Indriya aims to break into India’s top three jewellery firms

Mumbai: Aditya Birla Group’s premium ‘new age’ jewelery brand Indriya aims to break into the top three positions in India’s retail jewelery market in terms of market share within five to eight years; An ambitious goal for a young company in an industry dominated by well-established national chains.

“Our target is to be among the top three players because that is what the Aditya Birla Group wants to do,” said Sandeep Kohli, CEO of Indriya. Mint. “Whether it’s in 2030 or 2033, we should be on track to get there,” he said about the opening of the brand’s 50th store at Kormangala in Bengaluru.

He said that among India’s retailers, Indriya was one of the fastest to reach 50 stores. The brand competes with companies like Tanishq, Reliance Jewels and Kalyan Jewellers. Tanishq, owned by Titan Co., is the country’s largest listed player with over 500 stores.

Also Read | Why are Kalyan Jewelers’ shares falling while rising in 2026?

In July 2024, Aditya Birla Group had launched the brand with an investment of $200 million. ₹5,000 crore. “We are a brand that wants to be a jewel to every corner of the country, to ‘my’…” he said.

Indriya’s main focus is design; “50-60% of our products are designed by our in-house team,” Kohli said, estimating that only 10% of most competitors’ designs are created in-house. He said the design team is the second largest team in the organization after sales.

The brand focuses on offering region-specific designs. These can be “up to 30 percent different” from state to state, Kohli said.

Indriya, a young brand, is aware of the need to spend to ensure brand awareness. “The Aditya Birla Group is very keen for us to invest; we must be bold in our investments now to ensure that we build a solid brand and business,” Kohli said.

Novel Jewels Ltd. Indriya, operating under its registered name, reported the following revenue: ₹710 crore and net loss ₹332 crore in FY25. “We want to feel like a startup, but we want to be a disciplined youngster rather than a flighty youngster,” Kohli said, explaining the dynamics of running a tight ship.

The young company’s path is set for expansion. “We are currently focused on India. We want to build a strong brand in India,” Kohli said. “And of course expanding outside India will definitely be on the agenda, but we haven’t started thinking about that yet.”

Also Read | Titan polishes diamond game as gold remains volatile

Rival Titan recently acquired a 67% stake in Damas LLC, a leading jewelry company in the Gulf Cooperation Council region, for $283 million. Other players like Kalyan and Malabar are also available in West Asia, USA etc. They are expanding abroad with a large Indian diaspora in the markets.

Competitors are also expanding their online presence, mainly through mergers and acquisitions. But Kohli has a measured approach in this regard. “Less than 10% of all jewelery purchases are made online… We will launch online soon, but that is not the center of our brand or service,” he said.

Shock in gold prices

In response to gold prices rising to record levels, Indriya has launched a lower karatage, more pocket-friendly product range. “I think if you think about it from a consumer’s mindset…they come in with a budget in mind, not a caratage,” he said.

In July 2025, the government approved 9-carat gold marked by the Bureau of Indian Standards (BIS) in a bid to provide more affordable and certified jewelery options. 37.5% of 9 carat gold is pure precious metal.

Also Read | Why did jewelry companies shine in the third quarter despite record gold prices?

Gold prices have peaked in the last year due to the safe haven appeal of gold in the ongoing geopolitical turmoil. What is the price of 24 carat gold? ₹16,205 per gram on February 26, an increase of over 70% from a year ago.

Earlier this week, India Ratings and Research revised its FY27 outlook for the retail jewelery sector to ‘neutral’ from ‘improvement’, citing strong resilience in the face of geopolitical tensions, trade disruptions and demand pressures. “Organized jewelers’ revenues are expected to grow 23% year-on-year in FY26, up 600 basis points from the previous estimate, largely benefiting from the rapid rise in gold prices,” said Adarsh Gutha, associate director, corporate ratings.

The rating firm noted that the sector is performing better than India’s retail sector.