Varghese Alukkas, the father of Joy Alukkas, established the first jewelry shop in Thrissur, Kerala, in 1956. According to the Forbes list of the 100 richest Indians, Joy Alukkas, the chairman and managing director of the jewelry store chain Joyalukkas, has surpassed all other jewelers in terms of wealth.
His projected net worth is $4.4 billion, placing him 50th in the world. He climbed 19 spots, from 69th on the previous ranking to 50th on the most recent one.
Joyalukkas Group, a global chain of jewelry retailers, is led by Alukkas. Varghese Alukkas, the father of Alukkas, established the first jewelry shop in Thrissur, Kerala, in 1956.
Joy Alukkas, a dropout, traveled 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 firm also owns the largest gold jewelry retail store in the world.
According to a press release issued by the jewelry company, Joyalukkas reported a turnover of $14,513 billion and an Indian net profit of $899 billion for FY2023. The company is currently expanding its presence in North India as the chairman plans to raise its total number of showrooms in India to 130.
Joy Alukka’s wife Jolly Joy is the managing director of the Joyalukkas Foundation, and John Paul is the managing director of the global jewellery industry.
According to the Forbes list, Mukesh Ambani has a net worth of over 92 billion dollars, making him the richest Indian. Last year’s richest Indian, Gautam Adani, dropped to second place.