29 Jul 2024
Novel Jewels will be the company behind the brand name Indriya. Aditya Birla Group plans to invest ₹5,000 crore in the business.
Entering the race with Reliance Jewels, Tata Group’s Tanishq, and other brands like Senco and Kalyan Jewellers, Aditya Birla Group launched its own jewellery brand, Indriya, on July 26th. On July 27th, it opened four stores across Delhi, Jaipur, and Indore. The group plans to expand to 11 more cities in six months.
The brand is offering 15,000 jewellery pieces crafted by 3500 artisans. The brand will refresh its stock every 45 days, bringing in new designs. Its stores are expected to be up to 40% bigger than other national brands.
Sandeep Kohli and Dilip Gaur will be the CEO and the Director.
The Indian jewellery retail market is worth around ₹6.7 lakh crore, of which 65% is unorganised. This includes over 500,000 jewellers and goldsmiths; local players and national brands comprise the remaining 35%. The market is expected to grow to around ₹13 lakh crore by 2030.