Novel Jewels’ Dilip Gaur forecasts Indian jewellery market to reach Rs.17.845 trillion by 2034 

 
Offers insight into their Group’s strategy for Indriya which involves presenting an immersive jewellery experience, differentiating itself from competitors by focusing on holistic consumer engagement rather than just traditional sales 

Mumbai: Dilip Gaur, Director of Novel Jewels, has made a prediction that the Indian jewellery market could soar to Rs.17.845 trillion by 2034 amidst Aditya Birla Groups recent foray into luxury jewellery sector with the launch of its new brand, Indriya, which sees an investment of over Rs 5,000 crores. 

In an interview with a prominent jewellery news agency, Gaur explained the strategic timing behind the Aditya Birla Group’s foray into the jewellery market. He noted that while jewellery has always been an attractive segment, recent developments such as the formalization of the industry through the Goods and Services Tax (GST) and a significant increase in the share of branded jewellers have created an opportune moment for entry. 

Gaur highlighted that the Indian jewellery market has become increasingly organized, with branded jewellers now accounting for 40% of the market, up from 20% five years ago. He attributed this growth to the sector’s robust business practices and the Group’s extensive experience in luxury retail. 

The Group’s strategy for Indriya involves offering an immersive jewellery experience, differentiating itself from competitors by focusing on holistic consumer engagement rather than just traditional sales. Indriya aims to blend India’s rich heritage with contemporary values, appealing to both domestic and international markets. 

Initially targeting major cities like Delhi, Jaipur, Indore, Ahmedabad, Mumbai, and Pune, Indriya plans to establish 25 stores across 12 cities by the end of the year. The Group is committed to a pan-India presence, adapting to regional preferences while maintaining a national footprint. 

Looking at consumer trends, Gaur noted a shift towards diamond jewellery among working women aged 30 to 45, while gold remains a staple. Indriya plans to cater to both gold and diamond preferences, anticipating a rise in diamond consumption as affluence grows. 

Gaur also addressed the potential for market saturation, acknowledging that while some global luxury markets face challenges, India remains a promising and expanding market. With a youthful demographic and strong demand driven by wedding sales, he is confident that the Indian jewellery market has significant growth potential in the coming decade. 
 
Retail Jeweller India News