The Aditya Birla Group (ABG), which is headed by billionaire Kumar Mangalam Birla, declared last month that it will invest Rs 5,000 crore to open exclusive jewels retail locations across India. Tanishq and Reliance Jewels of the Tata Group and Mukesh Ambani’s Reliance Jewels would face direct competition from Birla’s outlets under the moniker “Novel Jewels” in the approximately Rs 7,47,302 crore Indian gold jewellery retail market. A Technopak Analysis study predicted that by FY25, the Indian gold market will reach USD 91 billion. According to the survey, 35% of the Indian gold industry is made up of national and regional firms, with the remaining 65% of the sector being unorganised.

Tanishq is India’s largest organised jewellery company and a member of the Tata Group’s Titan Company. The firm provided over 85% of Titan Company’s FY23 net sales of Rs 40,575 crore. Tanishq has more than 400 upscale shops around India, and the company plans to expand into 15 of its current locations.

In FY24, Tanishq is probably going to establish more than 40 new outlets. Malabar Gold and Diamonds, Kalyan Jewellers, and Reliance Jewels are a few other significant participants in the Indian gold sector. By 2025, it is anticipated that the organised gold market in India would increase to 40%.

With Aditya Birla Fashion and sale Limited, the conglomerate of Kumar Mangalam Birla is already extending its reach in the sale of clothing and accessories. According to Kumar Mangalam Birla, chairman of the Aditya Birla Group, “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.”

According to Technopak report, jewellery demand in India is significantly influenced by regional preferences as South India contributes 40 per cent of the total domestic consumption. Other popular brands in India are Joyalukkas, GRT Jewellers, Tribhovandas Bhimji Zaveri and Bhima Jewellers among others.

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