Gold retailer Joyalukkas gets Dh500m loan from Emirates NBD

Joyalukkas to use new funds for expansion in UK, North America

Last updated: July 29, 2025 | 07:37

Manoj Nair, Business Editor

1 MIN READ

Joyalukkas plans to expand its store networks in the UK and North America with the new arrangement from Emirates NBD.

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Dubai: The UAE jewellery retailer Joyalukkas has secured a Dh500 million loan from Emirates NBD, which will be put to use on further store expansion in the UK, the US, Canada and Australia.

The loan from Emirates NBD offers working capital on a revolving basis, thus allowing Joyalukkas to ‘draw and repay funds’ as needed. This will help the retailer with ‘operational control’.

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Joyalukkas has more than 170 stores in 11 markets. It remains among the Top 5 jewellers in the UAE and GCC markets.

“Emirates NBD has been a trusted partner who understands the scale, ambition and discipline behind our global retail strategy,” said Joy Alukkas, Chairman at the jewellery firm. “Structured with flexibility, this deal sets a new benchmark in the jewellery industry.”

Joyalukkas has been focusing on widening its retail footprint in Western markets, banking on its brand image to sell to the Indian diaspora there.

The expansion continues even as gold prices saw unprecedented increases since April, culminating in touching $3,500 an ounce.

Manoj NairBusiness Editor

Manoj Nair, the Gulf News Business Editor, is an expert on property and gold in the UAE and wider region, and these days he is also keeping an eye on stocks as well. Manoj cares a lot for luxury brands and what make them tick, as well as keep close watch on whatever changes the retail industry goes through, whether on the grand scale or incremental. He’s been with Gulf News for 30 years, having started as a Business Reporter. When not into financial journalism, Manoj prefers to see as much of 1950s-1980s Bollywood movies. He reckons the combo is as exciting as it gets, though many will vehemently disagree.