MUMBAI, India, Oct. 16, 2023 /PRNewswire/ — Joy Alukkas Group is proud to announce that the company’s Chairman, Mr. Joy Alukkas, has steadily climbed up the ranks to reach the 50th position in the ‘Forbes List of India’s 100 Richest 2023′. As the only jeweller from India in this prestigious list, Mr. Joy Alukkas has demonstrated an outstanding performance that has surpassed even listed peer groups in the industry.
Mr. Joy Alukkas has been instrumental in revolutionising the Indian jewellery sector. His pioneering and ground-breaking concepts such as multi-store retailing, organised retailing and large format stores have changed the business landscape of the Indian jewellery sector globally from being fragmented and predominantly family-owned.
India’s jewellery market size is projected to grow from USD 76.77 billion in 2023 to over USD 100 billion by 2027. According to FY2022 data, 38% of India’s jewellery market now falls under the organised sector – a testament to Mr Joy Alukkas’ impact – which is projected to rise to 47% by FY2026.
Apart from being an industry leader 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 – underlined by endeavours such as opening the world’s largest outlet in Chennai, offering a Rolls Royce car as a promotional giveaway and entering new markets such as the UK, USA and the Far East.
Mr Joy Alukkas embodies decisiveness in his strategy without succumbing to analysis paralysis. He has successfully navigated the company through major global events such as the 2008 global financial crisis and the pandemic of 2020.
He improved his ranking in Forbes India’s Richest List from 69th last year to 50th this year – a testament to the exceptional performance of the Joyalukkas brand and its consistent growth in sales and profitability.
Affectionately known as ‘The World’s Favourite Jeweller’, this milestone deserves to be celebrated. It continues to enrich the Indian jewellery industry and leaves an indelible mark on the global front.
Today, the Joyalukkas Group has 160 showrooms in 11 countries with over 9000 employees. In a short span of time, Joyalukkas Group has become the trusted jewellery partner for 10 million customers across the globe and has created 1 million exclusive designs.
