Blitz Bureau
NEW DELHI: As the Aditya Birla Group forays into branded jewelry business with an investment of Rs 5,000 crore, industry experts on July 27 said the move will help the company cement its position in a massive domestic jewelry market. They felt the move was done keeping in mind the rising incomes and taking into account the bumper wedding market. The branded jewelry players ride on the huge wedding market which reached Rs 10 lakh crore in the last fiscal (FY24) in the country.
Keeping the potential growth in mind, Aditya Birla Group has entered the branded jewelry business — dominated by the likes of Tata Group’s Titan, Kalyan Jewelers and Joyalukkas, among others — under Novel Jewels with the brand name ‘Indriya’.
According to Kumar Mangalam Birla, Chairman, Aditya Birla Group, they have “redoubled their bet on the dynamism of the Indian consumer this year, by launching two major new consumer brands — in paints and jewellery,” He said that 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.
