Aditya Birla Group made a grand entry into the branded jewellery retail segment on 26th July with the launch of ‘Indriya’, a venture backed by a substantial investment of Rs. 5,000 crore. The new brand will operate under the umbrella of Novel Jewels.
To mark its debut, Indriya is set to open four stores in Delhi, Jaipur, and Indore, with an ambitious expansion plan to cover 11 more cities within the next six months. The group aims to establish itself as one of India’s top three jewellery players within the next five years, driven by a projected 50% compound annual growth rate (CAGR), according to Chairman Kumar Mangalam Birla.
Indriya boasts a collection of 15,000 jewellery pieces crafted by 3,500 artisans across 13 cities. The brand is committed to introducing fresh designs every 45 days and will operate stores significantly larger than the industry average.
Novel Jewels will be helmed by Director Dilip Gaur and CEO Sandeep Kohli. The company plans a phased expansion, starting with top-tier cities and subsequently venturing into Tier II and Tier III markets.
The reduction in Customs duty on gold from 15% to 6% is expected to fuel pent-up demand and drive substantial growth in jewellery consumption, according to Gaur. With a market size estimated at Rs. 6.7 lakh crore and projected growth to Rs. 11-13 lakh crore by 2030, the jewellery industry presents a lucrative opportunity, particularly given its largely unorganised nature and limited presence of strong national players.
Indriya’s launch marks the latest addition to Aditya Birla Group’s consumer-facing portfolio. The group aims to increase its consumer business revenue contribution to 25% in the next five years, translating to approximately $25 billion.
The group’s foray into jewellery aligns with its strategy to tap into new growth avenues and cater to the evolving preferences of India’s growing middle class.