In a story of perseverance and success, Joy Alukkas, the 50th richest man in India, has carved out an incredible path from humble beginnings to owning one of the country's most well-known jewellery brands. His journey has been marked by overcoming numerous obstacles, including initially being given the cold shoulder by a Rolls-Royce dealer in Dubai, and later owning an extensive luxury car fleet.
Early life and education
Born into a family deeply involved in the jewellery business, Joy Alukkas did his schooling from St Thomas' College, Thrissur and then began his entrepreneurial journey in 1976. His father, Alukkas Varghese, laid the foundation for Alukkas Jewellers which started with a small 200 sq ft retail shop in Thrissur, Kerala in 1956. The business subsequently flourished and expanded to 11 showrooms by the time the family split in 2000.
Career Beginnings and Expansion
In 1987, Joy Alux expanded into the Middle East, opening the family's first international jewellery store in Abu Dhabi – this marked the beginning of Joy Alux's international expansion which now has 84 stores across India and 43 overseas. Under his leadership, Alux Jewellery became a cornerstone of the West Asian gold market and cemented his reputation as a visionary entrepreneur.
Meet Ramesh Babu, the Indian barber-turned-billionaire who owns a fleet of 400 luxury cars. Take a look into his lavish lifestyle and his net worth of Rs 120 crore.
Axis Ecop enters fractional ownership segment, sets revenue target of Rs 1,000 crore for FY24-25
Meet George V. Nereanparambir, who started out as a mechanic and now owns 22 luxury apartments in Dubai's Burj Khalifa. Know his net worth
Meet Delhi's richest businessman, who has a net worth of Rs 2.79 billion and donated Rs 56 million to charity every day in 2022-2023. Get to know about his career, family, and more.
Rolls Royce Affair
Joy Alukkas' career was marked by a turning point in 2000 when he encountered discrimination at a Rolls-Royce dealership in Dubai. Despite expressing interest in buying a Rolls-Royce Silver Seraph, he was directed to a Mitsubishi showroom by an unsympathetic salesman. Determined to prove his point, Alukkas not only bought a Rolls-Royce, but also raffled it off as a gift — a symbolic victory over prejudice and one that set a precedent in the region.
Personal life and charitable activities
Joy Alukkas is supported by his wife Jolie Joy, who heads the Joy Alukkas Foundation, and his son John Paul, who is the Managing Director of his international jewellery business. Apart from jewellery, Alukkas has also been involved in various businesses including money exchanges, shopping malls and real estate, displaying his versatile entrepreneurial spirit.
Recent Achievements
In March this year, Joy Alukkas added a Rolls-Royce Cullinan worth Rs 6 crore to his luxury car collection, underscoring his continuing success and affluent lifestyle. His net worth, currently estimated by Forbes magazine at $4.4 billion, reflects his status as a giant in the global jewellery industry and beyond.
Joy Alukkath's journey from a small town in Kerala to helming a global jewellery empire is a testament to his determination and business acumen. Despite facing setbacks including discrimination early in his career, Alukkath has emerged as a symbol of success and resilience in the business world. His story serves as an inspiration to entrepreneurs and a reminder of the transformative power of perseverance and vision.
