Indian Institute of Management, Jammu

ENVP

Project Report
Joyalukkas

Submitted To:
Prof. Abrar Ali Sayyed & Prof. Prateek Jain

Submitted By:
KSS Mythili (MBA21094)
 DECLARATION

The topic of my study is “Joyalukkas”. The study has been carried out
and a dissertation has been prepared in accordance with the guidelines
provided by Prof. Prateek Jain and Prof. Abrar Ali Sayyed.

I hereby declare that the present study that has been carried out by me,
KSS Mythili (MBA21094), during the Term-III of first year of my MBA
is original.

Name: KSS Mythili

Roll Number: MBA21094

Date: 14th April, 2022

Place: Indian Institute of Management, Jammu

Signature of Candidate:

1
 CONTENTS

CHAPTER TITLE PAGE

No. No.
1. About Company 4-4

2. Industry Analysis 5-11

2.1. Jewelry Industry 5-5

2.2. Porter’s Competitive Analysis 6-7

2.3. PESTEL Analysis 7-11

3. SWOT Analysis 7-11

4. Competitors (details) of Joyalukkas 14-15

5. Background of Entrepreneur who started 16-17

Joyalukkas

5.1 Initial Journey of the Entrepreneur 16-17

6. Challenges faced by Joyalukkas and Managing 18-19

Those challenges by Joyalukkas

7. Business Strategies of Joyalukkas 20-22

7.1 General Business Strategies of Joyalukkas 21-22

8. Products offered by Joyalukkas 23-23

9. Marketing and Brand Building activities of 24-26

Joyalukkas

9.1 STP Analysis of Joyalukkas 24-24

9.2 Marketing Strategies 24-26

10. Important events in the life of Joyalukkas 27-27

11. Current State of Joyalukkas 28-28

12. Future Challenges that might arise for Joyalukkas 29-29

13. References 30-31

2
 LIST OF FIGURES

FIGURE LABEL OF FIGURE PAGE

No. No.
1.1 Company's logo and tagline 4

1.2 Company's subsidy (jolly silks) 4

2.1 Jewelry industry 5

2.2 Indian flag 11

2.3 Jewelry company 11

2.4 PESTEL Analysis 11

3.1 SWOT Analysis of Joyalukkas 12

4.1 Logo and Tagline of Tanishq 14

4.2 Logo and Tagline of TBZ 14

4.3 Logo and Tagline of Kalyan jewelers 15

5.1 Founder of Joyalukkas 17

6.1 Fear of Masked Burglars 18

7.1 Connecting to target market through emotive stories 22

8.1 Products offered by Joyalukkas 23

LIST OF TABLES

TABLE No. LABEL OF FIGURE PAGE

No.
2.1 Porter’s Competitive Analysis 6

3
 1. About the Company

Joyalukkas is a private Multinational Jewelry group which is ISO Certified. This

company is based out of Thrissur, Kerala and Dubai, UAE.
The company has attained its name as ‘Joy Alukkas’ from its founder and Chairperson,
i.e., Joy Alukkas. The company’s CEO is Baby George.
The company serves in the areas of India, UAE, Singapore, United Kingdom, Kuwait,
Oman, Bahrain, Saudi Arabia, Qatar, United States and Malaysia.
The company offers Jewelry products and the Revenue of the company is 2 Billion
Dollars.
The company has got a single Subsidiary known as Jolly Silks which is a fashion and
silks retail business.
The USP of Joyalukkas is it being one of the biggest jewelry markets in India and
Middle east.
Website of the company:- http://www.joyalukkas.com/
The company is well known for its tag line, i.e., “Joy of Choice, World’s favorite jeweler”.

Figure 1.1 :- Company’s Logo and tagline

Figure 1.2 :- Company’s subsidy (Jolly silks)

4
 2. Industry Analysis

Joy Allukas belongs to the Jewelry Industry.

2.1. Jewelry Industry

The industry which is involved in the production of items and articles from
precious metals and precious stones (gems) is known as the Jewelry
Industry.
These articles are usually utilized for aesthetic purposes, and they are
considered to be materials of personal adornment for mostly ladies and
girls. These items also constitute souvenirs.

India is one of the leading players in the Jewelry Industry, owing to the
great presence of skilled labor and due to the low production cost of the
jewelry. Moreover, India extensively promotes the diamond jewelry of the
country at an international level, making it a well established player in the
industry.
In India, there are majorly 2 sectors in the jewelry industry, i.e., Diamond
Jewelry Sector and Gold Jewelry Sector.

Figure 2.1:- Jewelry Industry

5
 2.2. Porter’s Competitive Analysis (Industry Analysis)

S.No Analyzing Factors Degree of Influence

1 The threat of new entrant Low to Medium

2 The bargaining power of buyers Low

3 The bargaining power of suppliers Medium

4 The threat of substitute products Low

5 The competitors in the industry High

Table 2.1:- Porter’s competitive analysis

1) The threat of new entrants:- The capital that is required to enter into the
Jewelry industry is quite low. This enables the person to easily enter the
industry with low barriers and also earn a name because the demand for
the gold and diamond jewelry is quite high.
But it is important to note that it isn’t a cake walk to enter this industry, in
India. The government rules and regulations are very strict and there is a
requirement of skilled manpower and advanced technology.
Hence, the threat of new entrants is ‘Low to Medium’.
2) The bargaining power of buyers:- The Indian jewelry industry has two
types of buyers - Domestic and International buyers.
Therefore, the demand for the jewelry both from inside the country and
outside the country is very high, providing the industry with an upper hand
over the buyers.
Hence, the bargaining power of buyers is ‘Low’.
3) The bargaining power of suppliers:- India is one of the leading Jewelry
industry players in the world. Therefore there are a number of suppliers for
the Jewelry industry in the country. There is usually fierce competition
between the domestic and international suppliers of the Indian Jewelry
Industry. But the jewelry companies need reliable suppliers.
Hence, the bargaining power of suppliers is ‘Medium’

6
4) The threat of substitute products:- The major considerable substitutes
for gold and diamond jewelry in India are Artificial or Imitation jewelry.
But these can’t be considered as major threats as the standards of living
of people is increasing day by day and the pure and real jewelry have a
very high demand.
Hence, the threat of substitute products is ‘Low’
5) The competitors in the Industry:- The competition is majorly inter-firm
rivalry with the industry.
But at a broader scale, each firm within the industry faces two types of
competitions, i.e., domestic and international competition.
It can clearly be interpreted that the competition is very high. Especially in
India, the domestic competition is very high as the country in itself is one
of the leading players of the industry at a global level.
Hence, the competition in the industry is ‘High’.

2.3 PESTEL Analysis (Industry Analysis)

1) Political Factors:-
● The country has a stable political system. So the company
can define its strategies and future planning based on the
stable political environment.
● There is always a threat of terrorist attacks and the company
should learn to function in this shadow only. The diligent
decision would be to take insurance and hedging
instruments to minimize the loss incured in case of any
terrorist attacks.

7
 ● The government has established rules and regulations for
the industry according to the standards and guidelines of
World Trade Organization norms. Hence, it is safe to
function under these rules and regulations.
● The regulatory framework is streamlined with the global
norms and this has enabled the companies to function at a
global level.
● The democratic institutions have strengthened the
transparency in the country making it conducive for the
operation of the industry.
● The country has a tendency to abide by the international
treaties and this has resulted in consistency in the
government rules and regulations. This creates a smooth
environment for functioning of the industry.
2) Economical factors:-
● Due to slow increase in per-capita income of the country,
there has also been an increase in the savings. So the
company can take risk and to an extent depend on
“Purchase on Credit” consumer behavior.
● There is a gradual shift in society from goods economy to
service economy.
● The financial market structure has increased the availability
of capital at reasonable rates. This can enable the
companies of the industry to make borrowings at a cheaper
rate. But there can be risk when the interest rates go up.
● Due to the eventual increase in the per-capita income of
people of the country, the companies of the industry can
leverage on this and expand the market beyond their
traditional customer base by putting to use various marketing
campaigns.

8
 ● The country is functioning on a deficit budget, due to this
there is a chance for companies to boost sales, but at the
same time the companies can be exposed to medium term
of forex and currency depreciation risks.
● The companies should be careful about the forex risk.
3) Social factors:-
● The gender composition of the labor market is eventually
improving in the country. This means that the country is
riding in the direction of liberal nature of the society, with
women’s say in the matters of societal issues. This can be
proved as a stable climate to flourish for the companies of
the industry and women are the major customers of the
industry.
● According to the demographic trends of the country, the
domination is that of youngsters and middle aged people.
This can be a factor for demand forecasting by the company.
The company can plan the inventory and innovation
accordingly.
● The immigration policies of the country are well established
and at the same time are stringent. This acts as an essential
factor for a company of this industry to analyze as it might
look to hire talent overseas to bring in new trends and
innovation to cater to the youngster and middle aged
dominated society of the country.
● The power structure in India is inclined towards the wealthy
people of the society. Being sensitive to this component can
help the companies of the industry to plan their product
offerings accordingly.
● The country is well known for its strong traditional and
cultural heritage. At the same time the country is developing
and is rapidly embracing the western culture and lifestyle.

9
 Hence, the companies of the industry should be careful to
strike a balance between tradition and modernity.
4) Technological factors:-
● Countries are eventually adapting to the 5G infrastructure.
The companies of industry need to make preparations to roll
out the 5G connectivity.
● As digitization is increasing, companies should take
measures to adopt digital methods and digital modes of
transactions to increase transparency and to overcome
corruption.
● The research and development investment levels should be
high to enable the companies of the jewelry industry to adapt
to the technological advancements to stay put in the
competitive market.
● The companies of the jewelry industry should move in the
direction of technology and should assess and invest in the
customer choice of mobile payments.
5) Environmental factors:-
● According to Indian law, it is mandatory for a company to
have CSR. Hence, the companies of the Jewelry industry
should not only have a CSR department, but should also be
actively performing CSR.
● The companies within industry should strive to utilize and
provide environment friendly products.
● The companies need to adhere to waste management.
● Environmental standards and regulations as established by
the Indian government are to be followed by the companies
of the industry without any excuses.
● The companies should have a sustainable supply chain.

10
6) Legal factors:-
● The companies should make sure that the intellectual
properties of their products fall under the legal system of the
country.
● The companies should have a clear understanding about the
securities law in the country and what are the requirements
for the company to be listed in national and regional stock
exchanges.
● All the business activities of the companies should be
transparent and should be legal.
● The companies need to make sure that they are abiding by
the legal constraints of the country.

Figure 2.2:- Indian Flag

Figure 2.3:- Jewelry Companies

Figure 2.4:- PESTEL Analysis

11
 3.SWOT Analysis of Joyalukkas

Figure 3.1:- SWOT Analysis of Joyalukkas

1) Strength:-
● It is one of the leading Jewelry stores in India.
● The company has a well established presence in Pan-India and the Middle
East.
● The company has more than 10 Million Customers.
● The company is composed of a highly committed employee base of 3000.
● Winner of National Jewelry awards by the All India Gems and Jewelry
Federation

12
 ● The company also has a committed wedding portion within the showroom,
where a customer can purchase Sari and accessories matching the
jewelry purchased.
● The company follows celebrity endorsement for advertising purposes.
2) Weakness:-
● At a global level there is a huge potential market, but the brand visibility of
the company is very low.
● The brand is not considered to be at par with well established north Indian
brands.
3) Opportunities:-
● The company has a great scope of expanding into international markets at
a broader level.
● Within the country, the company should expand itself to northern parts to
tap the potential customers there and increase the brand visibility.
4) Threats:-
● Increase in Gold price can be one of the major threats
● The company has a limited expansion overseas, and can incur huge debts
if it tries to expand itself overseas.
● The fashion trends are going on changing and this causes the company to
heavily invest in innovation and research and development.

13
 4. Competitors (details) of Joyalukkas

The top 3 major competitors of Joyalukkas are :-

1)Tanishq:- It is a well known jewelry brand in India, which was founded in 1994. It is a
division of Titan company (which is backed by TATA Group) and it has a headquarters
in Bangalore, Karnataka. It is a private company
It has a worldwide presence (Middle East, United States).
The Managing Director of the company is Bhaskar Bhat.
The company has sub-brands known as Mia, Rivaah, Aveer, Mirayah.
The net worth of the company is 4,000 crores.
The tagline of Tanishq is “Pure Jewelry Pure Joy” and “Pure India Pure Tanishq”
The USP of Tanishq is the purity of its gold.
Website of the company:- http://www.tanishq.co.in/

Figure 4.1:- Logo and Tagline of Tanishq

2) TBZ:- Tribhovandas Bhimji Zaveri Ltd. is a well known and one of the ancient jewelry
retail brands in India. It was founded in 1864 by Tribhovandas Bhimji Zaveri.
It has showrooms in 37 locations all throughout india.
The revenue of the company is 100 Million USD. It is a private company
The managing director and Chairman of the company is Gopaldas Tribhovandas Zaveri.
The tagline of the company is “Original since 1864”
The USP of TBZ is maintaining uniqueness within each and every jewelry offered.
Website of the company:- http://tbztheoriginal.com/

Figure 4.2:- Logo and Tagline of TBZ

14
3) Kalyan Jewellers:- It is a well established Jewelry retail chain in India.
It is a public sector company.
It was founded in 1993 in Thrissur, Kerala by T.S.Kalyanaraman.
It has branches in a number of regions in India and also in the Middle East.
T.S.Kalyanaraman is the Chairman and MD of the company while Sanjay Raghuraman
is the CEO.
The company has 8,000 employees. The net revenue of the company is 78458 Million.
The tagline of the company is “Vishwasam”, which is a sanskrit word for Trust.
The USP of the company is its ability to operate as a hyperlocal jewelry company.
Website of the company:- https://www.kalyanjewellers.net/

Figure 4.3:- Logo of Kalyan Jewelers

15
 5. Background of Entrepreneur who started Joyalukkas

Alukkas Varghese Joy is an Indian businessman belonging to Kerala.

Joyalukkas was founded in 1987 and he is the chairman and Managing director of the
company.
Joy Alukkas also ventured into Real Estate, silk, fashion and exchange industries after
the establishment of Joyalukkas in the Jewelry Industry.
His spouse is Jolly Joy and they have 3 children.
In 2018, Joy Alukkas was ranked within the top 10 Indian Leaders in the region by
Forbes Middle East. In 2018, his total net worth stands to be 2$ US Billion by forbes.
He was awarded “the dubai quality appreciation” award by Sheikh Mohammad Bin
Rashid Al Maktoum, who is Vice-President and Prime Minister of UAE and is also Ruler
of Dubai. He was also awarded the “Business Excellence Award” by Sheikh Nahyan Bin
Mubarak Al Nahyan, who is UAE Minister of Culture, Youth and Social development.

5.1. Initial Journey of the Entrepreneur

Joy Alukkas was born on 29th October, 1956 in Thrissur, Kerala. Father’s name was
Varghese Alukkas, who himself was a well known Jeweller.
Joy Alukkas first started his Jewelry Showroom in Abu Dhabi and opened several
branches in Dubai, and many other places in UAE.
The Alukkas group got separated from the parent company and came into existence as
Joyalukkas.
After opening Alukkas showrooms in UAE, the company further expanded into India,
Malaysia, USA, Singapore, UK, Oman, Qatar, Bahrain, Saudi Arabia, Kuwait.

Joy Alukkas also ventured into other business after the establishment of Joy Alukkas
Jewelry stores, i.e., John Paul Watches (retailers of watches), Mall of Joy (Retail
shopping destination), Joyalukkas Exchange (Money exchange platform), Jolly Silks
(Silk and fashion retailer), Joyalukkas Lifestyle Developers (Real Estate company).

16
The company is involved in a number of philanthropic activities through their CSR
initiatives under the arm of Joyalukkas Foundation which is headed by Jolly Joy, wife of
Joy Alukkas.

Figure 5.1:- Founder of Joyalukkas

17
6. Challenges faced by Joyalukkas and Managing those
Challenges by Joyalukkas

1) Problem:- Increased fear of theft by masked burglars:- Jewelry shops are

functioning with only one-third of the staff and men wearing masks are allowed
into the showrooms due to the prevalence of COVID-19.
This has increased a fear of day time looting of jewelry shops usually carrying
jewelry worth Rs.300 crores.
Earlier there have been a number of such instances, hence leading trade bodies
have suggested jewelers to make a diligent decision about opening the
showrooms.
Joy Alukkas said that the situation is very scary.
Management:- To handle the situation and to keep the showrooms
functioning, he has asked the employees to observe the behavior of people who
visit the showroom.
He has also said that people entering the showroom need to remove the mask
and show their face to camera set-up in the showroom.
He has also established high-resolution security cameras in the showroom to
closely monitor the customers.
The staff is well trained to both cater the customers and also to be vigilant.

Figure 6.1:- Fear of Masked burglars

18
2) Problem:- The brand visibility in north India:- The brand visibility is very
high in south india, but it is not considered to be on par with other jewelry brands
in north india.
Due to this the brand is losing out on high potential markets in India.
Management:- The company has decided to spend 600 crores to expand its
retail stores within the country. This will increase brand awareness.
Moreover, the company has decided to rope in Kajol (Bollywood Actress) as
brand ambassador for the company. This is because the actress has completed
25 years in the movie industry and she will be considered as a trusted name.
This will build trust on the brand, drawing in more customers.

3) Problem:- Brand visibility at global level:- The brand is well established in

India, especially in South India. The USP of the company is to be one of the
biggest jewelry markets in India and the Middle east.
But the visibility of the company in other countries is negligible.
Management:- To overcome this problem, the company has decided to spend
1,500 crores on the existing and for new stores abroad.

19
 7. Business Strategies of Joyalukkas

The company follows a product differentiation strategy:-

1) Cost Leadership:- The company is well known to offer high quality jewelry at
highly competitive prices. Other than that during festive seasons and during
special occasions, the company offers heavy discounts, offers, and gifts to
customers.
Customer’s opinion about the brand is that it offers value that is on par with the
price of the jewelry offered.
The company has always had the middle class section of the society as their
primary target market. So the company has always been offering ISO Certified,
premium quality products at affordable prices.
Hence, the brand definitely established itself as a cost leader.
2) Differentiation:- The brand has differentiated itself from other competitors by
advertising extensively as a brand offering unique varieties of jewelry of top class
quality.
Even the store formats are unique. This provides the customers visiting the
showroom with a unique experience which persuades them to make a purchasal.
The company has come up with new trending varieties of Jewelry which are
known to be new varieties of traditional jewelry. The brand is extensively
advertising about these.
3) Focussed Cost Leadership:- The company has gained reputation as focussed
cost leadership as well owing its business strategy of retaining loyal customers.
The customers who are loyal to the store are provided with heavy discounts and
offers at each purchasal. Moreover these customers are also provided with gifts
during their birthdays, wedding anniversaries, and other special occasions of
their lives.
The brand also offers discounts and lucrative offers during certain highly regional
festivals in the regional showrooms.

20
4) Focussed Differentiation:- The brand provides an option to customers for
customized jewelry, where to a certain extent the customers can design the
jewelry according to their desire or requirement.
Within the showrooms, the brand is well known to specifically stock in jewelry
varieties which are famous and are in accordance with the tradition of the
location of the showroom. This provides an opportunity for the customers within a
region to purchase the jewelry which have been designed in accordance with the
tradition of the region.

7.1 General Business Strategies of Joyalukkas

● The company is extensively investing to make an online presence. It is

because more than 2/3rd of the customers of Jewelry companies first
search about the company and its products online before coming for the
purchasal of the products.
While less than 1/3rd of them search about the company on social media.
Therefore, the company is making a presence and is posting offers and
updates on internet platforms and on social media platforms like facebook
and instagram.
The company is also heavily investing on its online website.
● The company is also considering providing online catalogs. These steps
have been taken by the company because it is planning to eventually
make an e-commerce presence.
● The company is focussing to connect with its target market through (by
telecasting on television and on online platforms) emotive experiences the
customers of the store have experienced and how the jewelry of the
company has been part of that experience.

21
Eg:- How the jewelry of Joyalukkas has been part of the wedding of the
daughter of mother and father who have purchased the jewelry with their
hard income and how happy they are upon finding their daughter in the
jewelry and their happy emotional moments.

Figure 7.1:- Connecting to target market through emotive stories

22
 8. Products offered by Joyalukkas

The company offers products and services related to jewelry. The

company offers products of gold, silver, platinum, diamonds, precious
gems, pearls in terms of jewelry and gifting items.

For offering these products, the company has got a number of

sub-brands:-
1) Gold Jewelry:- Aamira, Akshaya, Baki Amore, Ebru, Teens &
Twenties, Florentina, Madhubani, Mayuri, Zenina, Keraleeyam, Li’l
Joy, Veda
2) Diamond Jewelry:- Entice, Ovio, Magnus, Sumangal, Bouquet,
Perfekt, Commitment
3) Precious stone jewelry:- Ratna, Navaratna
4) Polki Diamond Jewelry brand:- Eleganza
5) Platinum Jewelry brand:- Perfekt Platino
6) Pearl Jewelry brand:- Masaaki

Figure 8.1:- Products offered by Joyalukkas

23
 9. Marketing and Brand building Activities of
Joyalukkas

9.1 STP Analysis of Joyalukkas

Segment:-
Gender and Income based Segmentation has been performed.
The focused segment of the society is Women and those belonging to Upper middle
class and High class sections of the society.

Target:-
Within the women, the target segment are those belonging to Urban and Semi-Urban
parts of the society and those belonging to Upper middle class and High class sections
of the society.

Positioning:-
The brand positioning of the company is based on the uniqueness and quality which is
offered by the brand and the value that is earned is on par with the amount that is paid
by the customer.

9.2 Marketing Strategies

1. Brand building with the help of Brand Ambassadors:-

The brand ambassadors of Joyalukkas, for the purpose of
promoting the brand are Kajol, Hrithik Roshan, R.Madhavan, Allu
Arjun, Suresh Gopi, Sudeep, Hiran.

24
 Kajol, who has completed 25 years in the film industry, comes with
a trustworthy name. This causes people to consider the brand to be
reliable and the company wants to cash on it.
Hrithik Roshan was looped in to show that the jewelry is not merely
for women and men also can wear them. This is to extend the
potential market from just women to both men and women.
Moreover, other actors were portrayed through television
advertisements based on their regionalities to better reach out to
the audience within that region. For instance, Allu Arjun
represented the brand in Telugu states and the advertisements
were in Telugu, while Suresh Gopi represented the brand in Kerala
for Malayalam advertisements, Sudeep for Kannada
advertisements in Karnataka.

2. Better reaching out to customers through customer experience

story, rather than through family legacy:-
The brand belongs to a well-established family who have been in
the Jewelry business for long. This can be used by the company for
the purpose of advertising. But the company decided to utilize
customer experience for the marketing purpose.
They were right in their perception, because the customer's
perception is always relatable and it can have a better penetration
in the market.

3. Advertising homely and relatable content:-

The company advertised visuals that are highly relatable and are
based on general routine experiences of the people.
For instance, a middle class family purchasing jewelry and their
perceptions and how their needs were understood by the company
and how well the family was catered.

25
4. Typical Marketing:-
The brand also focused and extensively spent on general
marketing like television and newspaper advertisements,
social media advertisements to increase the brand
visibility and to retain the existing customers.

26
 10. Important events in the life of Joyalukkas

● Joyalukkas is the only company in India to have opened first in the country,
‘Diamond Cave’ in the Chennai Showroom of the company.
● The only Jeweler to be conferred with ISO 9001:2008 and ISO 14001:2004 in
UAE is Joyalukkas.
● Limca Book of Records has recognized ‘Chennai showroom’ of Joyalukkas as
World’s Largest Jewelry showroom in the world
● Joyalukkas is among few Jewelry brands to have been recognized by the Dubai
Quality Appreciation Programme in the trade category.
● The CSR Activity of Joyalukkas, i.e., My 0.50 has won a lot of appreciation and
awards
● The only company to have won the superbrand status in UAE, at a stretch in 5
years ( 2010,2011,2012,2013,2014) is Joyalukkas
● Mass breast Cancer Initiative of Joyalukkas, known as “Think Pink”, has gained a
lot of popularity.

27
 11. Current State of Joyalukkas

Before the onset of COVID, the company was performing very well. It established
itself in 11 countries and has 140 showrooms. It has close to 8,000 employees
across the world and it is one of the most recognized and awarded jewelry
companies in the world.

But, upon the outbreak of COVID, the business has come to a standstill with
almost no customers visiting the stores. And moreover, due to the financial
situation of people getting damaged, there were hardly any customers willing to
pay for precious ornaments.
The company faced a lot of difficulties in terms of paying the advance tax. The
situation became even more miserable after lockdown was imposed.
The Jewelry sector is majorly labor oriented, so a number of artisans lost their
jobs. These factors adversely affected Joyalukkas and it lost a large portion of
revenue and manpower.

As the situation is eventually improving and the lockdown has been relaxed, the
company is returning to its pre-covid situation.
It is working more efficiently than the pre-covid condition to nullify the losses it
has been through during the lockdown. Due to this the financial conditions of the
company have improved a lot.
The company has planned to expand to 200 showrooms and to expand to 20
countries and achieve a turnover of 3$ billion in near future.
And the company is also planning for a 400$ Million IPO in the coming year and
it makes it very clear that the valuation of the company is really good and that is
the reason why it is planning to venture into the public sector.

28
 12. Future challenges that might arise for Joyalukkas

There is a high rise in the competition in the Jewelry industry. Due to this, the company
is eventually losing its market share and is forced to offer a number of discount offers to
attract the customers, and this is lowering the margins of the company.
To address this, the company is making a penetration into Tier-2 and Tier-3 cities, where
the competition is little low and there is a great potential untapped market.

Customers are going digital, which means that the company should also take measures
to make a digital presence. For this purpose the company should make heavy
investment in IT and tech not just to venture into the E-Commerce platform, but to also
advertise on social media.

The company is well known for its authentic traditional jewelry. But the demand for
Modern jewelry or the fusion of Traditional and Modern jewelry is on rise. Hence the
company should also invest heavily in manpower and highly skilled and talented
artsmen.

People are also looking into customized products these days and customization is
expected to be the new trend, where the customers are allowed to design the products
according to their requirements and interests.
Hence, the company should be prepared to offer customized jewelry to the customers.

29
 13. References

https://en.wikipedia.org/wiki/Joyalukkas
https://www.trymintly.com/blog/what-is-the-future-of-the-jewelry-industry
https://www.entrepreneur.com/article/304444
https://www.matterofform.com/news/articles/jewellery-industry-trends
https://www.hindustantimes.com/business-news/joyalukkas-halts-ipo-plans-amid-fear-of
-market-sentiment-after-pnb-fraud/story-VpsE2A7fxHwGmrbGVTFhHJ.html
https://www.hindustantimes.com/business-news/joyalukkas-halts-ipo-plans-amid-fear-of
-market-sentiment-after-pnb-fraud/story-VpsE2A7fxHwGmrbGVTFhHJ.html
https://www.pixlee.com/blog/best-marketing-tips-for-your-jewelry-business/
https://businesseconomics.in/scintillating-journey-joyalukkas
https://economictimes.indiatimes.com/defaultinterstitial.cms
https://economictimes.indiatimes.com/topic/joy-alukkas-group
https://economictimes.indiatimes.com/industry/cons-products/fashion-/-cosmetics-/-jewe
llery/joy-alukkas-to-reach-100-outlets-across-world-by-14/articleshow/27318702.cms?fr
om=mdr
https://www.mbaskool.com/brandguide/lifestyle-and-retail/2873-joyalukkas.html
https://tuxdoc.com/download/brand-positioning-of-joyalukkas_pdf
https://dokumen.tips/documents/joyalukkas-mba-skool-studylearnshare-2tbz-3ddamas-
4nirvana-diamonds-4-.html?page=2
https://brandyuva.in/2018/09/success-story-of-joyalukkas.html
https://fitsmallbusiness.com/jewelry-marketing-ideas/
file:///C:/Users/K%20S%20S%20Mythili/Downloads/UAE-Volume-10-Joyalukkas.pdf
https://yourbusiness.azcentral.com/write-marketing-plan-plussize-bridal-store-4795.html
https://yourbusiness.azcentral.com/marketing-plan-jewelry-stores-12988.html
https://opentextbc.ca/strategicmanagement/chapter/understanding-business-level-strate
gy-through-generic-strategies/
https://www.mirrar.com/blogs/12-tips-to-increase-retail-jewellery-sales

30
https://www.bplans.com/custom-jewelry-business-plan/strategy-and-implementation-su
mmary/
https://www.youtube.com/watch?v=GKUYyUId54o
https://www.youtube.com/watch?v=P47uVG8L75c
https://www.youtube.com/watch?v=Ni7a0DVX-ek
https://blog.kolau.com/jewelry-marketing-ideas/
https://www.webfx.com/industries/retail-ecommerce/jewelers/
https://echovme.in/blog/digital-marketing-strategies-for-jewellery/

31