Joy Alukkas to open 10 stores
Jewellery major sees gold prices coming down in few months in event of government lifting import curbs on gold.
By : DC Correspondent
Update: 2014-01-11 10:08 GMT
Hyderabad: Thrissur-based jewellery major Joy Alukkas sees the gold prices coming down in a few months in the event of the government lifting import curbs on gold.
According to Joy Alukkas, the chairman of Joy Alukkas, the overall jewellery business has declined by 30-35 per cent after the gold price shoot up due to artificial scarcity created by government restrictions.
“Gold import duty restrictions, reduction of lending by banks, poor market sentiment and non-availability of gold in the market have led to the plunge in gold business in the country,” he added.
Speaking about their target of having 100 stores in 10 countries, he said Joy Alukkas will open nearly 10 outlets in this calendar year.
“We have over 90 outlets in nine countries. We are very much on the path to make this 100 stores in 10 countries by the end of this year,” he revealed.
The company expects its revenues to touch Rs 4,600 crore in the current fiscal. “This growth from the last year’s Rs 4,000 crore is because we have been increasing our business by opening new outlets,” he said.