Joyalukkas evolving to survive

Manama: When trends change, it often gets reflected in the clothes we wear. However, when it comes to jewellery people simply forget that! But not any more, and is also pushing the jewellery industry  into a constant run to change, to keep up with the tastes of the new generation and to remain vital. 

Experts are even seeing a drastic change in the future buying pattern of young generation customers who now prefers light jewellery over heavy ones.  

This, according to Joy Alukkas, an acclaimed entrepreneur, Chairman and Managing Director of Joyalukkas, is the result of changes in lifestyle and mentality.

“The jewellery industry is witnessing continuous evolution globally, thanks to the changing shopping habits of young generation,” said Joy Alukkas.

“Young generation customers have a different perception about jewellery, which is also helping the industry to evolve to cater to their needs,” he added.  

Joyalukkas, which describes itself as the world’s favourite jeweller, is one of the leading Jewellers in the GCC and India.

In an interview with DT News yesterday, Mr. Alukkas said that industry has to cope with the fact that the young generation customers prefer light ornaments unlike the older generation. 

“There has been a change. Earlier people were interested in heavy ornaments, given gold prices were low and it was affordable. As the price went up people started buying less. Now we are seeing further change as the younger generation have a different perception,” he said.

In two decades the industry will need to go through drastic changes to attract costumers, viewed Mr. Alukkas

“After 20 to 25 years, I believe there will be a drastic change in the jewellery industry. Maybe the generation at the time will not need gold at all, perhaps they will be content with spending their money elsewhere, perhaps on buying property or their lifestyle or gadgets. So the industry will need to adapt to this by incorporating the gold or jewellery products in technology, accessories, or lifestyle items. We need to know what the young generation is inclined towards and we need to cater to that,” he said. 

Despite the changes, he said the industry is lively. “The industry is strong, competition between jewellers are high. If there were no competition it would not be interesting for us, people would just become lazy. The competition in the industry is good for the customers as well,” he said.

Commenting about recent and future projects he said, “In recent time, we have opened 30 retail shops in GCC and India. Next month we are opening a mall in India. In coming months we plan on opening shops in USA and Canada.”