This upcoming brand will specialize in affordable, everyday jewellery, with prices ranging from Rs.20,000 to Rs.40,000. The collections will be refreshed regularly to stay in tune with the latest fashion trends. Leveraging the company's in-house design capabilities, the focus will be on creating 18-carat diamond jewellery that resonates with contemporary tastes.

Unlike its competitors, Titan and Kalyan Jewellers, who have expanded their online presence through acquisitions of Caratlane and Candere, respectively, Joyalukkas is taking a different route by building its online brand from the ground up. This organic growth strategy, according to Chairman Joy Alukkas, underscores the company's confidence in its internal resources and expertise.

With this new venture, Joyalukkas will become the third major traditional jewellery retailer to enter the online market, specifically targeting millennials with diamond-studded offerings. Industry estimates peg the current value of India's online jewellery market at around $1 billion, with expectations that it could triple in size in the coming years.

"The initial focus will be on metro cities and tier-I markets, where there's a high concentration of working professionals," said Joy Alukkas. "We plan to expand into additional markets over time, and there may be opportunities to open smaller, scalable physical stores as well."

The new brand is still in the process of being named, and while the company remains open to acquisition opportunities, Joy Alukkas emphasized that their in-house expertise will be key in developing this digital initiative.