The business is named after Joy Alukkas, the business’s chairman and creator. Joyalukkas group possesses a chain of 85 showrooms spread over nine states, out of which 26 are located in Kerala. Joy Alukkas is the creator and chairman of the group of Joyalukkas. He’s an Indian entrepreneur in the city of Kerala. Joy used to work in his dad’s jewellery showroom that was founded in 1956. Joy Alukkas dropped out of school to visit the Gulf and start his family’s first international jewelry store in Abu Dhabi in 1987.
Joy Alukkas Net Worth $700 Million
Only over a decade after, he branched off to start his own, eponymous jewelry chain, the $1.35 billion (sales) Joy Alukkas. Headquartered in Cochin in south India, it’s 85 shops in India and the Middle East. Other interests comprise a high-end air charter, cash exchanges and his Mall of Joy, a fresh chain carrying wedding jewelry and silks, the first of which is scheduled to open in Thrissur by year end.
He does not have any gold decorations on him as would be anticipated in South India, where even men don gold decorations on their wrists, fingers and neck. It’s hard to consider he makes high end gold jewellery that reaches the lives of over 10 million customers across nine states.
Joy Alukkas’s success is caused by his forethought. In 1987, when he flew to UAE to investigate the untapped market, little did he realise that he would alter how the world looked at jewellery. Despite running a multi dollar retail gold and diamond jewellery business midway across the world, Joy Alukkas wears his success softly. Joy Alukkas revolutionised retail jewellery trade in India by introducing training programs for his workers as well as created the notion of “wedding center” within the jewellery shop. His success also contains the opening of earth’s biggest showroom and the first Diamond Cave in Chennai, India, considered the jewellery heart of India. The phenomenol achievement of the showroom and this exceptional theory has shown his foresight and business acumen. It was on account of his vision that Joyalukkas CSR (Corporate Social Responsibility) attempts were given contour through exceptional business models. This kind of attempt is the very first of its type by any jewellery retail chain. Joy Alukkas’s meteoric rise is a role model of entrepreneurial determination and intuitive business. Now Joy Alukkas leads various interests of the group including Jewellery, Cash Exchange, Malls, Vogue and Silks and High-End Air Charter. His future are to have one store in each Indian city within 150 kilometres from each other and its in this regard that his Embraer Phenom 100, component if his charter company, Joy Jets, will serve him well. As company grows, Alukkas expects to fly more in the coming years. That India is the world’s biggest importer of gold. In India, a family’s prosperity has traditionally been established by the amount of gold and property which is possessed. South India , particularly, has a voracious hunger for the yellow metal that’s origins in a 4000 year old culture. Gold can also be looked at as an investment.
Joy Alukkas group has 85 retail jewellery factory outlets across nine states,employing around 5000 individuals, which can be anticipated to triple by 2015. The group can also be involved with high-end air charter and helicopter services under the name Joy Jets. As stated by the Forbes magazine, he’s one among the 100 most affluent men of India.
Joyalukkas group is the ‘Superbrand’ prize victor of United Arab Emirates for the year 2010 and 2011. The shop also sells fabrics, apparels and accessories through its Wedding Facilities. A year ago, the 40,000 sq.ft. Here, a diamond cave giving a history of the stone has proved to be quite well-liked by residents. Alukkas is clear that gold and diamonds will stay his core company.