The man in question is Joy Alukkas, who saw the family enterprise divided among the five male heirs.

As part of the partition, Joy Alukkas, the fourth youngest among the five brothers, was handed the family's jewellery stores in the Gulf region.

From being handed a small chain of stores in their nascent stages to building a massive retail empire, Joy Alukkas today runs a jewellery retail network with over 100 outlets across India and more than 60 showrooms overseas. Beyond that, he is ranked 712th among the richest people in the world, according to the Forbes World's Billionaires List 2024. Alukkas is India's richest jeweller with a net worth of $4.4 billion, up from $2.8 billion in 2023. His stores are located in Mumbai, Delhi, Bengaluru, Chennai, and Hyderabad, among others.

As much as 90% of the company's revenues in India come from southern states such as Kerala, Tamil Nadu, Karnataka, Andhra Pradesh, and Telangana. This is followed by the northern and western markets, primarily Maharashtra, where the company has ambitious expansion plans.

When Alukkas Gifted a Rolls-Royce in a Raffle

Joy Alukkas is known for his simple and unassuming demeanour, something that was once misunderstood by a Rolls-Royce salesperson.

While looking at a Rolls-Royce Silver Seraph and showing interest in it, Alukkas was reportedly dismissed by a salesperson who believed he was not a serious customer.

Peeved by the situation, Alukkas announced that he would purchase the car on display and paid upfront for it. At the time, the car cost nearly AED 1 million. Although Rolls-Royce typically required prior bookings, Alukkas convinced the dealership and took the car home that very day.

He then made an unusual marketing move. Alukkas decided to offer the luxury car as a gift to anyone who purchased gold worth AED 500 from his store in the United Arab Emirates. It was the first time a Rolls-Royce had been given away in a raffle.

The move gained widespread attention and quickly became a sensation, propelling the retailer network into becoming one of West Asia's largest gold retailers within a short span.

Journey to Conquer the Market

Joy Alukkas was born the 11th among 14 siblings to Kerala-based businessman Alukka Joseph Varghese. The senior Alukka dabbled in several businesses, including umbrella manufacturing, selling clothes, and real estate.

The family set up their first gold retail shop in 1956, before moving into other businesses a few years later.

However, the 1964 gold import restrictions in India brought the family back to the gold and silver retail trade. The government's Gold Control Act allowed traders like the Alukkas family to apply for licences to continue operations.

From that point until the 1980s, the family expanded their jewellery business from Thrissur to the coastal trading hub of Kozhikode.

A decisive move came when the family entered West Asia. The first store was opened in Abu Dhabi in 1988. Over the next 12 years, Joy Alukkas went on to establish nine more outlets in the region.

However, a family split eventually led the brothers to divide their businesses and operate under separate identities. By that time, the West Asia operations were already generating more than $100 million in annual revenue.