The Aditya Birla Group will invest close to Rs 5,000 crore to enter the retail market for branded jewellery. Aditya Birla Group intends to open large format exclusive retail outlets all throughout India with this investment. Before then, the Group made investments in industries including paints and B2B e-commerce for building supplies.

The company will be housed under a brand-new company called "Novel Jewels." According to the corporate statement, the project aims to transform the consumer experience through distinctive, customised, high-quality jewellery with a strong regional flair.

The branded jewellery retail venture will be operated by a newly recruited leadership team with retail and category experience. Aditya Birla Group Chairman Kumar Mangalam Birla said: "This foray is a strategic portfolio choice that allows us to tap into new growth engines and expand our presence in the vibrant Indian consumer landscape." Desiring and aspirational consumers are gravitating more towards design-led, bespoke, and high-quality jewellery, he continued. This business will benefit from the Aditya Birla Group's in-depth knowledge of lifestyle retail and sophisticated comprehension of consumer preferences.

Tanishq and Reliance Jewels from the Tata Group will be competitors of the Aditya Birla group in this market. According to information provided by the company, the Indian jewellery market is anticipated to increase to almost $90 billion by 2025. Roughly 7% of India's GDP comes from the gem and jewellery industry.

The Aditya Birla Group has a significant presence in a number of industries, including metals, pulp and fibre, cement, chemicals, textiles, carbon black, financial services, fashion retail, renewable energy, and trade, in addition to making strides in branded jewellery, paints, and B2B e-commerce.

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