<p>Leading business conglomerate Aditya Birla Group on Tuesday said it is foraying into the branded jewellery retail business with an investment of Rs 5,000 crore.</p>.<p>The new venture, Novel Jewels, will build large-format exclusive jewellery retail stores across India, with in-house jewellery brands, a statement from Aditya Birla Group said.</p>.<p>This foray is a strategic portfolio choice that allows to tap into new growth engines and expand presence in the vibrant Indian consumer landscape, Aditya Birla Group Chairman Kumar Mangalam Birla said.</p>.<p>"With rising disposable income, discerning and aspirational consumers are leaning more towards design-led, bespoke, and high-quality jewellery. This venture will capitalise on Aditya Birla Group's deep expertise in lifestyle retail and nuanced understanding of consumer preferences," he added.</p>.<p>The company aims to tap the growing demand for design-led, bespoke, and high-quality jewellery in the country.</p>.<p>With this, Aditya Birla Group will compete with the leading business houses such as Tata group, which is a leading branded jewellery retailer operating in the segments with brands such as Tanishq.</p>.<p>Besides, billionaire Mukesh Ambani-led Reliance Industries has also a presence into the segment through Reliance Jewels, which is controlled by the retail arm of the group.</p>.<p>Branded jewellery retail is Aditya Birla Group's third major foray into a new business in the last two years after paints, and B2B e-commerce for building materials, it added.</p>.<p>The branded jewellery retail venture will be operated by a newly recruited leadership team having retail and category expertise.</p>.<p>Novel Jewels will seek to transform the customer experience by creating a national brand with unique designs and a strong regional flavour, it said.</p>.<p>India's gems and jewellery market contributes approximately 7 per cent to the GDP. The jewellery market is projected to grow to USD 90 billion by 2025.</p>
<p>Leading business conglomerate Aditya Birla Group on Tuesday said it is foraying into the branded jewellery retail business with an investment of Rs 5,000 crore.</p>.<p>The new venture, Novel Jewels, will build large-format exclusive jewellery retail stores across India, with in-house jewellery brands, a statement from Aditya Birla Group said.</p>.<p>This foray is a strategic portfolio choice that allows to tap into new growth engines and expand presence in the vibrant Indian consumer landscape, Aditya Birla Group Chairman Kumar Mangalam Birla said.</p>.<p>"With rising disposable income, discerning and aspirational consumers are leaning more towards design-led, bespoke, and high-quality jewellery. This venture will capitalise on Aditya Birla Group's deep expertise in lifestyle retail and nuanced understanding of consumer preferences," he added.</p>.<p>The company aims to tap the growing demand for design-led, bespoke, and high-quality jewellery in the country.</p>.<p>With this, Aditya Birla Group will compete with the leading business houses such as Tata group, which is a leading branded jewellery retailer operating in the segments with brands such as Tanishq.</p>.<p>Besides, billionaire Mukesh Ambani-led Reliance Industries has also a presence into the segment through Reliance Jewels, which is controlled by the retail arm of the group.</p>.<p>Branded jewellery retail is Aditya Birla Group's third major foray into a new business in the last two years after paints, and B2B e-commerce for building materials, it added.</p>.<p>The branded jewellery retail venture will be operated by a newly recruited leadership team having retail and category expertise.</p>.<p>Novel Jewels will seek to transform the customer experience by creating a national brand with unique designs and a strong regional flavour, it said.</p>.<p>India's gems and jewellery market contributes approximately 7 per cent to the GDP. The jewellery market is projected to grow to USD 90 billion by 2025.</p>