The Birlas are one of the most well-known business clans in India, as they control the Aditya Birla Group, which has interests in textiles, metals and cement among other sectors. But the same conglomerate's forays into the retail market, such as online fashion platform Abof and grocery chain More failed to find takers.
As part of its latest push into a niche market, the Aditya Birla Group has invested Rs 5,000 crore in branded jewellery retail, with Novel Jewels.
Eyeing a market set to shine brighter
The new venture is aimed at penetrating a market which is dominated by the likes of Titan and Kalyan Jewellers for now.
Before branded jewellery, the Aditya Birla Group also diversified into paints and an online B2B platform for construction material, in the past two years.
Although gold has been tied to the traditions and culture of India, both as an accessory and investment, more disposable income is encouraging people to explore high-quality, bespoke jewellery.
Although gems and jewellery make up 7 per cent of the GDP for the country, most of the industry is unorganised.
As the sector is slated to be worth $90 billion by 2025, the transition towards becoming organised has marked the arrival of bigger players.
(We are on WhatsApp. To get latest news updates, Join our Channel. Click here)
