Yet another retail boss, Joy Alukkas is one of the most respected businessmen in the region. Alukkas, who set up the $1bn global conglomerate a quarter of a century ago, has become a key player in the Middle East jewellery market, with as many as 80 stores and 5,000 staff. Founded in 1987, the company has over 10 million customers and Joyalukkas has the distinction of being awarded the Dubai Quality Awards Certification by HH Sheikh Mohammed Bin Rashid Al Maktoum, the Ruler of Dubai. In December, Alukkas said he would invest $243m in setting up 30 new stores — 20 in India and ten overseas. The Thrissur-based company already has 95 outlets, and is considering expanding its footprint in the US, Sri Lanka and Europe.