From a large window at his office in Thrissur, the view that greets Joy Alukkas, Chairman of Joyalukkas Group, is his latest passion project — the under-construction Gold Tower, which he says will change the skyline of Kerala’s cultural capital dramatically. When ready by 2029, the 190-m, 50-storey tower will be the tallest building in the State. He says it will be a gold standard in luxurious living, with Italian marble and plush facilities. “Only high net-worth people can afford this,” says Alukkas.

Each four-bedroom unit will cost ₹6 crore, while it’s ₹4 crore for a three-bedroom unit. Why the huge gap between the construction of the Gold Tower in Kochi a decade ago and the new one in Thrissur, we ask. “Because this is not my real business,” responds Alukkas, whose jewellery business in FY2025-26 clocked a turnover of ₹36,321 crore.

But the ‘side business’ seems to be turning serious as he animatedly talks about Joyalukkas Realty’s next Gold Tower project in Kozhikode, which is at the drawing stage after land acquisition. The units there will cost ₹10 crore each, says Alukkas, boasting a very large dining area as the Malabar region is known for its plentiful celebrations. “Even a routine visit to parents becomes a celebration over biryani,” he says.

The man with the Midas touch — India’s wealthiest jewellery entrepreneur with an estimated net worth of over $5 billion — charms us with his ready wit, shrewd insights on consumer wants, and light-hearted take on life. “We should not worry about next week or next year. Enjoy every second,” he says.

His spacious office is dominated by family pictures with his wife, Jolly, his children, their spouses, and grandchildren, and large wall clocks showing the time in every country where the company’s 200 stores are located. “We are in 13 countries — India, the US, the UK, Canada, Australia, Singapore, Malaysia, Bahrain, Kuwait, UAE, Qatar, Saudi Arabia, Oman,” he says, describing his big international presence as his strength. Eight stores are in the US (three more will open shortly), 32 in the Gulf and 120 in India.

Although he is a second-generation jeweller — his father started the business in 1956, the year he was born — Alukkas’ success is very much self-made, with its share of drama, as vividly narrated in his best-selling memoir, Spreading Joy. He says he was always the underdog in his family, with his siblings tending to dismiss his abilities.

He was the 11th among the five sons and 10 daughters born to his parents. His dad, Alukka Joseph Varghese, had moved from Angamally to Thrissur, where he started an umbrella shop and a few other businesses, including packaging material and real estate.

Alukkas has many interesting stories about Thrissur in the old days — how it was a manufacturing hub with skilled goldsmiths (thattans), and how several policy changes, especially the 1964 Gold Control Act, had influenced the retail business. All five brothers joined their father’s jewellery business and they expanded to Kozhikode. The timing was right as Kozhikode was the centre of Malayali migration to the Gulf, and wealth in that city was growing. Then the family decided to expand to the UAE, and Alukkas volunteered to go.

“It was like a relay race — we were all handed the baton and we ran,” he says. In 2001, the family split — brothers Jos, Paul and Francis inherited stores in various parts of Kerala, while Alukkas was handed the West Asia business.

So, how exactly did he succeed beyond imagination? Pat comes the reply, “Because I changed the system of how jewellery operations were run when I went to Dubai. I would not sit in the shop. Most jewellers in India sit at the cash counter. That can be done by software also. I decided to spend time strategising outside.” From 2003 on, there are annual reports of the company’s operations, says Alukkas, pulling out beautifully produced books. He says he is one of the most profitable jewellery retailers because he runs tight and efficient operations, carefully selecting stores and staff , and innovating constantly — such as launching the first ever loyalty programme in jewellery.

What prompted his return to Kerala? “Family issues,” he says. Though there was an understanding among the brothers that they would not tread on each other’s toes, his elder brother opened two stores in Dubai. When Alukkas protested he was told he could open in Kerala if he wanted. “He was sure I would not succeed as I was used to the ‘AC environment’ in the Gulf,” says Alukkas. But his India stores proved successful. “I got my staff to wear a uniform, put in software and systems, and introduced many firsts, like the 916 purity gold,” he says, adding that he carved out a distinct brand identity for the Joyalukkas chain.

He pauses his narration as he leads us and his marketing head, Anish Varghese, out for lunch. Much to our thrill we get a ride in his Rolls Royce. We head to a new eatery, Wok Street, which is brimming with lunching families. No five-star frills, but Alukkas, the man who owns two planes (a Cessna and a Falcon) and a helicopter, looks equally at home here. Two kinds of grilled fish, one with red Arabic masala and another with a green coating, are ordered and there is much discussion over which biryani to order — Thalassery or Kozhikode. “Let’s just order Kozhikode as that town is closer to us,” says Alukkas, closing the discussion with a grin. Some hakka noodles and gobi cashewnut Manchurian is ordered too. Everything proves to be delicious. Alukkas says he and his wife eat simple fare at home and he believes in eight hours of sound sleep. No late-night television or movies.

We ask for his take on gold prices, which crossed the $5,000 barrier in January. “My gut feeling is it will come down to $3,000 in the next three months,” says Alukkas.

Would he go for an IPO? He categorically rules out the idea, saying that listing would lead to quarterly result pressures. “I don’t want any worries. A good lifestyle, peace of mind and good sleep are all I want. When the children take over, they can do it if they want,” he says.

Which leads us to the succession issue. Alukkas is firm that his two sons-in-law — Antony Jos and Thomas Mathew — who were recently drafted into the business as executive directors, will have to prove their mettle before he can give them a “suitably high designation”. His son John Paul is the CEO of the international business.

There have been some diversifications — for instance, Jolly Silks (sarees), Joyalukkas Exchange (financial services) and Joyalukkas Realty. There is philanthropy through the Joyalukkas Charitable Foundation. “We are doing many things in education — we have scholarships for children. We are investing in old-age homes; this year we have built over 500 homes for the underprivileged,” he says.

We choose to skip dessert, settling for coffee instead. A banker acquaintance from Dubai, who notices him and comes over for a chat, is greeted warmly. We can’t help thinking that Joy Alukkas wears his wealth lightly, and is also aptly named.

Published on August 3, 2026