Aditya Birla Group Dives into the Indian Jewellery Market with Indriya

The Aditya Birla Group has made a splash by launching its own jewellery brand, Indriya, in the expansive Indian jewellery market, which is estimated to be worth a whopping Rs 6.7 lakh crore. With the goal of becoming one of the top three jewellery retailers in the country within the next five years, the group is investing a solid Rs 5,000 crore into this new venture.

Kumar Mangalam Birla, the Chairman of Aditya Birla Group, emphasized the importance of the Indian consumer market, stating that it is rapidly evolving and is among the most promising in the world. This year, they’ve made significant moves by introducing two new consumer brands – one in paints and now Indriya in the jewellery sector.

According to Birla, the jewellery market presents a unique opportunity. As more consumers shift from informal to formal retail, there’s a rising demand for strong, trustworthy brands, especially with weddings being a key driver of jewellery sales. Indriya aims to tap into this market by also leveraging the group’s extensive experience in fashion retail over the past two decades.

Indriya plans to launch four brick-and-mortar stores in major cities like Delhi, Indore, and Jaipur, with eyes set on expanding to over ten cities in just six months. Shoppers can expect a wide selection right from the start, featuring around 15,000 curated jewellery pieces, including more than 5,000 exclusive designs. They’ll also keep things fresh by rolling out new collections every 45 days.

The new brand is stepping into a competitive space, facing off against established players such as Tata‘s Tanishq and Reliance Jewels, as well as other well-known brands like Kalyan, Senco Gold, Joyalukkas, and Malabar Gold. Given that the gems and jewellery sector contributes significantly to India’s economy, with 7 percent of the GDP, the stakes are high.

The launch of Indriya comes at an interesting time, just after a significant reduction in customs duty on precious metals was introduced in the recent Union Budget. The new rates are expected to shake things up in the market as it makes gold and silver more affordable for both retailers and consumers.