Aditya Birla Group is set to foray into the branded jewellery retail business with an investment of around Rs 5,000 crore, it said. This new foray will be housed in a new venture, Novel Jewels, which will have large-format exclusive jewellery retail stores across India, with in-house jewellery brands, the statement added.The new venture will take on the likes of heavyweights such as Titan Company and Kalyan Jewellers. The group will seek to transform customer experience by creating an aspirational national brand with unique designs and a strong regional flavour, the release added. Novel Jewels is the group’s third major foray into a new business in the past two years after paints and B2B e-commerce for building materials.He added that this foray is a “strategic portfolio choice” that allows the group to tap into new growth engines and expand presence in the consumer landscape.”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,” Birla added.The retail venture will be operated by a newly recruited leadership team with deep retail and category expertise.India’s gems and jewellery market contributes approximately 7 percent to the GDP. The jewellery market is projected to grow to $90 billion by 2025.Amidst this rapid growth, a steady transition from an unorganised to an organised sector is being observed. The group’s timely entry is set to embellish this dynamic landscape, offering Indian consumers a diverse array of jewellery, the release added.