When Indriya, the jewellery brand from the Aditya Birla Group operating under its Novel Jewels vertical, was launched in July 2024, the odds seemed stacked against it. First, jewellery buying in the country is driven by trust and families have patronised local brands for generations. And the handful of national brands that have come to dominate consumer mindspace have taken years to build their equity. Plus, gold prices began a sharp, historic, and record-breaking rise in 2024 and surged over 25–30% that year. The rally marked one of the best annual performances by the metal in over a decade. Given that, the timing of the brand’s launch didn’t seem propitious.
Two years on, Indriya appears upbeat and is pursuing a high-velocity expansion strategy. With 50 stores across 32 cities, it is already among the fastest-scaling players in the organised jewellery space. By the end of the year, Indriya wants to have a pan-India presence with at least 100 stores.
“We don’t see ourselves as a national jeweller, which is going into every regional market. We see ourselves as a regional jeweller who happens to be national,” says CEO Sandeep Kohli. Much like Tribhovandas Bhimji Zaveri in Maharashtra or Bhima Jewellers and Lalitha Jewellers in the south.
But taking on the unbranded and local players in their strongholds is easier said than done. About 35% of India’s jewellery market is organised, while the remaining 65% is still driven by local and unbranded players.
“National brands find it difficult to compete with regional players and regional designs due to the stranglehold of generational trust,” says Ankur Bisen, senior partner, The Knowledge Company.
Indriya believes the trust associated with the parent brand will work in its favour as it looks for a wider presence.
“With the penetration of social media and internet, tier 2 and 3 cities will leapfrog to organised jewellers,” says Kohli.
“Resilient wedding-related sales provide a stable base for demand and network expansion by jewellery retailers,” adds Praveen Govindu, partner, Deloitte India.
The Indian jewellery market is currently valued at around ₹1 lakh crore and is growing at 12–15% annually.
Banking on design
The brand has done extensive research among consumers in cities like Delhi, Bengaluru, and Mumbai, and smaller cities such as Jaipur, Lucknow, Surat, and Ahmedabad to lay the groundwork.
According to Kohli, the core strength of the young jewellery brand is its in-house, design-led approach and localised assortment.
“Unlike other brands, Indriya stores offer designs about 60% of which are developed in-house,” says Kohli.
Experts say following a design-centric approach could prove to be the clincher for the late entrant.
“Organised players that institutionalise design excellence and pair it with disciplined go-to-market execution are best positioned to premiumise the category and capture disproportionate growth,” says Rajeev Nayar, partner, consumer markets, KPMG India.
By taking a design-led route and a regional strategy, Indriya is playing a long game, says Ajimon Francis, MD, Brand Finance India.
Purchasing habits have also changed over the years. Consumers increasingly view jewellery as an expression of personal identity rather than an instrument of investment.
“Contemporary design, refined craftsmanship, and elevated retail experiences are becoming key drivers of preference,” adds KPMG’s Nayar.
Indriya’s Kohli says that the brand’s designs are meant to target consumers of all hues—those who are seeking daily-wear jewellery and also those seeking out occasion-led regional designs for weddings.
Bridal wear jewellery, however, constitutes a big chunk of its sales.