Indriya Seeks to Join India's Elite Three Jewellery Firms

Indriya Aims to Break into Top Three Retail Jewellery Market Share in Five to Eight Years

Key Highlights

• ₹5,000 crore investment by the Aditya Birla Group to launch Indriya in July 2024
• ₹710 crore revenue and ₹332 crore net loss reported by Indriya in FY25
• Ambitious goal to break into the top three ranks of India's retail jewellery market in five to eight years

Market Strategy

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Indriya, a premium 'new-age' jewellery brand from the Aditya Birla Group, is focused on offering region-specific designs, with 50-60% of its products designed in-house. The brand aims to be a 'jewellery for 'me'', catering to every part of the country. With a design team as its second-largest organization after sales, Indriya is committed to investing in its brand recognition.

Expansion Plans

Indriya is currently focused on expanding in India, with plans to build a strong brand within the country. While expansion outside India is on the cards, the company has not yet started thinking about this aspect. Competitors like Titan, Kalyan, and Malabar are also expanding overseas, with a significant presence in the Gulf Cooperation Council region and the US.

Online Presence

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Indriya has a measured approach to its online presence, with plans to start online operations soon. However, the company believes that online sales account for less than 10% of all jewellery purchases, and therefore, it will not be the center of its brand or service.

Gold Price Shock

In response to the surge in gold prices, Indriya has introduced a range of more pocket-friendly products with lower caratage. The company has also taken advantage of the government's approval of 9-karat gold for Bureau of Indian Standards (BIS) hallmarking, offering more affordable and certified jewellery options.

Industry Outlook

The retail jewellery sector has been an outperformer within India's retail industry, with organised jewellers' revenues expected to surge 23% YoY during FY26, largely benefiting from the steep gold price rise. India Ratings and Research has revised its FY27 outlook on the sector to 'neutral' from 'improving', citing strong resilience amid geopolitical tensions, trade disruptions, and demand pressures.