Joy Alukkas

$5.01 B

Ranked #828 in World

About Joy Alukkas

Renowned Indian tycoon Joy Alukkas, hailing from Kerala and heading the multibillion-dollar Joyalukkas Group, boasts a Forbes-reported net worth of $3.1 billion in 2023. Son of jeweller Varghese Alukkas, he founded the Joy Alukkas Jewelry brand in 2001. With a portfolio including Joyalukkas Exchange and Jolly Silks, the group also commits to philanthropy, notably aiding in the Kerala floods. Despite prosperity, they faced tax evasion issues in 2018. Alukkas has received high-profile awards, cementing his presence in the global business realm.

Born

September 04, 1956 in Thrissur, Kerala, India

Age

69 years

Source Of Wealth

Jewelry

Industries

Fashion & Retail

Citizenship

India

Residence

Cochin

Spouse

Jolly Joy

Children

Joy Alukkas, a prominent Indian businessman from Kerala, was born into a family with a rich history in the jewelry industry. His father, Varghese Alukkas, was a renowned jeweler who instilled in Joy a deep appreciation for the craft and a strong work ethic.

Joy Alukkas: Family

Joy Alukkas comes from a close-knit family that has played a significant role in his success. His wife, Jolly Joy Alukkas, is a pillar of support and actively involved in the family business. Together, they have raised two sons, John Paul Alukkas and James Jacob Alukkas, who are also actively involved in the Joyalukkas Group.

Joy Alukkas: Career Highlights

Joy Alukkas's entrepreneurial journey began in 2001 when he founded Joy Alukkas Jewelry. With a vision to create a world-class jewelry brand, he expanded the group's presence both in India and internationally. The group is headquartered in Thrissur, Kerala, and has a strong presence in Dubai.

One of Joy Alukkas's notable achievements was the opening of a gold & diamond jewelry showroom and the "Diamond Cave" in Chennai, India, in 2007. This marked a significant milestone in the company's growth and solidified its position as a leading player in the jewelry industry.

In 2012, Joy Alukkas Group was authorized to sell Forevermark branded diamonds from De Beers, a testament to the company's commitment to quality and authenticity.

Beyond jewelry, Joy Alukkas has also ventured into other businesses, including Mall of Joy, Jolly Silks, Joyalukkas Exchange, and Joyalukkas Lifestyle Developers, demonstrating his diverse entrepreneurial interests.

Joy Alukkas: Philanthropy

Joy Alukkas is known for his philanthropic endeavors and commitment to giving back to society. In 2018, he donated ₹20,000,000 as a relief fund for victims of Cyclone Ockhi, demonstrating his compassion and concern for those affected by natural disasters.

In the wake of the devastating Kerala Floods in 2018, the Joyalukkas Foundation announced plans to build 250 houses for those who lost their homes.

This initiative reflects Joy Alukkas's commitment to supporting his home state and providing assistance during times of crisis.

Recognizing the importance of education, Joy Alukkas has also awarded 350 orphaned students with the 'Joy of Hope' scholarship for five years, ensuring their access to quality education and a brighter future.

Additionally, Joy Alukkas has plans to establish a Thrissur-based old age home and palliative care center, further demonstrating his dedication to social welfare and community development.

Joy Alukkas: Controversy

Despite his business success, Joy Alukkas has faced controversies related to tax evasion. In 2018, the Income Tax Department Kochi conducted IT raids on over 130 showrooms related to the Joyalukkas Group. The raids revealed tax evasion and unaccounted sales of gold jewelry worth ₹500 crore.

As a result, the Income Tax Department confiscated assets worth ₹305 crore of the Joy Alukkas group in 2023. Furthermore, the Enforcement Directorate (ED) attached assets valued at ₹305.84 crore of Joy Alukkas India Pvt Ltd, highlighting the seriousness of the tax evasion allegations.

Joy Alukkas: Awards & Achievements

Joy Alukkas's contributions to the jewelry industry and his philanthropic efforts have been widely recognized. In 2016, he received 'The Business Excellence Award' from Sheikh Nahyan Bin Mubarak Al Nahyan, acknowledging his outstanding achievements in the business world.

Joy Alukkas was listed in Forbes Magazine's World's Billionaires list and India's Rich list in 2018, a testament to his immense wealth and business acumen.

In 2019, Joy Alukkas Jewelry was awarded the Best Indian Diamond Jewellery of the Year by Retail Jeweller Middle East Innovation Awards, further solidifying the company's position as a leader in the industry.

Most recently, Joy Alukkas was listed as the 69th richest Indian in Forbes India's Richest List in 2022, highlighting his continued success and prominence in the business world.

Joy Alukkas: Personal Life & Legacy

Joy Alukkas is known for his humble and down-to-earth personality.

Despite his immense wealth and success, he remains grounded and deeply connected to his roots. He is a devout Christian and actively involved in various religious and charitable activities.

Joy Alukkas's legacy is one of entrepreneurship, philanthropy, and a commitment to excellence. He has built a business empire that has not only transformed the jewelry industry but has also positively impacted countless lives through his charitable initiatives.

Joy Alukkas: Trivia

Joy Alukkas is an avid collector of antique jewelry and possesses a vast collection of rare and exquisite pieces. He is also passionate about traveling and exploring different cultures, which often inspires his jewelry designs.

Joy Alukkas is a strong believer in the power of education and has established several educational institutions in his home state of Kerala. He is committed to providing opportunities for young people to access quality education and achieve their full potential.

Wealth History

Timeline

2001

Founded Joy Alukkas Jewelry.

2007

Opened gold & diamond jewellery showroom and "Diamond Cave" in Chennai, India.

2012

Authorized to sell Forevermark branded diamonds from De Beers.

2016

Received 'The Business Excellence Award 2016' from Sheikh Nahyan Bin Mubarak Al Nahyan.

2018

Donated ₹20,000,000 as relief fund for Cyclone Ockhi victims.

2018

Joyalukkas Foundation announced building 250 houses for those who lost homes in Kerala Floods.

2018

Income Tax Department Kochi conducted IT raid on over 130 showrooms related to the group.

2018

Listed in Forbes Magazine's World's Billionaires list and India's Rich list.

2019

Received Best Indian Diamond Jewellery of the Year by Retail Jeweller Middle East innovation Awards.

2022

Listed as the 69th richest Indian in Forbes India's Richest List.

2023

Income Tax Department confiscated assets worth ₹305 crore of Joy Alukkas group.

2023

ED attached assets valued at ₹305.84 crore of Joy Alukkas India Pvt Ltd.

Joy Alukkas : FAQs

What is Joy Alukkas's current net worth?

Joy Alukkas's current net worth is $5.01 billion.

What is Joy Alukkas's current global rank among billionaires?

Joy Alukkas holds the 828th position globally among billionaires.

What is Joy Alukkas's current ranking within the India?

Joy Alukkas holds the 34th position in India.

What was the change in Joy Alukkas's net worth compared to the previous year?

Joy Alukkas's net worth decreased by 228.37 million dollars compared to the previous year 2025, when his net worth was 5.24 billion dollars.

What are Joy Alukkas's main sources of wealth?

Joy Alukkas's main source of income comes from Jewelry.

In which industry does Joy Alukkas primarily operate?

Joy Alukkas is primarily involved in the Fashion & Retail industry.

How old is Joy Alukkas?

Joy Alukkas is 69 years old.

How many children does Joy Alukkas have?

Joy Alukkas has 3 children.

What renowned jewelry business did Joy Alukkas establish and expand?

Joy Alukkas founded Joy Alukkas Jewelry in 2001, expanded his group to include various showrooms, and partnered with De Beers to sell Forevermark diamonds. His business interests also include the Mall of Joy, Jolly Silks, Joyalukkas Exchange, and Joyalukkas Lifestyle Developers.

How has Joy Alukkas contributed to philanthropy?

Joy Alukkas has donated significantly, including ₹20 million for Cyclone Ockhi victims, building 250 houses post Kerala Floods, provided scholarships to orphaned students, and is planning to establish an old age home and palliative care center.

What were the outcomes of the income tax raids on Joy Alukkas's showrooms?

The Income Tax Department raids on Joy Alukkas's showrooms in 2018 revealed tax evasion and unaccounted gold jewellery sales. In 2023, assets worth ₹305 crore of the Joy Alukkas group were confiscated, with corresponding assets attached by the Enforcement Directorate.

What awards and recognitions has Joy Alukkas received for his business achievements?

Joy Alukkas has received 'The Business Excellence Award 2016', appeared in Forbes Magazine's World's Billionaires list and India's Rich list, won the Best Indian Diamond Jewellery of the Year at the Retail Jeweller Middle East Innovation Awards, and was ranked the 69th richest Indian in Forbes India's Richest List in 2022.