Mumbai: Indriya, the premium ‘new-age’ jewellery brand from the Aditya Birla Group, is setting its sights on breaking into the top three ranks of India’s retail jewellery market in terms of market share in five to eight years, an ambitious goal for a young firm in a sector dominated by entrenched national chains.
“Our aspiration is to get into the top three players because that is what the Aditya Birla Group wants to do,” Sandeep Kohli, chief executive officer of Indriya, told Mint. “Whether that happens by 2030 or by 2033, we should be on the trajectory to get there,” he said regarding opening of the brand’s 50th store at Kormangala in Bengaluru.
Among India’s retailers, Indriya is one of the fastest to reach a 50-store milestone, he said. The brand competes with the likes of Tanishq, Reliance Jewels and Kalyan Jewellers. Titan Co.’s Tanishq is the country’s largest listed player, operating over 500 stores.
In July 2024, the Aditya Birla Group had launched the brand with an investment of ₹5,000 crore. “We are a brand that wants to be a jewellery for ‘me’, for every part of the country…,” he said.
Indriya’s main focus is design—“50-60% of our products are designed by our inhouse team,” Kohli said, estimating that only 10% of most rival firms’ designs are created inhouse. The design team is the second-largest one in the organization after sales, he said.
The brand focusses on offering region-specific designs. They could be “as much as 30% different” from state to state, Kohli said.
Being a young brand, Indriya recognizes the need to spend to ensure brand recognition. “The Aditya Birla Group is very keen that we invest; that we be bold in our investment now to make sure we are building a solid brand and business,” Kohli said.
Indriya, which operates under the registered name Novel Jewels Ltd., reported revenue of ₹710 crore and a net loss of ₹332 crore in FY25. “We want to feel like a startup, but we want to be a disciplined teenager, rather than a frivolous teenager,” Kohli said, explaining the dynamics of running a tight ship.
The young company has its path carved out for expansion. “Right now, we are focused on India. We want to build a strong brand within India,” Kohli said. “And of course, expanding outside India will definitely be on the cards, but we’ve not really started thinking about that.”
Competitor Titan recently acquired a 67% stake in Damas LLC, a prominent jewellery business in the Gulf Cooperation Council region for $283 million. Other players like Kalyan and Malabar are also expanding overseas with a large Indian diaspora in markets such as West Asia, the US, etc.
Competitors are also expanding their online presence, mainly through mergers and acquisitions. Kohli, however, has a measured approach on this front. “Less than 10% of all jewellery purchases are done online… We will start online soon, but that is not the centre of our brand or our service,” he said.
Gold price shock
In view of the surge in prices of gold to record highs, Indriya has introduced a range of more pocket-friendly products with a lower caratage. “I think if you think of it from the mindset of a consumer… they come with a budget in mind and not caratage,” he said.
In July 2025, the government approved 9-karat gold for Bureau of Indian Standards (BIS) hallmarking to offer more affordable and certified jewellery options. Gold of 9 karats contains 37.5% of the pure precious metal.
Due to gold’s safe-haven appeal in the ongoing geopolitical turmoil, gold prices have shot through the roof over the past one year. The price of 24-karat gold was ₹16,205 per gram on 26 February, up over 70% from a year ago.
Earlier this week, India Ratings and Research revised its FY27 outlook on the retail jewellery sector to ‘neutral’ from ‘improving’, citing strong resilience amid geopolitical tensions, trade disruptions and demand pressures. “Organised jewellers’ revenues are expected to surge 23% YoY during FY26, up 600 bp from the earlier forecast, largely benefiting from the steep gold price rise,” said Adarsh Gutha, associate director, corporate ratings.
The sector has been an outperformer within India’s retail industry, the ratings firm said.