Gold has a promising outlook

Gold has a promising outlook and is expected to break the $2,000 level by the end of 2023, says a top official of Joyalukkas Jewellery.

John Paul Alukkas, managing director for International Operations at Joyalukkas Jewellery, said the upcoming US employment and inflation reports along with Powell’s semi-annual testimony before the US Senate's banking committee on the Fed's monetary policy report are crucial for the short-term direction of gold price.

“I personally believe that gold price should exceed $2,000 before end of this year,” Paul told Khaleej Times on Thursday.

Gold prices surgedone per cent on Wednesday as strong Chinese economic data dented the dollar and drove some bets for better physical demand from the top bullion consumer.

Spot gold rose 0.6 per cent at $1,838.20 per ounce in the mid-day trading, rising up to $1,844.5 earlier, their highest in a week. US gold futures settled up 0.5 per cent at $1,845.40.

Jewellery sales

Paul said demand for jewellery and gold products sustain an upward trend as the buyers and investors believe in yellow metal’s bright prospects ahead.

“I believe prospects of an increase in gold price will further enhance the investment appeal and demand of Gold Jewellery. Also demand for investment products like gold bar and coins will go up,” he said.

35-year celebration

Joyalukkas Jewellery, the largest retail chain in the world owned by a single family, is marking a significant milestone this month by celebrating its 35th anniversary. It projected a short film showcasing the brand's growth story over the years on the iconic Burj Khalifa on February 28 to mark the celebrations.

Under the visionary leadership of Joy Alukkas, the jewellery group has grown into a successful multi business company operating under the name, Joyalukkas Group, with a footprint spanning 11 countries including UAE, KSA, Qatar, Bahrain, Oman, Kuwait, India, Singapore, Malaysia, USA, and UK.

Over the years, the group has successfully diversified into other businesses like Joyalukkas Exchange, Jolly Silks, Joyalukkas Lifestyle Developers and Mall of Joy.

The firm operates 150 jewellery stores, 75 money exchanges and other business verticals with a workforce of 9,000 plus employees and caters to over 10 million customers across the globe.

A dream comes true

“I fondly remember opening our first showroom in the UAE 35 years ago. My father, Alukka Joseph Varghese, opened his first jewellery store in India in 1956. Inspired by his vision, my dream has always been to ornament the world. It gives me great pleasure to witness the heights to which we have grown,” Joy Alukkas, founder and chairman of Joyalukkas Group, said.

“This event marks just the beginning of our anniversary celebrations. Through the rest of the year, we will be having several initiatives for every one of our stakeholders in a distinct manner including customers, suppliers and our employees who have all contributed immensely to our success,” he added.

“Though our presence extends across the world, we will always be headquartered in the UAE,” he said.

Wonderful journey continues

Paul said the group has now entered into a 36th year and it will continue wonderful journey as the luxury retail business is evolving at a very fast pace.

“We have witnessed the rise and fall of many companies in these challenging times. We have not only survived but also thrived and flourished while expanding into new markets,” he said.

“Our success can be attributed to our openness to take risks and rise to challenges thus creating new opportunities for further growth. We look forward to a future of endless possibilities for our business,” he added.

— muzaffarrizvi@khaleejtimes

• Business