Joy Alukkas

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Joy Alukkas
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Born
Alukkas Varghese Joy

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Thrissur, Travancore–Cochin State (now Kerala), India
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TitleChairman of Joyalukkas Group
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SpouseTemplate:Pluralize from textJolly JoyTemplate:Pluralize from text
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Websitewww.joyalukkas.in

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Joy Alukkas is an Indian businessman from Kerala. He is the chairman and managing director of Joyalukkas Group. According to a 2023 Forbes report, he has a net worth of $4.4 billion.[1][2]

Early life

His father, Varghese Alukkas "A. J. Varghese" of the Alukkas family started the jewellery business by setting a store in Thrissur, Kerala, India.[3][4] Later Varghese shared his business among his sons - Jos, Francis, Joy Alukkas and Anto Alukkas.

Joy Alukkas is concentrated in overseas business and started trading in gulf countries. Joy Alukkas' original name according to Malayali naming conventions was A. V. Joy.[citation needed]

Career

In 2001, Alukkas founded Joy Alukkas Jewellery. The group is based in Thrissur, Kerala and Dubai.[5]

In 2012, Joyalukkas was authorized to sell Forevermark branded diamonds from De Beers.[6]

Philanthropy

In May 2018, Joy Alukkas contributed to relief fund for victims of the Cyclone Ockhi.[7] After the Kerala Floods in September 2018, the Joyalukkas Foundation announced that it would build 250 houses for those who have lost their homes.[8]

350 orphaned students were awarded the 'Joy of Hope' scholarship by Joyalukkas Foundation securing educational support for five years. Supported by a contribution from Alukkas. Plans for a Thrissur-based old age home and palliative care center were also announced.[9]

Controversies

In 2018, Income Tax Department Kochi carried out an IT raid on over 130 showrooms and premises related to the group, and found tax evasion and unaccounted sales of gold jewellery to the tune of ₹500 crore.[10]

In February 2023, the Income Tax Department confiscated assets worth ₹305 crore of Joy Alukkas group as part of the raid on alleged black money transfers.[11][12][13]

ED has successfully resolved the case of financial transfer via Hawala Channels from India to Dubai, Joy Alukkas, the Chairman of Joy Alukkas India Pvt Ltd, had assets valued at ₹305.84 crore attached by the Directorate of Enforcement in February 2023.[14]

Bibliography

Awards and accolades

  • Alukkas received ‘The Business Excellence Award 2016’ from Sheikh Nahyan Bin Mubarak Al Nahyan, UAE Minister of Culture, Youth and Social Development, organized by Indian Business Professionals Council (IBPC). (2016) [17]
  • Listed in Forbes Magazine in both their World's Billionaires list as well as their India's Rich list.[18][19] (2018)
  • Best Indian Diamond Jewellery of the Year by Retail Jeweller Middle East innovation Awards (2019)[20]
  • Listed as the 69th richest Indian in Forbes India's Richest List[21] (2022)
  • Joy Alukkas climbed to the position of richest jeweller in India with a rank of 50, his estimated net worth is $4.4 billion.[22]

References

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  1. ^ Page Module:Citation/CS1/styles.css has no content."Joy Alukkas". Forbes. Archived from the original on 6 October 2022. Retrieved 12 April 2023.
  2. ^ Page Module:Citation/CS1/styles.css has no content."Meet Joy Alukkas, school dropout who became India's richest jeweler". Hindustan Times. Retrieved 18 October 2024.
  3. ^ Page Module:Citation/CS1/styles.css has no content.Sazonov, Alexander (5 March 2026). "Billionaire Sitting On 16,000 Kilos of Gold Says Price Will Rise". Bloomberg news. Retrieved 5 March 2026.
  4. ^ Page Module:Citation/CS1/styles.css has no content."Joy Alukkas: The Midas touch". Forbes India. Retrieved 27 May 2019.
  5. ^ News - The Hindu - 4 March 2006
  6. ^ Page Module:Citation/CS1/styles.css has no content.Express News Service (2 October 2012). "Forevermark joins hands with Joyalukkas". The New Indian Express.{{cite news}}: CS1 maint: deprecated archival service (link)
  7. ^ Page Module:Citation/CS1/styles.css has no content.Staff Report. "UAE-based Joyalukkas Group donates Rs20m to Ockhi relief funds". Khaleej Times. Retrieved 27 May 2019.
  8. ^ Page Module:Citation/CS1/styles.css has no content."Joyalukkas Group to build 250 houses for Kerala flood victims". gulfnews.com. Retrieved 27 May 2019.
  9. ^ Page Module:Citation/CS1/styles.css has no content.P., Anuradha. "Joy Alukkas: Creating Joy in Business and Giving Back". Bru Times News.
  10. ^ Page Module:Citation/CS1/styles.css has no content."I-T dept sleuths swoop down on Joyalukkas showrooms, 'tax evasion' under scanner". The Times of India. 11 January 2018. ISSN 0971-8257. Archived from the original on 26 September 2022. Retrieved 26 November 2023.
  11. ^ Page Module:Citation/CS1/styles.css has no content."ED attaches assets worth over ₹305 crore of Joyalukkas jewellery group". Hindustan Times. 24 February 2023. Retrieved 13 June 2023.
  12. ^ Page Module:Citation/CS1/styles.css has no content."Assets Worth Rs 305 Crore Of Jewellery Chain Joyalukkas Seized". NDTV.com. Retrieved 13 June 2023.
  13. ^ Page Module:Citation/CS1/styles.css has no content."ED attaches Rs 305-cr assets of Joyalukkas". The Indian Express. 24 February 2023. Archived from the original on 3 April 2023. Retrieved 26 November 2023.
  14. ^ Page Module:Citation/CS1/styles.css has no content."Joy Alukkas ED Raid: Update". Bru Times News. Archived from the original on 24 January 2024. Retrieved 24 January 2024.
  15. ^ Page Module:Citation/CS1/styles.css has no content."'Spreading Joy': UAE-based jeweller Joy Alukkas launches autobiography at Sharjah International Book Fair". gulfnews.com. Gulf News. 5 November 2023. Archived from the original on 27 December 2023. Retrieved 27 December 2023.
  16. ^ Page Module:Citation/CS1/styles.css has no content."Lively Kajol wows fans at Joy Alukkas book launch". www.gulftoday.ae. Gulf Today.
  17. ^ Page Module:Citation/CS1/styles.css has no content."Joy Alukkas receives 'Business Excellence Award 2016'". Emirates Business. Retrieved 27 May 2019.
  18. ^ Page Module:Citation/CS1/styles.css has no content.Abbas, Waheed. "14 billionaires in UAE own Dh171 billion in wealth". Khaleej Times. Archived from the original on 27 May 2019. Retrieved 27 May 2019.
  19. ^ Page Module:Citation/CS1/styles.css has no content.John, Issac. "12 from UAE in Forbes world's super rich list". Khaleej Times. Archived from the original on 27 May 2019. Retrieved 27 May 2019.
  20. ^ Page Module:Citation/CS1/styles.css has no content."Joyalukkas gets best Indian Diamond Jewellery of the Year award | THE DAILY TRIBUNE | KINGDOM OF BAHRAIN". DT News. Archived from the original on 25 October 2022. Retrieved 18 November 2019.
  21. ^ Page Module:Citation/CS1/styles.css has no content."Joy Alukkas". Forbes. Archived from the original on 6 October 2022. Retrieved 18 October 2022.
  22. ^ Page Module:Citation/CS1/styles.css has no content."How Joy Alukkas Became India's Richest Jeweller". Forbes India. Archived from the original on 3 May 2024. Retrieved 3 May 2024.

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