Inside Joyalukkas’ 70-year-journey from a 200 sqft store in Thrissur to a Rs 30,000-Cr global jewellery brand

Seventy years ago in Thrissur, which is widely regarded as the cultural hub of Kerala, Alukka Joseph Varghese began exploring several business ventures across manufacturing, distribution, and packaging, before recognising a truly ‘golden’ opportunity. 

In 1956, he entered the jewellery trade with a clear vision: to make beautifully crafted, high-quality ornaments made accessible to everyone through a modest storefront. The location could not have been more apt for Thrissur is also considered the Gold Capital of India, due to its high volume of gold trade and large-scale jewellery production. 

Working with local artisans and specialising in handcrafted South Indian gold jewellery, Joseph Varghese built a 200 sqft store that would eventually become the foundation of Joyalukkas Jewellery, a global fine jewellery brand valued at Rs 30,018 crore. 

His son Alukkas Varghese Joy fondly recalls, “For my father, jewellery was not merely an ornament, but a symbol of emotion, celebration and legacy.”

Joseph Varghese’s early values of purity, trust, and craftsmanship continue to anchor the Joyalukkas Group as it expands across continents and diversifies into new businesses, under the stewardship of Chairman and Managing Director Alukkas Varghese Joy, popularly known as Joy Alukkas. 

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Global ambition

When Alukkas stepped into the business, the brand was already well-known across Kerala. But he harboured a larger ambition—to take his father’s vision global.

In 1988, he opened the company’s first showroom outside Kerala—in Abu Dhabi, marking a decisive turn in the family’s entrepreneurial journey. Later that year, during Diwali, the brand launched another showroom in Deira, Dubai.

“The Middle East was a natural choice,” says Alukkas. “The vibrant Indian diaspora has a deep connection with Indian culture and gold, which aligned perfectly with our business roots in Kerala."

However, it wasn’t easy. “Very few Indian jewellers had ventured into the region. There were no roadmaps, no business advisors, and adapting to a new culture was a real challenge,” he elaborates.

But what kept the brand going were the same principles that shaped its beginnings: “Integrity, perseverance, and excellence helped us overcome the early hurdles and earned us the loyalty of customers."

Crafting a legacy

Joyalukka's collections showcase a unique blend of heritage and modernity. 

“We take pride in preserving traditional artisanship that reflects India’s rich artistry, while continuously evolving our designs to suit contemporary tastes,” says Alukkas.

The company’s in-house designers work closely with the master artisans and global trend specialists to create jewellery that celebrates cultural roots and also feels relevant to today’s lifestyle, he adds. 

The brand’s offerings include wedding collections, platinum jewellery, men’s jewellery, children’s jewellery, silver collection, gold coins and bars, and even digital gift cards. 

Joyalukkas has also made inroads into lightweight gold jewellery through collections such as Yuva and Joy18, targeting young customers and teens. 

Every piece, regardless of where it is made or sold, undergoes a multi-stage quality control process, Allukas emphasises. “We have centralised design and sourcing teams, state-of-art manufacturing facilities and stringent purity and artisanship checks at every stop.”

Apart from its focus on design and development, technology and certification have also been pivotal in strengthening the brand’s operational precision. 

“Joyalukkas was among the earliest adopters of BIS (Bureau of Indian Standards) hallmarking and international certification systems, setting benchmarks for purity and authenticity."

Data, demand, and diaspora

Data, demand, and diaspora guide the company’s decisions. The team at Joyalukkas studies consumer behaviour, demographic trends, and regional potential before entering a new geography. 

Every expansion decision is backed by local partnerships, research, and deep customer insight, says Allukas. 

Today the brand has over 190 showrooms, all company-owned, across 12 countries, including India, United Kingdom, United States, UAE, Saudi Arabia, Qatar, Kuwait, Oman, Singapore and Malaysia. 

India continues to be Joyalukka's largest market, with 109 stores and sales amounting to Rs 20,213 crore in FY2025. Its international business was Rs 9,805 crore, with UAE leading the pack, both in terms of sales and revenue, followed closely by the rest of the GCC region. 

In every market it enters, the brand adapts its designs (encompassing motifs, styling, and festive traditions), marketing, and campaigns to reflect local sensibilities. 

The brand is also actively working on boosting its omni-channel presence. 

“Our ecommerce platform and mobile app are growing rapidly, extending our reach globally and helping us connect with younger, tech-savvy consumers,” says Alukkas, adding that the goal is not to replace physical stores with the online medium, but to create a seamless experience across channels. 

While gold is the largest contributor to overall sales, Joyalukkas is also seeing traction for diamond jewellery from younger consumers. “We are witnessing strong growth in diamond jewellery driven by younger customers who see it as a symbol of modern elegance and everyday luxury."

Jewellery and beyond 

According to IBEF, India’s gems and jewellery market was valued at $85 billion in January this year, and is projected to reach $130 billion by 2030. 

In the gems and jewellery space, Joyalukkas competes with major players such asTanishq, Kalyan Jewellers, and Malabar Gold and Diamonds. Apart from established brands, there are new entrants too. Recently, celebrated designer Sabyasachi partnered with Tata CLiQ Luxury to launch a digital jewellery boutique, showcasing 18 carat gold pieces with diamonds, pearls, and gemstones to expand its luxury reach. 

Over time, the parent company Joyalukkas has expanded its business to fashion (Mall of Joy and Jolly Silks), financial services (Joyalukkas Exchange), and real estate (Joyalukkas Lifestyle Developers). Each business operates independently. 

“Diversification has added both depth and resilience to the group’s financial performance. This integrated portfolio enables steady growth, reduces dependency on a single sector, and allows us to create more value across industries,” says Alukkas.

Plans for the future 

With a diverse portfolio of businesses and a well-entrenched presence in India and abroad, going public would seem the logical next choice for Joyallukkas. And it has attempted to do so three times in the past, before pulling out. 

After attempts to go public in 2011, it filed a DRHP with SEBI in 2022. However, in February 2023, the company withdrew its application for a Rs 2,300-crore IPO, citing unfavourable market conditions. 

Alukkas says, “For us, an IPO is not a milestone to rush into; it is a strategic decision that must align with our long-term sustainability and shareholder value.” 

However, he says the company will revisit the IPO plan when the market conditions are favourable and aligned with the company’s growth trajectory.

Joyallukkas’ plan for the next financial year is to invest in product innovation, strengthen the brand’s global presence, and expand to new markets such as Canada and New Zealand. The company is also looking to bolster its technology capabilities to elevate customer experience. 

“My goal for the next five years is to make Joyalukkas a Rs 60,000-crore turnover company,” concludes Alukkas. 

The copy was updated to correct an error.