Birla’s Indriya-The Stunning entrant

Aditya Birla to Shake Up the Indian Jewellery Market

• The Aditya Birla Group ventured into the rapidly expanding Rs 6.7 lakh crore Indian jewellery market with the launch of its in-house brand Indriya.
• The brand aims to secure a position among India’s top three jewellery retailers over the next 5 years with an investment of Rs 5,000 crore. 
• The strategic move marks another significant milestone as the group strengthens its consumer portfolio, leveraging its strong brand equity and deep market insights.  
• The footwear major has expanded its distribution network across 1500 towns while technology in-store ability raised it to 70%.
• Under Novel Jewels venture, Indriya will primarily open four stores in Delhi, Indore, and Jaipur with plans to expand to over 10 cities within six months. The brand aims to redefine jewellery shopping with a unique blend of traditional craftsmanship and modern design. The large format stores will feature extensive range of collections with offering an initial assortment of 15,000 curated jewellery pieces with over 5,000 exclusive designs.
• New collections will be introduced every 45 days the fastest mind to market cycle in the Indian fine jewellery market, the release added.
• Indriya’s stores will feature luxurious lounges and offer personalized services, including customization with in-house stylists and expert jewellery consultants.
• Commenting on the launch, Kumar Mangalam Birla, Chairman, Aditya Birla Group, said, “The Indian consumer is rapidly coming of age and India is perhaps the most promising consumer cohort globally. This year, we have redoubled our bet on the dynamism of the Indian consumer, by launching two major new consumer brands – in paints and jewellery. 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.”
• Indriya’s brand insignia, a Female Gazelle, symbolizes the beauty and grace of a woman, reflecting the brand’s dedication to creating jewellery that adorns, empowers, and celebrates the wearer with the graceful movie actress Aditi Rao Hydari as the face of the brand.

Health of the yellow metal

• According to India Brand Equity Foundation (IBEF), the gems and jewellery industry contributes 7 percent to the country’s Gross Domestic Product (GDP). The sector contributes about 15.7 percent of India’s total merchandise exports, accounting for the third largest commodity share. During 2023-24 (until February 2024), the gems and jewellery exports reached $ 29.61 billion with a decline in growth of 15.31 percent from 2022-23.
• Meanwhile, the Union Budget 2024's surprise cut in gold customs duty triggered a dramatic market upheaval. Gold prices plummeted by over five percent in a single day, erasing around Rs 10.7 lakh crore in value. This unprecedented drop marked the sixth largest wealth erosion in Indian market history, superseding the volatility that is often witnessed in equity markets.
• Aditya Birla Group’s new brand will be competing in a market dominated by established players like Tata-owned Tanishq and Reliance Jewels, besides other popular brands like Kalyan jewels, Senco Gold, Joyalukkas and Malabar Gold.

Editor’s Note