Joyalukkas to come up with pureplay digital brand by FY26 

The brand discloses that the upcoming online brand will offer daily wear jewellery priced between Rs. 20,000 and Rs. 40,000, with collections updated frequently to align with current trends 

Mumbai: Joyalukkas is set to debut a new online-only jewellery brand by FY26, aiming to capture the expanding market of younger, digitally savvy consumers. Unlike competitors such as Titan and Kalyan Jewellers, which entered the online jewellery sector through acquisitions of Caratlane and Candere, Joyalukkas is pursuing organic growth for its digital expansion, Chairman Joy Alukkas disclosed in an interview with a news outlet. 

The Kerala-based jeweller, which recently relocated its headquarters to Bengaluru, will become the third major offline player to target millennials by offering diamond-studded jewellery exclusively online. Multiple estimations place India’s online jewellery market value at approximately $1 billion, with projections indicating it could grow to $3 billion in the coming years. 

Joy discloses that the upcoming online brand will offer daily wear jewellery priced between Rs.20,000 and Rs.40,000, with collections updated frequently to align with current trends. The company plans to utilise its in-house design expertise to create collections, focusing primarily on 18-carat diamond jewellery. 

“The focus will be on metro and tier-I markets, where there is a higher concentration of working professionals. We plan to expand into additional markets over time and may explore a physical presence with smaller, scalable stores,” Alukkas stated. 

Joyalukkas, which reported a turnover of Rs.24,830 crore for FY24 — a 15% increase from FY23 — aims to raise its revenue from diamond jewellery to 24% of total sales over the next four years, up from the current 19%. The new online-only brand is expected to be instrumental in achieving this goal. Additionally, the company plans to increase the proportion of diamond jewellery counters in its offline stores to 40%, up from the current 30%, within the next few years. 

“We are in the process of naming the new online jewellery venture. While we remain open to potential acquisitions, we believe our in-house expertise will be pivotal in developing this new brand,” Alukkas added. 

Parallel to its online expansion, Joyalukkas plans to open 60 new offline stores over the next three years, focusing on northern and western India. The company aims to boost revenue from non-southern markets to 25%, up from the current 15%. Joyalukkas currently operates over 100 showrooms, including 59 locations overseas, with a significant presence in southern states and expanding into regions such as Punjab, Delhi, and Maharashtra. 

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