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Gold retailer Joyalukkas expects 30% fall in 2020 revenue

 

DUBAI – Joyalukkas, a UAE-based gold and diamond jewellery retailer, is expecting its revenues to dip by 30 percent this year amid the Coronavirus pandemic, according to a report.

Prior to the outbreak, Joyalukkas already closed 16 of its 60 showrooms in the GCC. There are now only 44 showrooms in operation.

Joy Alukkas, chairman and managing director of Joyalukkas group, told Arabian Business that the exodus of Indians—one of the largest gold consumers—from the UAE and GCC is a major concern.

Alukkas said the jewellery group only saw “a gradual pickup of sales” after its showrooms reopened following the easing of restrictions in the UAE and GCC.

Alukkas also said that increased Value Added Tax in Saudi Arabia and Oman’s decision to introduce VAT may also impact consumer’s decision to buy gold or diamond jewellery. ICA/AB/Expat Media


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