The Aditya Birla Group brand is building a national jewellery business around contemporary design, regional craftsmanship and evolving consumer aspirations…
Indriya, the jewellery brand of the Aditya Birla Group, has crossed 100 stores across more than 50 cities in India, achieving the milestone in just 28 months since its launch in July 2024. The rapid rollout, averaging one store every 8.5 days, marks a significant step in the Group’s ambition to establish a strong presence in India’s organised jewellery market.
Operated by Novel Jewels Limited, Indriya entered a category dominated by established national and regional players with a proposition that seeks to bring together traditional Indian craftsmanship and contemporary design. Its expansion reflects the growing opportunity for organised jewellery brands to appeal to consumers who increasingly view jewellery not only as an occasion-led purchase but also as an expression of personal style and identity.
Shantiswarup Panda, Head of Marketing at Novel Jewels, describes the brand’s founding belief as creating a new way of celebrating Indian traditions while speaking to the modern Indian woman and her milestones, rituals and self-expression. The consumer, he believes, is looking beyond the weight of jewellery to the story and emotion attached to a piece.
That thinking is central to Indriya’s design-led positioning. The brand offers an extensive portfolio across gold, diamond, polki and gemstone jewellery, with an in-house design team working on collections that combine contemporary sensibilities with regional influences. Its regional bridal collections include Anantara for South Indian traditions, Rajashree for Maharashtra, Raasvi for Gujarat and Padma Ranjini for Rajasthan. The strategy allows the brand to retain a national identity while responding to the distinct jewellery preferences of different markets.
Scaling the retail experience
Indriya’s expansion has been supported by a combination of large-format stores and a franchise-owned, company-operated (FOCO) model. Under this structure, franchise partners invest in store infrastructure and inventory, while the company manages retail operations and the customer experience. This allows the business to extend its footprint while retaining operational control over the brand experience.
Amit Dharap, Head – Retail and Projects at Novel Jewels, sees the 100-store achievement as the outcome of three stages of organisational evolution. The first 10 stores were built through entrepreneurial grit; the journey from 10 to 50 involved establishing processes and strengthening teams; and the next 50 brought process excellence, innovation and leadership into a repeatable operating rhythm.
As Dharap puts it, “We weren’t just opening stores. We were building an organisation. And building leaders.”
The emphasis on the retail experience is also reflected in the brand’s store formats, which are adapted to market potential and designed to showcase a wide range of collections. Larger stores provide space for bridal offerings and more personalised shopping experiences, while the broader network is taking the brand into new consumer markets.
Exchange and affordability support the proposition
Indriya has also strengthened its customer proposition through an old-gold exchange programme, which allows consumers to exchange jewellery purchased from other retailers. With gold prices remaining a major consideration for buyers, exchange-led purchases offer a way to finance new designs using existing gold holdings. CEO Sandeep Kohli has indicated that old-gold exchange contributes 45–55 per cent of the brand’s sales.
The brand’s assortment across different categories and gold purities also provides opportunities to address varied consumer budgets, from everyday jewellery to wedding and occasion-led purchases.
The next phase of growth
The Aditya Birla Group had outlined an investment commitment of around ₹5,000 crore for its entry into branded jewellery retail. Indriya’s stated ambition is to build a network of 200–250 stores and become one of India’s leading organised jewellery retailers.
The financial journey, however, remains one of investment-led expansion. Novel Jewels reported operating income of ₹1,966 crore in FY26, compared with ₹688 crore in FY25, while continuing to report losses as it invests in stores, inventory, marketing and brand-building. The next phase will therefore require the company to translate its expanding footprint into stronger store productivity, repeat purchases and sustainable profitability.
Crossing 100 stores in 28 months gives Indriya national scale and visibility. Its longer-term differentiation will depend on how successfully it continues to combine design, craftsmanship, regional relevance and a consistent retail experience. In a market where heritage and trust remain powerful purchase drivers, the brand’s opportunity lies in making traditional jewellery relevant to a new generation of Indian consumers.
