Aditya Birla Group to enter jewellery retail business; to invest Rs 5k cr

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Leading entrepreneur Aditya Birla Group said on Tuesday that it is foraying into branded jewelery retail with an investment of Rs 5,000 crore.

The new venture, Novel Jewels, will build exclusive high-volume jewelery retail stores across India, with in-house jewelery brands, said a statement from the Aditya Birla Group.

Kumar Mangalam Birla, Chairman of the Aditya Birla Group, said the trial is a strategic choice for the portfolio that allows it to tap new growth drivers and expand presence in India’s vibrant consumer landscape.

He added, “With higher disposable income, discerning and aspirational consumers are leaning more towards high-quality, design-led and bespoke jewellery. This project will benefit from the Aditya Birla Group’s deep expertise in lifestyle retail and a keen understanding of consumers’ preferences.”

The company aims to capitalize on the growing demand for high-quality, bespoke jewelry in the country.

With this, the Aditya Birla Group will compete with leading business houses such as Tata group, which is a leading branded jewelery retailer and operates in sectors with brands such as Tanishq.

Besides, Reliance Industries led by billionaire Mukesh Ambani has a presence in the sector through Reliance Jewels, which is controlled by the retail arm of the group.

She added that branded jewelery retailing is the Aditya Birla Group’s third major foray into a new business in the past two years after paints, and B2B e-commerce of building materials.

This branded jewelry retail business will be run by a newly appointed leadership team with retail and category expertise.

Novel Jewels will strive to transform customers’ experience by creating a national brand with unique designs and strong regional flavor.

India’s gem and jewelery market contributes about 7 percent to the GDP. The jewelry market is expected to grow to USD 90 billion by 2025.

(Only the title and image for this report may have been reworked by the Business Standard staff; the rest of the content is generated automatically from a shared feed.)