Joy Alukkas

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Joy Alukkas
Born
Alukkas Varghese Joy

(1956-10-29) 29 October 1956 (age 67)
Thrissur, Kerala, India
TitleChairman of Joyalukkas Group
SpouseJolly Joy
Children3

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][1]

Early life[edit]

His father, Varghese Alukkas "A. J. Varghese" of the Alukkas family started the jewellery business by setting up a small store on High Road in Thrissur, Kerala, India. [2] Later Varghese shared his business among his sons - Jos, Francis, Joy 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.

Career[edit]

In 2001, Alukkas founded Joy Alukkas Jewellery. The group is based in Thrissur, Kerala and Dubai.[3]

In 2007, he opened a Gold & Diamond jewellery showroom,[4] and a "Diamond Cave" in Chennai, India.[5]

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

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.[4] Jolly Silks was named after his wife Jolly Joy.

Philanthropy[edit]

In May 2018, Joy Alukkas donated ₹20,000,000 as a 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 ₹2.5 Crore contribution from Alukkas. Plans for a Thrissur based old age home and palliative care center were also announced.[9]

Controversy[edit]

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[edit]

  • Joy Alukkas. Spreading Joy: How Joyalukkas Became the World's Favourite Jeweller. HarperCollins India (29 October 2023) ISBN 978-9356995260[15][16]

Awards and accolades[edit]

  • 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)

References[edit]

  1. ^ "Joy Alukkas". Forbes. Retrieved 12 April 2023.
  2. ^ "Joy Alukkas: The Midas touch". Forbes India. Retrieved 27 May 2019.
  3. ^ News - The Hindu - 4 March 2006
  4. ^ a b Govardan, D. (31 January 2007). "World's largest gold showroom to come up in Chennai". The Economic Times. Retrieved 27 May 2019.
  5. ^ "'Diamond Cave' at Joyalukkas outlet. - Free Online Library". www.thefreelibrary.com. Retrieved 27 May 2019.
  6. ^ Express News Service (2 October 2012). "Forevermark joins hands with Joyalukkas". The New Indian Express. Archived from the original on 29 January 2013.
  7. ^ Staff Report. "UAE-based Joyalukkas Group donates Rs20m to Ockhi relief funds". Khaleej Times. Retrieved 27 May 2019.
  8. ^ "Joyalukkas Group to build 250 houses for Kerala flood victims". gulfnews.com. Retrieved 27 May 2019.
  9. ^ P., Anuradha. "Joy Alukkas: Creating Joy in Business and Giving Back". Bru Times News.
  10. ^ "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.
  11. ^ "ED attaches assets worth over ₹305 crore of Joyalukkas jewellery group". Hindustan Times. 24 February 2023. Retrieved 13 June 2023.
  12. ^ "Assets Worth Rs 305 Crore Of Jewellery Chain Joyalukkas Seized". NDTV.com. Retrieved 13 June 2023.
  13. ^ "ED attaches Rs 305-cr assets of Joyalukkas". The Indian Express. 24 February 2023. Retrieved 26 November 2023.
  14. ^ "Joy Alukkas ED Raid: Update". Bru Times News.
  15. ^ "'Spreading Joy': UAE-based jeweller Joy Alukkas launches autobiography at Sharjah International Book Fair". gulfnews.com. Gulf News. 5 November 2023.
  16. ^ "Lively Kajol wows fans at Joy Alukkas book launch". www.gulftoday.ae. Gulf Today.
  17. ^ "Joy Alukkas receives 'Business Excellence Award 2016'". Emirates Business. Retrieved 27 May 2019.
  18. ^ Abbas, Waheed. "14 billionaires in UAE own Dh171 billion in wealth". Khaleej Times. Retrieved 27 May 2019.
  19. ^ John, Issac. "12 from UAE in Forbes world's super rich list". Khaleej Times. Retrieved 27 May 2019.
  20. ^ "Joyalukkas gets best Indian Diamond Jewellery of the Year award | THE DAILY TRIBUNE | KINGDOM OF BAHRAIN". DT News. Retrieved 18 November 2019.
  21. ^ "Joy Alukkas". Forbes. Retrieved 18 October 2022.
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