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Aditya Birla Group forays into Retail Jewellery Business with ‘Indriya’




Kumar Mangalam Birla
Chairman - Aditya Birla Group
Aditya Birla Group forayed into Jewllery retail business aspiring to become one of India’s top jewellery retail chain marking the Group’s entry into the rapidly expanding Rs.6.7 lakh crore Indian jewellery market.

The jewellery business, launched under the brand “Indriya”, aims to invest Rs 5000 crore in phases. The retail sector is becoming crowded with Birla’s entry with existent giants such as Tanishq, Kalyan Jewellers, Malabar, Reliance Jewels, PC Chandra, Senco Gold and scores of other regional giants. Indriya is launched at the right time post the union budget where Gold smoothed on the import duties to 6% that led to fall in Gold prices of up to Rs 5000 per 10 grams in local markets.

Market experts believe that the lower costs will encourage more people to invest in the yellow metal, both as a commodity and as a financial asset. The import duty on gold and silver is now down to 6% now, compared to 15% earlier. Platinum import duty has also come down to 6.4% from 15.4% earlier.

Kumar Mangalam Birla, Chairman, Aditya Birla Group, said, "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.”

He added, “This foray is a natural extension for the Group which has been in the fashion retail and lifestyle industry for over 20 years. The robust competencies that we have honed in retail, design and brand management will serve as pillars for our success.”

Indriya will simultaneously open four stores in three cities - Delhi, Indore, and Jaipur. Birla has a plan is to expand to 10+ cities within six months. The company said that large 7000 sq ft plus stores— 30%-35% larger than the average size of national brands' — will carry an extensive range that spans occasions.

For decades, India’s jewellery landscape has been dominated by the unorganized sector, primarily consisting of local standalone jewellery stores. However, this trend is undergoing a radical shift in favor of national branded jewellery chains.