Source: Mint
Dubai was once recognised as a desert land in the Arabian Gulf and has now transformed into a thriving global hub for luxury jewellery. This change tells the story of major jewellers who saw potential in the city’s golden opportunities. Joy Alukkas and Feroz Merchant are the leading figures among these pioneers, credited with shaping Dubai’s jewellery industry. Their journeys demonstrate decades of determination, attracting vast opportunities for jewellery businesses worldwide.
Joy Alukkas: Dubai’s Trust and Innovation Jewellery King.
Source: Hindustan Times
Founder and Chairman: Joyalukkas Group
Joy was born in a jewellery-selling business family and was familiar with the knowledge of selling gold and even understood the psychology of the customers. He went to the Middle East in 1987 to establish his business plan. Joy established ‘Joyalukkas’ and launched a unique variety of collections to target its consumers, while other jewellers continued to sell heritage designs in Abu Dhabi. With eventual success, the humble shop was transformed into a chain of jewellery worldwide with more than 160 outlets in India, the UAE, the USA, and many more nations.
In the early 2000s, Joyalukkas became the leader in the market of jewellery retailing, with its Dubai-based business house being a significant contributor to the company’s international success. With the initial recognition of integrating technology, Joy offered transparent prices, precise craftsmanship, and unique designs, developing Dubai as the world’s choice for jewellery buyers. Thus, Dubai evolved from a tiny trade centre to a luxury shopping hub with Joy’s strategic investments, vision, and business acumen, with his establishment of a worldwide brand.
Feroz Merchant: Gold Tycoon leading with Humanitarian Legacy
Source: India Today
Founder and Chairman: Pure Gold Group
Feroz began his entrepreneurial journey in the late 1980s when he moved to Dubai from India with a vision to meet the growing demand for gold and jewellery in the region. After a deep understanding of the market, Feroz founded ‘Pure Gold Group’ by establishing a small jewellery shop in Dubai. Today, Pure Gold Group has over 170 outlets across the UAE, India, and other foreign markets offering a diverse range of high-quality jewellery that caters to various customer preferences.
Feroz made gold accessible by offering stylish, well-crafted jewellery that was approachable to a wider range of customers, including tourists and middle-class families, without compromising on quality. This helped Dubai to be recognised as a luxury destination with something for everyone. Pure Gold’s success inspired many Indian entrepreneurs to enter the UAE jewellery market, growing Dubai’s jewellery ecosystem. Thus, the combination of affordable jewellery with ethical business practices has given Feroz a pivotal role in shaping Dubai’s identity as a global hub for luxury jewellery.
Shining Thoughts
While Dubai continues to flourish as a luxury shopping destination, Joy Alukkas’ credibility will always be associated with its smooth success, raising standards for the international gold trade. Feroz’s business spirit symbolises Dubai’s inclusive, ambitious, and innovative environment. His contribution demonstrates that gold is not just worn; it tells a story of dreams, dignity, and global excellence. Dubai’s Shining Luxury Economy is a testament to resilience, reinvention, and redefining luxury, which took visionaries Joy Alukkas and Feroz Merchant to transform sand into sparkle. With Dubai’s glittering shine, their legacies will always sparkle in the luxury industry.
