'Forbes List of India's 100 Richest 2023' ranks him as 50th richest Indian.
MUMBAI, India, Oct. 16, 2023 /PRNewswire/ -- Joy Alukkas Group proudly announces that the company's Chairman, Mr. Joy Alukkas, has steadily climbed up the ranks to reach the 50th spot in 'Forbes List of India's 100 Richest 2023'. As the only jeweller from India on this prestigious list, Mr. Joy Alukkas displayed an outstanding performance that surpassed even listed peer groups in the industry.
Mr. Joy Alukkas was instrumental in revolutionising Indian jewellery sector. His pioneering and groundbreaking concepts such as multiple store retail, organized retailing operations, and large format stores have transformed the business landscape of the Indian jewellery sector globally, where it had been fragmented and predominantly family run stores.
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—a testament to Mr. Joy Alukkas' impact—which is projected to rise to 47% by FY 2026.
Besides being a leader in the industry and an innovative game-changer, Mr. Joy Alukkas is celebrated for his inherent qualities as a lifelong learner and a contrarian. These traits have contributed significantly to his success—emphasized by endeavours like opening the World's Largest outlet in Chennai, offering a Rolls Royce car as giveaway in promotion and entering new markets like UK, USA and the Far East.
Mr. Joy Alukkas embodies decisiveness in his strategy, without succumbing to analysis paralysis. He had successfully navigated the business through major global events like the 2008 Global Financial Crisis and the 2020 pandemic.
He has improved his ranking from 69th in the previous year to 50th this year in the Forbes India's Richest List—mere proof of the exceptional performance of the brand Joyalukkas and its consistent growth in turnover and profitability.
Affectionately known as the 'World's Favourite Jeweller,' this milestone deserves its celebration. He continues to enrich India's jewellery industry and leaves an indelible mark on the global front.
Today, Joyalukkas group has 160 Showrooms across 11 countries with more than 9000 employees. Within the span of a short period, Joyalukkas Group has become the trusted jewellery partner for 10 million customers across the world and have created 1 million exclusive designs.
