Aditya Birla Group’s Indriya — the latest entrant to the Rs 7-lakh-crore domestic jewellery market — has been ramping up its presence across the country. Since starting operations in July 2024, the jewellery retailer has launched 22 stores in 11 cities and plans to touch 100 outlets by the end of FY26.
“Our ambition is to be among the top three jewellery retailers in India in the next five years. Pace will be critical to this journey as we double down on this market, where the consumer, design sensibilities and media and retail landscapes are evolving,” Sandeep Kohli, CEO, Indriya, told FE.
Indriya is looking to make a splash in the domestic organised jewellery market with larger stores, innovative styles and the use of technology to streamline selection and purchase processes. Jewellery consultants, who are sales executives at Indriya outlets, are put through a three-week programme focused on jewellery knowledge and styling before being put on the job.
The Aditya Birla Group has committed Rs 5,000 crore to grow its jewellery business in India. Indriya operates under the umbrella of Novel Jewels set up by the group to drive its jewellery retail ambitions.
“We have entered the market at a time when consumers are making a clear choice to go with organised players who can offer quality, trust and a superior retail experience. We are catering to this new-age consumer with contemporary designs, practices and refreshing buying experience,” Kohli said.
Retail experts say that Indriya stores are almost 30-35% larger than that of competitors to draw the attention of consumers who are spoilt for choice in a market that has national players such as Titan, Kalyan Jewellers, Malabar Gold, Joyalukkas, Reliance Jewels and Senco Gold as well as regional chains such as PN Gadgil, among others.
While gold prices have soared to nearly Rs 1 lakh per 10 g in recent weeks amid global uncertainty, demand for gold jewellery fell 25% in the last few months and investment demand increased by 7%, a report by the World Gold Council said last week.
Sector experts say that consumers are shifting focus to gold coins, bars and lightweight jewellery as they look to tide over this period of uncertainty.
Kohli said Indriya is adjusting to this period of volatility and understanding the requirement of consumers to address their needs. At the same time, store launches have not been slowed, as the market is expected to stabilise in the coming months. India is the largest consumer of gold jewellery, having surpassed China in 2024 with consumption at 563.4 tonne to China’s 511.4 tonne.
Kohli said that spacious store layouts provide the comfort while shopping. The retailer has also incorporated dedicated areas such as bridal lounges to enhance the shopping experience and provide an exclusive space for customers looking for wedding jewellery. According to retail industry experts, wedding jewellery accounts for at least 50% of total jewellery purchases in India.
Indriya has also invested in an in-house design team responsible for 80-85% of its jewellery designs, which are regularly refreshed. The focus is on innovative styles, which are aggressively marketed on social media as well as displayed aesthetically within stores.”Our in-house design team is aligned with regional and global trends, ensuring our offerings remain fresh and relevant. Additionally, we collaborate with local artisans to infuse traditional craftsmanship with modern designs,” Kohli said.