Joyalukkas posts record Diwali sales, bets big on studded jewellery

Joyalukkas, the Kerala- and Dubai-based jewellery group, is sharpening its focus on the studded and precious jewellery segment as demand for diamonds and high-value pieces continues to grow. Thomas Mathew, Executive Director of Joyalukkas, said this category — which includes uncut, white diamond and precious stone jewellery — is gaining momentum as consumers seek more value amid rising gold prices. “We are doubling down on our studded segment,” Mathew said, adding that the company is stacking up inventory to cater to strong festive and wedding season demand.

Mathew remains confident about the outlook for gold, saying the company is “very bullish” and expects prices to go substantially higher.

Joyalukkas is pursuing aggressive expansion, with 176 stores across 12 countries, including new showrooms in Sydney and Melbourne, and plans to reach 200 stores by the end of 2025-26 (FY26).

The company’s record-breaking Dhanteras sales of ₹1,163 crore during the week and ₹440 crore on Dhanteras day alone highlight strong consumer appetite. Compared to last year, sales were up 94% on Dhanteras day and 80% for the week in both value and volume. Mathew also stated a sharp shift from unorganised to organised players in India’s jewellery retail space, expecting the market to be 60% organised within the next 18 months.



He observed that heavy jewellery sales saw a resurgence this festive season, with customers showing confidence despite higher prices. On the company’s long-awaited initial public offering (IPO), Mathew confirmed it has been deferred by a year, explaining that “there is no need for external funding” as the business continues to grow strongly through internal accruals.

Also Read: Gold prices may stabilise near $4,000 an ounce, says HSBC strategist

For the entire interview, watch the accompanying video

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