Aditya Birla Group launches Rs 5000 crore jewellery business brand ‘Indriya’
Aditya Birla Group launches Rs 5000 crore jewellery business brand 'Indriya'
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.
July 27, 2024
Under a new brand name ‘Indriya’, the Aditya Birla Group on Friday, July 26, announced 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, Indriya aims to be among the top three national players in the next five years, growing at a compounded annual rate of 50 percent.
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. It is pertinent to note that customs duty on gold and silver have been slashed to 6 per cent from the earlier 15 percent, while duties on platinum have been reduced to 6.5 percent.
This brand, which will be housed under the company Novel Jewels, opened up four stores today, on July 27 in three cities — Delhi, Jaipur, and Indore. They also plan to expand to 11 cities in the next 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.
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.
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.
