Joy Alukkas Explained

Joy Alukkas
Birth Name:Alukkas Varghese Joy
Birth Date:1956 10, df=yes
Birth Place:Thrissur, Kerala, India
Chairman of Joyalukkas Group
Spouse:Jolly Joy
Children:3
Website:https://www.joyalukkas.in/

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.https://www.hindustantimes.com/business/meet-joy-alukkas-school-dropout-who-became-indias-richest-jeweler-101697284042988.html[1]

Early life

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

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. Jolly Silks was named after his wife, Jolly Joy.

Philanthropy

In May 2018, Joy Alukkas contributed to 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 contribution from Alukkas. Plans for a Thrissur based old age home and palliative care center were also announced.[9]

Controversy

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

Awards and accolades

Notes and References

  1. Web site: Joy Alukkas . 2023-04-12 . Forbes . en.
  2. Web site: Joy Alukkas: The Midas touch . 2019-05-27 . Forbes India . en.
  3. https://web.archive.org/web/20080113170904/http://www.hindu.com/2006/03/04/stories/2006030410711700.htm News - The Hindu - 4 March 2006
  4. News: World's largest gold showroom to come up in Chennai. Govardan. D.. 2007-01-31. The Economic Times. 2019-05-27.
  5. Web site: 'Diamond Cave' at Joyalukkas outlet. - Free Online Library. www.thefreelibrary.com. 2019-05-27.
  6. News: Express News Service . 2 October 2012 . Forevermark joins hands with Joyalukkas . The New Indian Express . https://archive.today/20130129165504/http://newindianexpress.com/cities/chennai/article1282054.ece. dead. 29 January 2013.
  7. Web site: UAE-based Joyalukkas Group donates Rs20m to Ockhi relief funds. Staff Report. Khaleej Times. 2019-05-27.
  8. Web site: Joyalukkas Group to build 250 houses for Kerala flood victims. gulfnews.com. en. 2019-05-27.
  9. Web site: P. . Anuradha . Joy Alukkas: Creating Joy in Business and Giving Back . Bru Times News . en.
  10. News: 2018-01-11 . I-T dept sleuths swoop down on Joyalukkas showrooms, ‘tax evasion’ under scanner . The Times of India . 2023-11-26 . 0971-8257.
  11. Web site: 2023-02-24 . ED attaches assets worth over ₹305 crore of Joyalukkas jewellery group . 2023-06-13 . Hindustan Times . en.
  12. Web site: Assets Worth Rs 305 Crore Of Jewellery Chain Joyalukkas Seized . 2023-06-13 . NDTV.com.
  13. Web site: 2023-02-24 . ED attaches Rs 305-cr assets of Joyalukkas . 2023-11-26 . The Indian Express . en.
  14. Web site: Joy Alukkas ED Raid: Update . Bru Times News . en.
  15. Web site: ‘Spreading Joy’: UAE-based jeweller Joy Alukkas launches autobiography at Sharjah International Book Fair . gulfnews.com . . en . 5 November 2023.
  16. Web site: Lively Kajol wows fans at Joy Alukkas book launch . www.gulftoday.ae . Gulf Today.
  17. Web site: Joy Alukkas receives 'Business Excellence Award 2016'. Emirates Business. en-US. 2019-05-27.
  18. Web site: 14 billionaires in UAE own Dh171 billion in wealth. Abbas. Waheed. Khaleej Times. 2019-05-27.
  19. Web site: 12 from UAE in Forbes world's super rich list. John. Issac. Khaleej Times. 2019-05-27.
  20. Web site: Joyalukkas gets best Indian Diamond Jewellery of the Year award THE DAILY TRIBUNE KINGDOM OF BAHRAIN. DT News. en-US. 2019-11-18.
  21. Web site: Joy Alukkas . 2022-10-18 . Forbes . en.
  22. Web site: How Joy Alukkas Became India's Richest Jeweller . . en.

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