On March 16, 2008, Joyalukkas opened a 70,000-square-foot store in Chennai's largest jewelry mall, Prashant Real Gold Tower, which was the largest gold showroom in the world.
Hard work leads to success, but there’s another aspect that often goes unnoticed: the ability to make the right decisions. Following this formula, Alukkas Varghese Joy has become the wealthiest jeweler in the country, with a net worth of approximately Rs 36,520 crore.
Alukkas Varghese Joy was born in Kerala in 1956. His father ran a 220-square-foot jewelry shop on High Road in Thrissur, Kerala. While the family was originally involved in the textile business, Joy was more attracted to the glitter of gold. Aspiring to shine like pure gold, he decided to venture into the jewelry business.
During the time when oil reserves were being discovered in the UAE and many Indians were moving there for work, Joy saw an opportunity. At that time, traditional Indian jewelry designs were scarce, and the market was unorganized. Sensing this opportunity, Joy took a flight to the UAE and opened his first store in Abu Dhabi on his very first trip.
After the success of his first store, Joy opened another one in 1988 in Dubai's famous Gold Souk. In 2001, he made headlines by gifting a Rolls Royce to a lucky customer through a draw, which spread like wildfire. However, a twist in the story came in 2002 when Joy and his four brothers divided the jewelry business. Joy chose a challenging path, opening a 5,800-square-foot flagship store in Kottayam, Kerala, followed by another store in Coimbatore, Tamil Nadu. He also wanted to give a new identity to his business, leading to the launch of Joyalukkas in 2005, incorporating his own name into the brand.
Revolutionising the Gold Business Joy’s business acumen led to extraordinary achievements. He introduced the carat meter, allowing customers to verify the gold content in their jewelry, and standardized gold prices. Over time, he expanded, opening stores from Tamil Nadu to Delhi and London, transitioning from a regional to an international player.
Joyalukkas became the first jewelry company in India to receive ISO 9001 and 14001 certifications. On March 16, 2008, Joyalukkas opened a 70,000-square-foot store in Chennai's largest jewelry mall, Prashant Real Gold Tower, which was the largest gold showroom in the world. The company crossed Rs 4000 crore in revenue, joining the billion-dollar club.
Joy consistently made the right decisions, choosing locations wisely, hiring and training staff effectively, and never compromising on quality. In 2009, he created another sensation by distributing 10 BMW luxury cars to customers through a lucky draw, making headlines once again.
Instead of opening small stores, Joyalukkas offered small franchises, which helped him surpass major brands like Kalyan Jewellers and Senco. By 2021, the company’s revenue had reached ₹8,066 crore with a profit of Rs 472 crore.
Today, Joyalukkas’ revenue stands at Rs 14,513.42 crore, with a net profit of Rs 899 crore. The brand has over 160 stores across India and a presence in 11 countries. The company is also diversifying into other businesses such as shopping retail, silk labels, and money exchange. With a net worth of Rs 36,520 crore, Joy Alukkas is India's richest jeweler and has secured a place in Forbes’ list of the 50 richest Indians.
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