In a landmark financial move that reinforces its global ambitions, Joyalukkas, one of the world’s largest jewellery retailers, has secured an AED 500 million working capital facility from Emirates NBD. The deal marks a major milestone in the jeweller’s journey, enabling it to accelerate its long-term expansion plans across the GCC, as well as key international markets such as the United Kingdom (UK), the United States (US), Canada, and Australia.
The agreement is designed to provide Joyalukkas with streamlined and flexible access to capital. It allows the company to draw and repay funds on a revolving basis, improving cost-efficiency and providing greater control over its financial operations. The structure of the deal reflects a deep level of strategic alignment between Joyalukkas and Emirates NBD and builds upon their longstanding partnership.
Joyalukkas secures major financial boost
Founded in 1987, Joyalukkas has built a loyal following of over 10 million customers across 13 countries. Known for combining traditional craftsmanship with contemporary design, the brand has become a trusted name in the world of gold jewellers. As the company continues to broaden its global footprint, the AED 500 million working capital facility ensures it has timely access to inventory financing and liquidity, particularly during peak trading seasons and in meeting supplier commitments.
A key feature of the agreement is its integration with Emirates NBD’s advanced digital and trade platforms. This provides Joyalukkas with real-time visibility and operational convenience, streamlining processes and enhancing the efficiency of day-to-day financial management.
Joy Alukkas, chairman of Joyalukkas Group, described the facility as a critical enabler for the company’s international growth strategy. “This facility marks a significant milestone in our journey to expand Joyalukkas into key international markets, including the UK, USA, Canada, and Australia. Emirates NBD has been a trusted partner who understands the scale, ambition and discipline behind our global retail strategy,” said Alukkas.
“Structured with flexibility and foresight, this deal sets a new benchmark in the jewellery industry and reflects our pioneering approach to organised retailing. I sincerely thank the Emirates NBD team for their continued support and belief in our vision.”
Ahmed Al Qassim, Group Head of Wholesale Banking at Emirates NBD, emphasised the tailored nature of the agreement and the bank’s commitment to sector-specific financing. “The provision of this working capital facility for Joyalukkas shows Emirates NBD’s agility and capability to develop sector-specific transactions that cater to the exact needs of our expansive and diverse ecosystem of clients,” he explained.
“Designed to meet Joyalukkas’ strategic requirements, the deal emphasises how Emirates NBD can deliver bespoke, digital-first, and customised credit solutions that empower leading companies and support both theirs and the UAE’s economic growth.”
He further noted that the facility is not just a financial product, but a value-added partnership designed to fuel long-term progress. “As a value-added product, this AED 500 million facility will help to provide the long-term support Joyalukkas needs to drive ahead with its international expansion plans, empowered by swift access to a framework of carefully structured and flexible capital.”
With this major financial partnership in place, Joyalukkas is poised to solidify its position as a global leader in the jewellery retail space. Backed by Emirates NBD’s robust and responsive financial ecosystem, the retailer is well-equipped to set new benchmarks in craftsmanship, customer experience, and organised retailing worldwide.
