Aditya Birla Group is intending to invest Rs. 5,000 crore (US$ 608.1 million) into branded jewellery retail business namely Novel Jewels to build exclusive jewellery retail stores across India.

The organised jewellery retailers in India are expected to continue outpacing the industry in FY24, which would be aided by planned store additions by a majority of large jewellery retailers and market share gains due to the accelerated formalisation of the industry.

According to the Gems and Jewellery Export Promotion Council (GJEPC), India’s gem and jewellery exports surged 24% year-on-year to US$ 3.52 billion (Rs. 288.32 billion) in February.

The Indian jewellery business saw a 60% increase in the second quarter of this fiscal year compared to the same period in FY20, according to rating agency ICRA.

Despite inflationary pressures, gold sales increased 35% this Dhanteras compared to last year.