Success Story : It is said that hard work brings success, but there is one more thing that people often forget to talk about. The truth is that hard work is required for success, along with that there should also be the understanding to take the right decisions. In such a situation, the formula for success will be something like this – Success = Hard work + Right decisions. Following this formula, Alukkas Varghese Joy has become the richest goldsmith in the country. His net worth is estimated not at 100-200 crores, but at 36,520 crores.
Alukkas Varghese Joy was born in Kerala in 1956. His father ran a 220 square feet jewellery shop. His retail store was on the high road of Thrissur (Kerala). The family was in the textile business, but Joy saw the shine of gold to be brighter. He himself wanted to shine like pure gold, so he tried his hand at jewellery.
Stores opened in Arab countries
Oil reserves were being found in the UAE and Indians were constantly shifting there in search of work. The availability of traditional Indian jewellery designs was limited till then, or rather the jewellery designs were very few. Also, this sector was not organized. In such a situation, Joy caught a flight and opened the first store in Abu Dhabi on his first trip to the UAE.
When the first store became successful, Joy opened another store in 1988, which was in Dubai’s Gold Trade ‘The Gold Souk’. In 2001, Joy created a sensation when he gifted a Rolls Royce car to a lucky winner among his customers. The news spread like wildfire that a jeweler had given a car worth crores through a lucky draw. Everything was going well, but then there was a twist in the story.
Alukkas were five brothers. In 2002, all five of them divided the jewellery business. The established business was divided into five parts. Joy then chose a difficult path. He opened a 5800 square feet headquarters store in Kottayam, Kerala. After that, a second store was opened in Coimbatore (Tamil Nadu). Joy also wanted to give a new name to his new business. Joyalukkas was started in 2005. His own name was also included in the name of this company.
Brought revolution in gold business
Joy had a business understanding. Whatever he did was amazing. It can be said that he took the gold business to a new level. Joyalukkas launched a caratmeter in which customers could see for themselves how many carats of gold their jewellery was made of. He fixed the price of gold. Gradually, he opened 6 more stores from Tamil Nadu to Delhi and London. He reached national level from the state and then became international.
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Joyalukkas was the first Indian jewellery company to receive ISO 9001 and 14001 certification. On 16 March 2008, Joyalukkas opened a 70,000 square feet store in the country’s largest jewellery mall (Prashant Real Gold Tower) in Chennai. This was the company’s largest store till date. It was also the world’s largest gold showroom. The company crossed a revenue of Rs 4000 crore and got its name in the list of billion-dollar companies.
10 BMW cars distributed among customers
Joy took the right decisions at every step. Whichever location he chose, he built a business there. He hired and trained his staff. He never compromised on quality. In 2009, Joy made another big bang. He held a lucky draw and distributed 10 BMW luxury cars among his customers. This again made headlines in the newspapers and Joyalukkas was being discussed everywhere.
Joyalukkas did not open small stores, but gave small franchises. With the help of these franchises, his stature grew so much that he surpassed big brands like Kalyan Jewellers and Senko. Joyalukkas’ return on equity (RoE) was 31.3 percent. By 2021, the company’s revenue reached Rs 8066 crore and the profit at this time was Rs 472 crore.
Today, Joyalukkas has a revenue of Rs 14,513.42 crore and a net profit of Rs 899 crore. There are more than 160 stores across the country. The brand has a presence in 11 countries. Gradually, the company is getting into more businesses, such as shopping retail, silk labels and money exchange. Joy Alukkas has a net worth of Rs 36,520 crore and is the richest jeweler in India. Joy got a place in Forbes’ list of 50 Indian billionaires.
Tags: Business empire, Business news, Gold jewelery merchant, Jewellery companies, Success Story
FIRST PUBLISHED : July 3, 2024, 12:26 IST