Kumar Mangalam Birla, Chairman of the Aditya Birla Group, stated that the venture into jewellery is a natural progression for the Group, which has been active in the fashion retail and lifestyle sectors for over 20 years.
On Friday, the Aditya Birla Group launched its new jewellery brand, Indriya, marking its entry into India’s ₹6.7 trillion jewellery market. The market is projected to grow to ₹11-13 trillion by 2030.
With an investment of ₹5,000 crore over the coming years, Indriya aims to become one of the top three national players within five years, targeting a compounded annual growth rate of 50%.
Kumar Mangalam Birla, Chairman of the Aditya Birla Group, remarked, “This year, we are doubling down on the potential of the Indian consumer by introducing two major new brands – Opus in paints and Indriya in jewelry. The Indian consumer is evolving rapidly, and India arguably boasts the most promising consumer segment globally.”
Indriya’s Market Entry: Aditya Birla Group’s Push into the Jewelry Sector
Currently, approximately 20% of the group’s revenue comes from consumer businesses. Birla projects this share to increase to over 25% in the next five years, aiming for around $25 billion in revenue from consumer sectors, surpassing many leading standalone consumer businesses in India.
Birla highlighted, “The entry into the jewellery sector is driven by the shift from informal to formal sectors, growing consumer demand for reputable brands, and the booming wedding market, all of which offer significant growth opportunities.”
Indriya will debut with four stores in Delhi, Indore, and Jaipur, and plans to expand to over ten cities within six months. The brand will offer an initial collection of 15,000 curated jewellery pieces, including more than 5,000 exclusive designs, with new collections released every 45 days.
Indriya will compete with established brands such as Tanishq (Tata Group), Reliance Jewels, Kalyan Jewels, Senco Gold, Joyalukkas, and Malabar Gold.
This launch coincides with a reduction in customs duties on gold, silver, and platinum, announced by Finance Minister Nirmala Sitharaman in her 2024 Budget. Customs duties on gold and silver have been cut to 6% from 15%, while duties on platinum have been reduced to 6.5%.
Balancing Tradition and Innovation:
Traditionally focused on metals, cement, and textiles, the $65 billion Aditya Birla Group has been progressively expanding its consumer business, which now constitutes about 20% of its revenue. The Group aims to capture a significant share of the growing economic affluence, driven by a young population.
Group Chairman Kumar Mangalam Birla announced that he expects the consumer business’s share to exceed 25% over the next five years, potentially reaching $25 billion in revenue. This would surpass many leading standalone consumer businesses in India. “A key driver of this growth will be the successful expansion of our new consumer ventures, including paints and jewellery retail,” Birla stated during the launch of the Indriya brand.
Birla highlighted that many of the Group’s businesses are on the verge of transformational growth, with new ventures showing great promise. “We are not just growing in size but also diversifying our scope. By combining the strength of our established businesses with the innovation of our new ventures, we are creating a unique growth platform,” he added.
The Group plans to invest around ₹5,000 crores in its jewellery business, aiming to secure a top-three market position by leveraging its brand value and retail experience. The first four Indriya stores will open in Delhi, Jaipur, and Indore on Saturday, with plans to expand to over ten cities within six months.
Birla pointed out the growth potential in tier II cities and the booming men’s grooming sector, which has surpassed $2 billion. “The Indian consumer is evolving rapidly, and India may have the most promising consumer segment globally. The Indian market has changed significantly in recent years,” he said.
Despite the rise of AI and EVs, Birla views the jewellery retail business as a contemporary opportunity rather than a competing choice. “We are exploring various sectors, but this represents a new-age opportunity in its own right,” he added.
With over 60% of the jewellery industry still unorganized, the Group aims to tap into this segment. Birla noted that even leading national brands capture only 6-7% of the market share. The Aditya Birla Group has seen strong performance recently, with its market capitalization surpassing $100 billion and its businesses achieving impressive results.
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