India’s much respected Aditya Birla Group’s jewellery brand Indriya has set its sights firmly on becoming one of India’s top three organised jewellery retailers by expanding aggressively across the country.
Indriya currently operates 81 stores spread across 40 cities, including metros, Tier-I, and Tier-II markets, achieved in less than two years since its launch in 2024.
Sandeep Kohli, Chief Executive Officer, Indriya stated, “We are set on our North Star, which is that 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.”
Kohli emphasised that store count alone will not define the journey, adding, “Having the right store with the right assortment and the right experience, including the right people inside the store — all of which is very important to us.”
The brand targets a total retail footprint of 200 to 250 stores, with Aditya Birla Group having committed an initial investment of INR 5,000 Crores when it entered the jewellery sector in 2023.
India’s jewellery market was valued at approximately USD 94 Billion in 2025 and is projected to reach USD 153.77 billion by 2033, growing at a CAGR of 6.5%, according to Grand View Research.
The organised segment’s share of the jewellery market has grown from 22% in FY 2019 to approximately 36 to 38% in FY 2025, reflecting a structural shift toward branded retail formats across the country.
Market leader Tanishq, under the Titan Company umbrella, reported Jewellery Division total income of USD 79,660 Crores for FY 2026, growing 50% year-on-year, with a combined jewellery network of 1,194 exclusive brand outlets across India.
Kalyan Jewellers posted consolidated revenues of INR 35,743 Crores in FY 2026, a 42% jump over FY2025, operating 507 showrooms globally including 342 across India.
Old gold exchange has emerged as a key demand driver, with Kohli noting that 45 to 55% of Indriya’s current jewellery sales now come through customers exchanging old gold at its stores.
On diamonds, Kohli said, “If you look at the leading jewellers who are declaring the percentages, we are very close to that already,” with top national players typically reporting upwards of 25% of sales from studded jewellery.
Editor’s Note
Indriya’s ambition to break into India’s top three jewellery brands is bold, but it is backed by capital, group credibility, and a clear-eyed understanding of the market.
With the INR 5,000 Crores investment still being deployed Aditya Birla Group is signalling it is in this race for the long haul.
The brand’s focus on experience, assortment, and old gold exchange — rather than store count alone — reflects a sophisticated retail strategy that could help it punch above its current scale.
In a market where Tanishq and Kalyan have multi-decade head starts, Indriya’s path to the top three will be defined not just by how fast it opens stores, but how deeply it earns consumer trust.
For India’s retail community, this is a reminder that the jewellery sector remains one of the most consequential arenas for organised retail growth — and the next few years will determine whether a new name rewrites the competitive hierarchy.
Discover more from Retail Updates
Subscribe to get the latest posts sent to your email.
