Kumar Mangalam Birla, Chairman of the Aditya Birla Group, described this move as a natural progression for the company, which has been part of the fashion retail and lifestyle industry for over two decades.

On July 26, the Aditya Birla Group made its entry into the burgeoning Rs.6.7 lakh crore Indian jewellery market by launching its in-house brand, Indriya. The brand aims to become one of India's top three jewellery retailers within the next five years, backed by an investment of Rs.5,000 crore.

This strategic initiative is a significant milestone for the group, reinforcing its consumer portfolio by leveraging strong brand equity and deep market insights.

Commenting on the launch, Kumar Mangalam Birla said, "The Indian consumer is rapidly evolving, and India represents one of the most promising consumer segments globally. This year, we have intensified our focus on the dynamic Indian consumer by launching two major new consumer brands – in paints and jewellery. Entering the jewellery business is compelling due to the ongoing shift from informal to formal sectors, the rising consumer preference for trusted brands, and the booming wedding market, all of which offer substantial growth opportunities."

Birla emphasized that this venture is a natural extension for the group, which has extensive experience in the fashion retail and lifestyle industry. "The robust competencies we have developed in retail, design, and brand management will be crucial to our success," he added.

Under the Novel Jewels venture, Indriya will initially 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 an extensive range of collections, with an initial assortment of 15,000 curated jewellery pieces, including over 5,000 exclusive designs. New collections will be introduced every 45 days, marking the fastest mind-to-market cycle in the Indian fine jewellery market, the company stated in a release.

Aditya Birla Group’s new brand will compete in a market dominated by established players like Tata-owned Tanishq and Reliance Jewels, as well as other popular brands such as Kalyan Jewels, Senco Gold, Joyalukkas, and Malabar Gold.

Novel Jewels will be led by Dilip Gaur as the Director and Sandeep Kohli as the CEO.

According to the India Brand Equity Foundation (IBEF), the gems and jewellery industry contributes 7 percent to the country’s Gross Domestic Product (GDP) and accounts for about 15.7 percent of India’s total merchandise exports, making it the third-largest commodity share. During 2023-24 (until February 2024), gems and jewellery exports reached $29.61 billion, though this represented a decline of 15.31 percent from 2022-23.

Meanwhile, the Union Budget 2024's unexpected cut in gold customs duty caused a significant market disruption. Gold prices dropped by over five percent in a single day, erasing approximately Rs.10.7 lakh crore in value, marking the sixth largest wealth erosion in Indian market history, surpassing the volatility typically seen in equity markets.

In February, Aditya Birla Group ventured into the decorative paints business with the launch of the Birla Opus brand under Grasim Industries Ltd., aiming to generate Rs.10,000 crore in gross revenue within three years of full-scale operations.