Owning a luxury vehicle or a brand is perceived as the ultimate status symbol reflecting a person’s success, sophistication and appreciation for finer things in life. While for an ordinary person, it remains a dream to experience such royalty at least once in their lifetime.
Joy Alukkas: A Titan of the Jewelry Industry
John Paul Joy Alukkas, one of India’s prominent businessmen, chairman and managing director of Joyalukkas Group, a jewelry retain chain is the richest jeweler in the Indian Market. He owns a fleet of luxury cars including Rolls-Royce Ghost and Rolls-Royce Cullinan, which he recently added to his collection.
Ranking 50 at the Forbes list of 100 richest Indians, with accumulated net worth of $4.4 billion, he has improved its ranking from being 69th to 50th in 2023.
In a recent interview, the 67-year-old businessman recalled an incident that happened during his earlier visit to Dubai in 2000. Alukkas went to a showroom for Rolls-Royce dealership but the salesperson at the showroom, doubtful of his potential, denied and suggested him to check out the vehicles at nearby Mitsubishi store.
He noted, “I said I want to see the car, a Rolls Royce.”
The salesperson at the store told him, “No, no, no. If you want to buy a car, you go to the Mitsubishi showroom, you will get a car there.”
Following the incident, Alukkas felt insulted and decided to buy the same car and he purchased it too.
Even though reservations were necessarily required for the pre-booking, Alukkas convinced the dealership without reservation and was permitted to pick up the car, only to find himself with a disturbing reality.
He made the decision on impulse as he didn’t really need the car.
Alukkas then decided to gift the car to the first customer to purchase 500 AED worth of gold from his UAE company.
Meanwhile, the news created quite an uproar in the community as it was the first time a Rolls-Royce was actually put in a draw. The emerging Alukkas Jewelry got rapid recognition and hype, making it the one of the leading gold selling brands in West Asia.
Born in Thrissur Kerala, Joy Alukkas was a school dropout. In 1956, Alukkas’ father, Varghese Alukkas, opened the first jewelry store in Kerala.
Expansion into International Markets
He went to Dubai, Abu Dhabi in 1987 to open his family’s store overseas. Later, he launched his own brand, named Joyalukkas. The brand currently has over 99 outlets across the nation, including 60 overseas, with over 9000 employees currently working. It is the world’s largest gold jewelry retail outlet in Chennai.
In 2023, Joyalukkas Group had a turnover of ₹14,513 crore, with a boasting net profit of ₹899 crore in India. He has been intending to increase the count of his brand showrooms in India to 130 and is also working to expand it in the Northern India.
The Joy Alukkas group has also added other ventures including Jolly Silks, Joyalukkas Exchange and Joyalukkas Lifestyle Developers. He also runs his own organization, Joyalukkas Foundation headed by his wife, Jolly Joy.
His Son, John Paul is managing director of the international jewelry business.
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