Joy Alukkas founder 50th richest Indian on Forbes list

Jewellery brand, Joy Alukkas Group announced that the company’s Chairman, Joy Alukkas, has climbed up the ranks toreach the 50thspot in ‘Forbes List of India’s 100 Richest’ 2023. He is the onlyjeweller from India to appear on the list. The Chairman was at 69th rank in the previous year.

Joy Alukkas Group has 160 showrooms across 11 countries with more than 9,000 employees. The brand has served as a jewellery partner for 10 million customers from across the world and, has created 10 lakh exclusive designs.

The Group said, “Joy Alukkas was instrumental in revolutionising Indian jewellery sector.

Hispioneering and groundbreaking concepts such as multiple retail store,organised retailing operations, and large format stores have transformed thebusiness landscape of the Indian jewellery sector globally, where it had beenfragmented and predominantly family run stores.”

India’s jewellery market size is projected to grow from $76.77 billion in 2023to $100 billion by 2027.

According to FY 2022 data, 38 per cent of the Indianjewellery market now falls under the organised sector,which is projected to rise to 47 per cent by FY 2026.

The brand further informed that Joy Alukkas is known for opening the world’s largest outlet in

Chennai, offer a Rolls Royce car as giveaway in promotion, and enteringnew markets such as UK, USA and the Far East.