Meet school dropout, who became India’s richest jeweller with net worth Rs 36,700 crore

According to the Forbes list of the 100 richest Indians, Joy Alukkas, the chairman and managing director of the jewellery retail chain Joy Alukkas, has surpassed all other jewellers in terms of wealth. 

His estimated net worth is $4.4 billion, ranking 50. He moved up 19 positions, moving from 69th on the previous list to 50th on the most recent one. 

Joy Alukkas: About
Alukkas is the chairperson of a multi-national jewellery retail chain, Joyalukkas Group. His father, Varghese Alukkas, opened the first jewellery store in Kerala’s Thrissur, in 1956. In 2007, he opened the world's largest gold & diamond jewellery showroom,[6] and a "Diamond Cave" in Chennai. 

Alukka's wife Jolly Joy is the managing director of the Joyalukkas Foundation, and their son John Paul is the managing director of the global jewellery industry.

He dropped school and travelled to the Middle East in 1987 to launch the family’s first international store in Abu Dhabi. Later, he split off to start his own company, Joyalukkas, which has over 9000 people and 100 locations across India and 60 abroad. In Chennai, the business also owns the largest gold jewellery retail store in the world.

His innate abilities as a lifelong learner and a contrarian are credited to Joy Alukkas. He exhibits decisiveness in his approach without falling victim to paralysis by analysis.

According to a press release issued by the jewellery company, Joyalukkas reported a turnover of Rs 14,513 crore and an Indian net profit of Rs 899 crore for FY2023. 

The chairman intends to increase the number of showrooms in India to 130, and the company is now increasing its presence in North India.