Industry Insights and Celebrating Global Achievements
In a remarkable testament to the global influence of the jewellery industry, Forbes has recognized Mr. Joy Alukkas, Chairman of the Joy Alukkas Group, as India’s Richest Jeweller. Climbing steadily, he now holds the 50th position in the ‘Forbes List of India’s 100 Richest 2023′. Notably, he stands as the sole jeweller from India to grace this esteemed list.
The Indian jewellery market, projected to soar from US$76.77 billion in 2023 to over US$100 billion by 2027, has witnessed significant transformations. A staggering 38% of this market now aligns with the organized sector, a figure anticipated to rise to 47% by FY 2026. These shifts can be attributed to Mr. Joy Alukkas’ innovative strategies, including the introduction of multiple store retail, organized retailing operations, and expansive store formats. Such initiatives have reshaped a sector that was once fragmented and dominated by family-run establishments.
Beyond his business acumen, Mr. Joy Alukkas is renowned for his resilience and adaptability. His ventures, such as launching the world’s largest outlet in Chennai and offering a Rolls Royce car in promotions, underscore his visionary approach. Successfully steering the company through global challenges like the 2008 financial crisis and the 2020 pandemic, he has solidified his reputation as a stalwart in the industry.
His ascent from the 69th to the 50th position in just a year on Forbes India’s Richest List is a testament to the brand Joyalukkas’s consistent growth and profitability. Fondly termed the ‘World’s Favourite Jeweller’, Mr. Joy Alukkas continues to enhance India’s jewellery sector, making a global impact.
Today, the Joyalukkas Group boasts 160 showrooms across 11 countries, employing over 9000 individuals. In a relatively short timeframe, they’ve become the trusted jewellery partner for 10 million global customers, crafting over 1 million exclusive designs.