip Gaur, Director, Novel Jewels said, “Through Indriya, we are poised to redefine standards in creativity, scale, technology, and customer experience in the jewellery sector. It is built on the understanding that each piece of jewellery tells a unique story of craftsmanship. The distinctive product, exceptional customer experience and immersive buying journey are ultimately enablers to unlocking self-expression via jewellery. Our product fuses timeless craft but reimagines contemporary designs. Our regional selection celebrates unique backgrounds but opens them up for discovery across other cultures.”
Sandeep Kohli, CEO of Novel Jewels, said, “Jewellery as a category is transitioning from mere investment to a statement. Our proposition is built on perceptible differentiation, distinctive designs, personalised service, and authentic regional nuances.”
The size of the Indian gold jewellery retail market stood at nearly $60 billion in FY24. Nearly, 65% of the domestic market is unorganised, comprising more than 500,000 goldsmiths and jewellers. The remaining 35%-mostly organised retail comprises both national and regional players. But major players haven’t had it easy with Birla acknowledging that the largest national brand commands 6-7% of market share.
