Joy Alukkas ranks #50 on Forbes’ ‘India’s 100 Richest 2023’ list, becomes richest Indian jeweller

The Chairman of leading jewellery retail chain Joyalukkas rose from the 69th position last year to 50th rank in 2023, with a net worth of $ 4.4 billion

Joy Alukkas, Chairman of leading jewellery retail chain Joyalukkas,has moved up a few notches in the Forbes ‘India’s 100 Richest’ 2023 list to become the 50th richest Indian and the wealthiest jeweller in the country. Alukkas rose from 69th position in the list last year, with net worth $3.1 billion, to the 50th rank this year, with net worth of $ 4.4 billion. As of October 12, 2023, his real-time net worth was 640th globally.

Alukkas is amongst only seven people listed under the fashion and retail sector nationally, and the only jeweller on the list, proof of the exceptional performance of Brand Joyalukkas and its consistent growth in turnover and profitability.

Alukkas’ entrepreneurial journey had modest beginnings in Thrissur, where his father opened their first gold and jewellery store. When the baton was passed to Alukkas, he ambitiously expanded the business by setting up the family’s first overseas retail store at Abu Dhabi in 1987. A second showroom opened in Dubai within just six months.In 2002, Alukkas opened his first Indian showroom in Kottayam, Kerala. With this, the brand took on its new identity as ‘Joyalukkas’.

From its humble roots, Joyalukkas Jewellery has now cemented its presence as a global retail chain with 140 showrooms, spanning 11 countries. While 85 of them are located in India, the brand also has a commanding presence in the Middle East, USA, UK, Singapore, and Malaysia. Thrissur remains the operational stronghold in India, while Dubai serves as the nexus for the label’s international endeavours.The company drives about 70% of its business from India and the remaining 30% from international markets. It has announced plans to open 40 new stores in the next two years in India and abroad.

Joy Alukkas is one of the pioneers of concepts such as multiple store retail, organized retail operations, and large format stores, that have transformed the business landscape of the Indian jewellery sector, which was fragmented and had predominantly family run stores.

Joy Alukkas embodies decisiveness in his strategy, and had successfully navigated the business through major challenges like the 2008 global financial crisis and the 2020 pandemic.

India’s jewellery market size is projected to grow from US$76.77 billion in 2023 to cross US$100 billion by 2027. According to FY 2022 data, 38% of the Indian jewellery market now falls under the organized sector, which is projected to rise to 47% by FY 2026.

Forbes reported the cumulative wealth of India’s 100 richest at $799 billion. Reliance Industries Chairman and Managing Director Mukesh Ambani has reclaimed the first position on the 2023 Forbes list of India’s 100 Richest with a net worth of $92 billion.

Retail Jeweller India News