Gulf Insider honours the top Non Residential Indian (NRI) leaders in Bahrain on the occasion of India’s 70th Republic Day celebrations.
Here is our interview with Joy Varghese Alukkas – Chairman, Joyalukkas Group.
Can you detail the unique story of Joyalukkas Group?
Hailing from an entrepreneurial family, I started learning the basics of business while I was still in school. In fact, I spent more time with my father at his business establishment than at school. I joined my family business as soon as I quit school.
In 1987, I decided to explore new opportunities. I felt certain chemistry, on the minute I landed in the UAE. My instinct proved to be right. The success of our showroom in UAE encouraged me to expand and establish our presence across the GCC. Our unique mix of Design, Trust, Service, Price and Innovations along with superior customer service, focus on quality, great offers and a collection of exclusive in-house brands made us popular in GCC.
We ventured into the Indian market soon after our success in GCC. We managed to shift the customers’ priorities of buying jewellery from traditional neighbourhood family jewellers to organized retail brands in India.
We further expanded our presence across 12 countries and have diversified our business interests to several verticals. At every Joyalukkas showroom, you see collections from across the world while also catering to the designs inspired by the regional cultures and traditions.
Our recognition as one of the most awarded and trusted retail jewellers is a testament to our commitment towards our patrons.
What is the role played by Bahrain in the success of Joyalukkas?
Bahrain was a key destination in our expansion. Bahrain jewellery lovers love to us since the beginning and they continue to be so. We will continue to serve them with the best experience in jewellery shopping. From a single showroom, we have now grown to 3 showrooms in Bahrain.
What is the difference in Jewellery preferences in India and the Middle East?
Being a vast and diverse country, jewellery tastes in India differ from state to state, as every state have their own culture, tradition and heritage. Keeping that in mind, Joyalukkas showrooms in India have a specific collection of jewels that cater to the demographic demands.
The Middle East has a cosmopolitan culture with expats from numerous countries. To cater to this challenging market, we have specialized in designs and patterns popular from across the world while also specializing in jewels from Arabia and different parts of India.
What do you believe will be the impact of VAT on the jewellery sector?
Gold, across the world, has sentimental value attached to it. I don’t believe the introduction of VAT will affect since this has been experienced in UAE as well. The initial drop in demand came back to normal over a period of 2 months. There will be a similar impact in Bahrain and we are ready for this. Also, refund of VAT to tourist will ensure that they keep jewellery on top of their shopping list.
What’s next for Joyalukkas?
I see an exciting future for Brand Joyalukkas, and we have drawn aggressive growth plans across the world. At the same time, we are working relentlessly every day to enhance our customers experience with Designs, Exciting Promotions, Best Service and various other innovative initiatives. My target is 200 showrooms, across 20 countries and achieve a turnover of $3 billion by 2020, and we set plans in motion to accomplish this.