Indriya-Aditya Birla Jewellery aims to be among the top three jewellery brands in the country.
The latest organised entrant in the jewellery market has opened 81 Indriya stores so far and targets to take its store count to 200-250.
“We are set on our north star, which is we want to be among the top three jewellery brands in India, and we want to create the right business model and the right brand to get there. We are conscious of that, we understand that one of the drivers of that is certainly not store expansion alone, but to have the right store with the right assortment, with the right experience, including the right people inside the store. All of which is very important to us,” said Sandeep Kohli, chief executive officer, Indriya-Aditya Birla Jewellery.
However, Kohli did not specify the timeframe in which it wants to be among the top three jewellery brands or when it plans to take its store count beyond the 200 mark.
Its 81 stores are spread across 40 cities, spanning metros, non-metros, Tier-I and Tier-II markets, Kohli said, adding that it has managed to open these stores in less than two years, making it the fastest-growing retailer in the country.
Aditya Birla Group announced its foray into the jewellery space in 2023 with an investment of ₹5,000 crore, and the Indriya brand was launched the following year.
Kohli said the company is still in the process of utilising the initial investment allocated at the time of its entry into the jewellery sector.
While talking about customers coming in to exchange jewellery, he added that the number of customers walking in to exchange old gold has been rising recently, and now 45-55 per cent of its jewellery sales come through old-gold exchanges.
On the subject of off-take of diamond jewellery compared with pure gold jewellery at Indriya, Kohli said, “If you look at the leading jewellers who are declaring the percentages, we are very close to that already.”
He also said that most of its diamond-studded jewellery is sold in 18 carat.
Most leading jewellers see upwards of 25 per cent of their sales come from diamond or studded jewellery.
While talking about the threat from lab-grown diamonds eating into the natural diamond market, Kohli said, “The jewellery market is huge and less than 10 per cent is diamonds. I think there is enough scope and space for all kinds of materials to come in, including lab-grown diamonds.”
He added, “At the end of the day, natural diamonds are coming from Mother Earth. They are in limited quantities. There is a certain preciousness that is associated with them. There will be lots of people who will want that preciousness, want to have that sentiment of enjoying that preciousness as something that they buy for themselves or for their loved ones.”
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