Dilip Gaur, Director of Novel Jewels, a new venture under the Aditya Birla Group, forecasts that the Indian jewellery market is poised to grow to $215 billion by 2034. In an exclusive interview with Solitaire International, Gaur shared insights into the company’s bold entry into the market and outlined its strategy for success in an increasingly competitive sector.

The Aditya Birla Group, with a market capitalization of $100 billion, entered the jewellery space earlier this year with the launch of Indriya, supported by an initial investment of Rs.5,000 crore. Gaur highlighted that this move was strategically timed, as the Indian jewellery market has seen significant growth in recent years. The formalization of the industry, coupled with the rise of branded jewellers, has created an environment ripe for expansion. According to Gaur, the share of branded jewellers has grown from 20% to 40% in just five years, marking a key shift in consumer behaviour.

Indriya aims to offer a unique consumer experience, blending India’s rich heritage in craftsmanship with contemporary designs. The brand plans to cater to a wide range of consumers, with a focus on both gold and diamond jewellery, designed for various occasions. Gaur noted that the brand’s immediate focus is on building a strong pan-India presence, with plans to open 25 stores across 12 cities, including Delhi, Jaipur, Indore, Ahmedabad, Mumbai, and Pune, by the end of 2024.

Looking ahead, Gaur remains optimistic about the growth potential of the Indian jewellery market. He believes that as affluence rises, Indian consumers will increasingly shift from gold to diamonds, further driving the market’s expansion. Gaur’s vision for Indriya also includes global aspirations, with plans to take the brand overseas in the future.