The 2024 Hurun India Rich List reflects the incredible wealth generated by the nation’s leading jewellers and diamond merchants. This year’s list not only highlights individual successes but also underscores the geographical strongholds that continue to dominate India’s jewellery and gem trade. Surat, Mumbai, and the southern states, particularly Kerala and Tamil Nadu, appear to be the epicentres of this wealth, housing the industry's top players who are shaping the future of luxury and craftsmanship in India.

Crowning the List

Ranked 55th on the list, Joy Alukkas commands a formidable fortune of Rs.42,000 crore. Hot on the heels of the Alukkas family is T.S. Kalyanaraman, the visionary behind Kalyan Jewellers. Debuting on the list at an impressive 61st position, Kalyanaraman and his family have amassed a wealth of Rs.37,500 crore ($4.5 billion). What's particularly noteworthy is the velocity of their ascent – a 200% increase in net worth, marking them as one of the most significant gainers on the entire list. Kalyanaraman's journey from a small shop in Kerala to a pan-Indian jewellery powerhouse is a testament to the sector's explosive growth potential.

Geography of Growth and Success

The 2024 Hurun list serves as a cartography of India's jewellery industry, clearly delineating the geographical powerhouses that dominate the sector. Surat, Mumbai, and South India emerge as the triumvirate leading the charge, with their representatives consistently appearing in the upper echelons of the list.

Surat, long renowned as the diamond hub of India, flexes its muscle with a strong showing on the Hurun list. From Surat, the list includes prominent names like Babu Lakhiani and the family of Kiran Gems, Savji Dholakia of Hari Krishna Exports, and Tulsibhai Dholakia of Hari Krishna Exports, as well Jitendra B Shah of J B Brothers, the family behind Sheetal Manufacturing and Rahulbhai Dholakia of Shree Ramkrishna Exports. Those on the list from Ahmedabad, include Jenish Shah of Ankit Gems and Dayalbhai Goti and family of Dharmanandan Diamonds.

Mumbai, India's financial capital, showcases its prowess in the jewellery sector through the inclusion of notable figures like Mavji Patel and family of Kiran Gems, Ashish R Goenka and family of Suashish Diamonds, Russel Arunkumar Mehta and family of Rosy Blue India, both Jitendra Parikh and Hiten Parikh of Mahendra Brothers, Ghanshyambhai Dholakia of Hari Krishna Exports, Mangesh Chauhan and family of Sky Gold, both Sanjay Shah and Vijay Shah of J B Brothers, and Vallabhbhai Patel of Kiran Gems to name but a few.

Ranked 285th on the list with a fortune of Rs.10,100 crore, Mavji Patel exemplifies how Mumbai's business acumen extends robustly into the jewellery trade, particularly in the diamond segment.

Representing the south of the country on the list is Ahammed MP of Malabar Gold, who shares the 285th spot with Mavji Patel, and also commands a fortune of Rs.10,100 crore. Other players from the region, besides Joyalukkas and T S Kalyanaraman, are giants like Kishore Kumar Jain of Khazana Jewellery, Princeson Jose of Prince Gold and Diamonds, the family behind GRT Jewellers, and Kiran Kumar of Lalithaa Jewellery from Chennai.

This geographical spread underscores a crucial insight: while Surat and Mumbai dominate the diamond trade and wholesale sectors, South India leads in retail jewellery, creating a symbiotic ecosystem that propels the entire industry forward.

Brilliant Figures

Russel Arunkumar Mehta and the family of Rosy Blue India, a name synonymous with diamond trading, hold the 664th spot with Rs.3,700 crore. But the list also highlights others revolutionizing the retail space. The Sacheti duo of CaratLane, pioneers in online jewellery retail, have secured the 929th position with Rs.2,400 crore ($288 million) each. Their success underscores the growing importance of e-commerce in an industry traditionally reliant on in-person sales. Tied at the 929 spot, Mithun and Siddhartha Sacheti of New Delhi and Begusarai respectively, are, likely, the youngest players in the industry to make the list this year.

A Golden Thread in India's Economic Fabric

The country added a new billionaire every five days last year, with the total count of dollar billionaires rising 29% to reach 334. The jewellery sector's strong showing on the Hurun list is part of a broader trend in India's wealth creation story.

Interestingly, what sets the jewellery tycoons apart is their ability to blend tradition with modernity. Many have transformed family-owned businesses into corporate giants, embracing technology and innovative marketing strategies while staying true to the craft's ancient roots. Their success is not just a personal achievement but a reflection of jewellery's unique position in Indian society as a cultural touchstone, a form of investment, and, even now, the most prized possession for most families.