India-based conglomerate Aditya Birla Group has spent Rs50bn ($605.2m) in the branded jewellery retail business, marking its entry into the industry.

The company will set up a branded jewellery company, Novel Jewels, to develop large-format exclusive jewellery retail stores across India with in-house jewellery brands.

In a statement, Aditya Birla Group said that it aims to create a national brand with unique designs and a strong regional taste through this venture. It also plans to hire an experienced team to run the new venture.

Novel Jewels is the third new investment by the company in the past two years, after investing in paints and B2B e-commerce for building materials.

Aditya Birla Group chairman Kumar Mangalam Birla said: “Aditya Birla Group’s foray into branded jewellery retail marks a pivotal moment in our storied legacy of building businesses underpinned on trust.

“This foray is a strategic portfolio choice that allows us to tap into new growth engines and expand our presence in the vibrant Indian consumer landscape. With rising disposable income, discerning and aspirational consumers are leaning more towards design-led, bespoke and high-quality jewellery.

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“This venture will capitalise on Aditya Birla Group’s deep expertise in lifestyle retail and nuanced understanding of consumer preferences.”

In India, the contribution of the gems and jewellery market to the gross domestic product (GDP) is nearly 7%. The market is expected to reach $90bn by 2025.

In December 2022, Aditya Birla Fashion and Retail Limited (ABFRL) reportedly led the race to buy a significant stake in TCNS Clothing.