Joy Alukkas is India’s richest jeweller: Forbes

Kochi: Joy Alukkas of Joy Alukkas Group has been ranked 50th in Forbes latest list of India’s richest for 2023, becoming the only jeweller in the ranking, moving up from the 69th spot the previous year.

His eponymous multi-national jewellery group has 160 showrooms across 11 countries with more than 9,000 employees.

“Joy Alukkas was instrumental in revolutionising the Indian jewellery sector. His concepts such as multiple store retail, organised retailing operations, and large format stores have transformed the business landscape of the Indian jewellery sector globally, where it had been fragmented and predominantly family run stores,” the company said in a statement.

India’s jewellery market size is projected to grow from $76.77 billion in 2023 to cross $100 billion by 2027. According to FY22 data, 38 per cent of the Indian jewellery market now falls under the organised sector, projected to rise to 47 per cent by FY26.