Aditya Birla Group announced last month that it would invest Rs 5,000 crore to launch its exclusive jewellery retail stores pan India. The store named ‘Novel Jewells’ will sell in-house jewellery brands.

Birla’s venture will directly compete with Tanishq, led by Tata Group, and Mukesh Ambani’s Reliance Jewels in the Rs 7,47,302 crore Indian Jewellery retail market.

According to a report, the Indian gold market will grow to USD 91 billion by FY25. The report added 65% of the Indian gold market is unorganised, and the remaining 35% is made up of national and regional players.

Tata Group’s Tanishq is the largest organised Jewellery business in India. Tanishq has over 400 exclusive boutiques and has contributed around 85% to the Titan Company’s Rs 40,575 crore net revenue in FY23.

Some other key players in the Indian Gold market are Kalyan Jewellers, Malabar Gold and Diamonds, and Reliance Jewels.

Kumar Mangalam Birla, Chairman of Aditya Birla Group, said, “This foray (branded jewellery) is a strategic portfolio choice that allows us to tap into new growth engines and expand our presence in the vibrant Indian consumer landscape”.