Joy Alukkas
Born
Alukkas Varghese Joy

Thrissur, Kerala, India
TitleChairman of Joyalukkas Group

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 $3.1 billion.[1]

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.[2][3]

Early life

His father, Varghese Alukkas, was a jeweller.[4]

Career

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

In 2007, he opened the world's largest gold & diamond jewellery showroom,[6] and a "Diamond Cave" in Chennai, India.[7]

In 2012, Joyalukkas was authorized to sell Forevermark branded diamonds from De Beers.[8]

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.[9]

Other businesses headed by Joy Alukkas include Mall of Joy, a shopping retail destination, Jolly Silks, a silk fashion label, Joyalukkas Exchange, a money exchange platform, and Joyalukkas Lifestyle Developers, a real estate company.[6]

As part of an investigation into suspected black money transfers, the Income Tax Department seized Joy Alukkas Group assets valued at ₹305 crore in February 2023.[10]

Philanthropy

In May 2018, Joy Alukkas donated ₹20,000,000 as a relief fund for victims of the Cyclone Ockhi.[11] After the Kerala Floods in September 2018, the Joyalukkas Foundation announced that it would build 250 houses for those who have lost their homes.[12]

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) [13]
  • Listed in Forbes Magazine in both their World's Billionaires list as well as their India's Rich list.[14][15] (2018)
  • Best Indian Diamond Jewellery of the Year by Retail Jeweller Middle East innovation Awards (2019)[16]
  • Listed as the 69th richest Indian in Forbes India’s Richest List[17] (2022)

References

  1. ↑ "Joy Alukkas". Forbes. Retrieved 12 April 2023.
  2. ↑ "ED attaches assets worth over ₹305 crore of Joyalukkas jewellery group". Hindustan Times. 24 February 2023. Retrieved 13 June 2023.
  3. ↑ "Assets Worth Rs 305 Crore Of Jewellery Chain Joyalukkas Seized". NDTV.com. Retrieved 13 June 2023.
  4. ↑ "Joy Alukkas: The Midas touch". Forbes India. Retrieved 27 May 2019.
  5. ↑ News - The Hindu - 4 March 2006
  6. 1 2 Govardan, D. (31 January 2007). "World's largest gold showroom to come up in Chennai". The Economic Times. Retrieved 27 May 2019.
  7. ↑ "'Diamond Cave' at Joyalukkas outlet. - Free Online Library". www.thefreelibrary.com. Retrieved 27 May 2019.
  8. ↑ Express News Service (2 October 2012). "Forevermark joins hands with Joyalukkas". The New Indian Express.
  9. ↑ "I-T dept sleuths swoop down on Joyalukkas showrooms, 'tax evasion' under scanner". The Times of India. 11 January 2018. ISSN 0971-8257. Retrieved 26 November 2023.
  10. ↑ "ED attaches Rs 305-cr assets of Joyalukkas". The Indian Express. 24 February 2023. Retrieved 26 November 2023.
  11. ↑ Staff Report. "UAE-based Joyalukkas Group donates Rs20m to Ockhi relief funds". Khaleej Times. Retrieved 27 May 2019.
  12. ↑ "Joyalukkas Group to build 250 houses for Kerala flood victims". gulfnews.com. Retrieved 27 May 2019.
  13. ↑ "Joy Alukkas receives 'Business Excellence Award 2016'". Emirates Business. Retrieved 27 May 2019.
  14. ↑ Abbas, Waheed. "14 billionaires in UAE own Dh171 billion in wealth". Khaleej Times. Retrieved 27 May 2019.
  15. ↑ John, Issac. "12 from UAE in Forbes world's super rich list". Khaleej Times. Retrieved 27 May 2019.
  16. ↑ "Joyalukkas gets best Indian Diamond Jewellery of the Year award | THE DAILY TRIBUNE | KINGDOM OF BAHRAIN". DT News. Retrieved 18 November 2019.
  17. ↑ "Joy Alukkas". Forbes. Retrieved 18 October 2022.


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