After paints, Aditya Birla group forays into Rs 6.7 trn jewellery retail

Group aims for brand to be among top three national players in five years

The Aditya Birla Group on Friday launched the jewellery brand Indriya, announcing its foray into India’s Rs 6.7 trillion jewellery market.

India’s jewellery market is expected to swell to Rs 11 – 13 trillion by 2030. 

With an investment of Rs 5,000 crore over the next few years, it aims Indriya to be among the top three national players in the next five years, growing at a compounded annual rate of 50 per cent.

"This year we have redoubled our bet on the dynamism of the Indian consumer by launching two major new consumer brands – Opus in paints and Indriya in jewellery. The Indian consumer is rapidly coming of age and India perhaps has the most promising consumer cohort globally," said Kumar Mangalam Birla, chairman, Aditya Birla Group. 

Around 20 per cent of the group's current revenues come from consumer businesses. 

"I believe this will increase to over 25 per cent over the next five years to reach about $25 billion of revenue from consumer businesses. This would be larger than most leading standalone consumer businesses in India," Birla said.

"One of the key drivers for this will be of course the successful ramp-up of our newest consumer businesses -- paints and jewellery retail," he said. 

"Entering the jewellery business is compelling due to the ongoing value migration from informal to formal sectors, the rising consumer preference for strong, trusted brands, and the ever booming wedding market, all of which present substantial growth opportunities," he added. 

Indriya will simultaneously open four stores in three cities -- Delhi, Indore, and Jaipur -- with plans to expand to more than ten cities within six months. 

The brand will offer a large initial assortment of 15,000 curated jewellery pieces with over 5,000 exclusive designs. New collections will be introduced every 45 days. 

Aditya Birla Group's Indriya will be competing with Tata-group owned Tanishq and Reliance Jewels, alongside jewellery companies like Kalyan jewels, Senco Gold, Joyalukkas, and Malabar Gold.

The launch comes amid a reduction in customs duty on gold, silver and platinum, as announced by finance minister Nirmala Sitharaman in her 2024 Budget speech. 

Customs duty on gold and silver have been slashed to 6 per cent from the earlier 15 per cent, while duties on platinum have been reduced to 6.5 per cent.