Mumbai: Indriya, the premium ‘new-age’ jewelry model from the Aditya Birla Group, is setting its sights on breaking into the highest three ranks of India’s retail jewelry market when it comes to market share in 5 to eight years, an bold purpose for a younger agency in a sector dominated by entrenched nationwide chains.
“Our aspiration is to get into the highest three gamers as a result of that’s what the Aditya Birla Group desires to do,” Sandeep Kohli, chief govt officer of Indriya, instructed Mint. “Whether or not that occurs by 2030 or by 2033, we must be on the trajectory to get there,” he mentioned relating to opening of the model’s fiftieth retailer at Kormangala in Bengaluru.
Amongst India’s retailers, Indriya is among the quickest to achieve a 50-store milestone, he mentioned. The model competes with the likes of Tanishq, Reliance Jewels and Kalyan Jewellers. Titan Co.’s Tanishq is the nation’s largest listed participant, working over 500 shops.
In July 2024, the Aditya Birla Group had launched the model with an funding of ₹5,000 crore. “We’re a model that wishes to be a jewelry for ‘me’, for each a part of the nation…,” he mentioned.
Indriya’s essential focus is design—“50-60% of our merchandise are designed by our inhouse workforce,” Kohli mentioned, estimating that solely 10% of most rival corporations’ designs are created inhouse. The design workforce is the second-largest one within the group after gross sales, he mentioned.
The model focusses on providing region-specific designs. They might be “as a lot as 30% totally different” from state to state, Kohli mentioned.
Being a younger model, Indriya acknowledges the necessity to spend to make sure model recognition. “The Aditya Birla Group may be very eager that we make investments; that we be daring in our funding now to ensure we’re constructing a strong model and enterprise,” Kohli mentioned.
Indriya, which operates underneath the registered title Novel Jewels Ltd., reported income of ₹710 crore and a web lack of ₹332 crore in FY25. “We need to really feel like a startup, however we need to be a disciplined teenager, fairly than a frivolous teenager,” Kohli mentioned, explaining the dynamics of operating a decent ship.
The younger firm has its path carved out for enlargement. “Proper now, we’re centered on India. We need to construct a powerful model inside India,” Kohli mentioned. “And naturally, increasing outdoors India will certainly be on the playing cards, however we have not likely began enthusiastic about that.”
Competitor Titan lately acquired a 67% stake in Damas LLC, a outstanding jewelry enterprise within the Gulf Cooperation Council area for $283 million. Different gamers like Kalyan and Malabar are additionally increasing abroad with a big Indian diaspora in markets resembling West Asia, the US, and so on.
Rivals are additionally increasing their on-line presence, primarily by mergers and acquisitions. Kohli, nevertheless, has a measured method on this entrance. “Lower than 10% of all jewelry purchases are executed on-line… We are going to begin on-line quickly, however that’s not the centre of our model or our service,” he mentioned.
Gold value shock
In view of the surge in costs of gold to file highs, Indriya has launched a spread of extra pocket-friendly merchandise with a decrease caratage. “I believe when you consider it from the mindset of a client… they arrive with a funds in thoughts and never caratage,” he mentioned.
In July 2025, the federal government accredited 9-karat gold for Bureau of Indian Requirements (BIS) hallmarking to supply extra inexpensive and authorized jewelry choices. Gold of 9 karats accommodates 37.5% of the pure treasured steel.
Attributable to gold’s safe-haven attraction within the ongoing geopolitical turmoil, gold costs have shot by the roof over the previous one 12 months. The value of pure gold was ₹16,205 per gram on 26 February, up over 70% from a 12 months in the past.
Earlier this week, India Rankings and Analysis revised its FY27 outlook on the retail jewelry sector to ‘impartial’ from ‘bettering’, citing sturdy resilience amid geopolitical tensions, commerce disruptions and demand pressures. “Organised jewellers’ revenues are anticipated to surge 23% YoY throughout FY26, up 600 bp from the sooner forecast, largely benefiting from the steep gold value rise,” mentioned Adarsh Gutha, affiliate director, company scores.
The sector has been an outperformer inside India’s retail business, the scores agency mentioned.