Forbes List of India’s 100 Richest’2023 ranks him as 50th richest Indian.
Joy Alukkas Group is delighted to announce that Mr. Joy Alukkas, the company’s chairman, has progressively ascended the ranks to the 50th spot in the ‘Forbes List of India’s 100 Richest‘ 2023. Mr. Joy Alukkas, the only jeweller from India on this elite list, delivered an excellent result that outperformed even the industry’s recognized peer groups.
Mr. Joy Alukkas was essential in transforming the Indian jewelry industry. His pioneering and breakthrough initiatives, such as multiple store retail, structured retailing operations, and large format stores, have revolutionized the worldwide business environment of the Indian jewelry sector, which was previously fragmented and dominated by family-run stores.
The Indian jewelry market is expected to expand from US$76.77 billion in 2023 to US$100 billion by 2027. According to FY 2022 data, the organized sector already accounts for 38% of the Indian jewelry market, a monument to Mr. Joy Alukkas‘ influence, and this figure is expected to climb to 47% by FY 2026.
Mr. Joy Alukkas is known for his innate abilities as a lifelong learner and a contrarian, in addition to being an industry leader and a creative game changer. These characteristics have contributed considerably to his success, as seen by endeavors such as opening the World’s Largest shop in Chennai, offering a Rolls Royce car as a promotional prize, and expanding into new areas like as the United Kingdom, the United States, and the Far East.
Mr. Joy Alukkas‘ technique exemplifies decisiveness without succumbing to analytical paralysis. He has successfully led the company through big global crises such as the 2008 Global Financial Crisis and the 2020 pandemic.
He has risen from 69th to 50th on the Forbes India Rich List this year, owing to the remarkable performance of the Joyalukkas brand and its consistent development in turnover and profitability.
This milestone deserves to be celebrated by the man regarded as the “World’s Favorite Jeweller.” He continues to improve the Indian jewelry sector while leaving an everlasting impact on the global stage.