BENGALURU: India’s Aditya Birla Group said on Tuesday it was foraying into the branded jewellery retail business with an investment of 50 billion rupees ($605.2 million), as it looked to attract affluent customers in a crowded market.

A new venture, named Novel Jewels Ltd, will house the jewellery business that will build large retail stores across India with in-house brands, the group said in a statement.

The telecom-to-metals conglomerate’s entry comes at a time when the market is dominated by thousands of small and large local independent jewellery stores, as well as branded outlets like Titan Company-owned Tanishq and CaratLane, and Kalyan Jewellers.

“With rising disposable income, discerning and aspirational consumers are leaning more towards design-led, bespoke and high-quality jewellery,” said group chairman Kumar Mangalam Birla.

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India’s gems and jewellery market accounts for about 7% of the GDP, with the market projected to grow to $90 billion by 2025, according to the Aditya Birla Group.

The jewellery market has also attracted foreign investors.

Reuters reported last month that Singapore’s Temasek Holdings was considering investing $100 million in Indian jeweller BlueStone for a stake of about 20%.