Indriya expands to 36 stores across 20 cities; jewellery demand remains strong despite high gold prices: CEO Kohli

India’s jewellery market has continued to sparkle despite soaring gold prices, with strong festive demand translating into robust sales for organised players like Indriya, the Aditya Birla Group’s jewellery arm.

Speaking to CNBC-TV18, Sandeep Kohli, CEO of Indriya, said the company has accelerated its growth momentum and is now present in 20 cities with 36 stores. “It’s been quite a roller-coaster and a fast-paced journey, and we are very encouraged by the kind of response we are getting from consumers,” Kohli said, adding that the company is “ahead of its business plan” and looking to expand further.

The 2025 Diwali season saw India’s retail sector record a historic surge in business, with gold and silver purchases remaining robust, according to the Confederation of All India Traders. Kohli said Indriya too witnessed strong traction. “The festive season has been great. There is good consumer sentiment in terms of wanting to come out, buy, and actually celebrate the festival — with shopping being a big part of that,” he noted.

Even as gold prices remain nearly 50–53% higher compared to the previous year, Kohli said jewellery demand has not waned. Instead, consumer behaviour has evolved. “Jewellery is an intrinsic part of our culture. When it has to be bought, it will be bought — especially for weddings. What we’re seeing is that consumers are becoming more design-conscious, even as they adjust the weight or type of jewellery they purchase,” he explained.

Kohli added that more customers are recycling old gold to purchase new designs, particularly with trusted retail brands. “We’ve seen a steady uptick in customers bringing in their old gold, trusting us to evaluate it fairly, and refreshing it into newer and more contemporary designs,” he said.

Looking ahead, Indriya plans to leverage the upcoming wedding season with a new range of bridal jewellery and campaigns. “We are coming up with a completely new bridal collection in gold, polki, coloured stones and diamonds, which will be regionalised to meet the needs of brides from different communities,” Kohli said. He added that about 25–30% of Indriya’s festive buyers were first-time customers, underscoring the brand’s growing reach.

Despite volatility in gold prices, Kohli remains confident that demand will stay firm, driven by both cultural factors and design innovation. “Jewellery purchases have been on an upswing, and the focus on design-led buying is only going up,” he said.

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