Aditya Birla Group enters the jewelry market, Titan and Kalyan Jewelers will get tough competition - Newztezz Online

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Tuesday, June 6, 2023

Aditya Birla Group enters the jewelry market, Titan and Kalyan Jewelers will get tough competition

The business of Aditya Birla Group is spread across several sectors like Metal, Pulp & Fibre, Cement, Chemical, Textile, Carbon Black, Financial Services, Fashion Retail, Renewable Energy and Trading.

After selling clothes and shoes, Aditya Birla Group is now preparing to sell jewelry. Under which the group has done a grand planning of Rs 5000 crore. With this planning, the group will give a tough competition to Titan and Kalyan Jewelers of Tata Group. As per the information, the group is entering the branded jewelry market. According to the statement from the group, the name of the new venture will be “Novel Jewels Limited”, which will open jewelry stores across India. In which there will be jewelry of in-house brand.

This is the third major venture of the group in the last two years after B2B e-commerce for paints and building materials. Apart from this, the group is also running a large fashion retail business under Aditya Birla Fashion and Retail Limited, which sells male-female garments, accessories and footwear.

By 2025 there will be a market of 90 billion dollars

The group said that the entire staff has been newly recruited for the branded jewelery retail venture. India's Gems and Jewelery market accounts for about 7 per cent of the country's GDP. India's jewelry market is expected to grow to $90 billion by 2025. India is one of the largest markets for gold jewelery globally. Along with this, India is the second largest gold importer in the world and also exports jewelery made of gold.

Business spread across multiple sectors

According to the company, with the rapid growth of this market, the transition from informal sector to formal sector is taking place. The group is entering this market at the right time. Which is ready to provide jewelry with the best design to the Indian consumers. The business of Aditya Birla Group is spread across several sectors like Metal, Pulp & Fibre, Cement, Chemical, Textile, Carbon Black, Financial Services, Fashion Retail, Renewable Energy and Trading.

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