Keralites Tops the List of Wealthiest Indian Jewellers

Malayali jewellers grab top positions in a Wealth-X list of India’s wealthiest jewellers. The chairman and managing director of Kalyan Jewellers TS Kalyanaraman is the wealthiest jeweller in India with a personal fortune of $ 1.3 billion, and M P Ahammed, chairman of Malabar Gold and Diamonds takes third place with a personal fortune of $ 1 billion. B Govindan of Bhima Jewellers ranks forth with an asset of $ 620 million.

Nirav Modi of Firestar Diamonds ranks second on the Wealth-X list with an estimated net worth of $ 1.1 billion.

Kalyanaraman opened his first jewellery shop in Thrissur city in 1993 with only $ 100,000 of capital. Since then, his business has expanded to 32 showrooms across South India.

After first venturing into business in 1979 with an ice-making factory, Ahammed tried his luck with gold in 1993, opening the first Malabar Gold & Diamond showroom with only $ 70,000.

Born into a family of Indian diamantaires, Nirav Modi left the family business in 1999 and launched his own company – Firestar Diamonds. In 2007, Firestar Diamonds acquired New York-based Sandberg & Sikorski.

The Bhima Group has been in the jewellery business since 1925 claims the company website. They now have several stores across Kerala.

“The gems and jewellery industry is among India’s fastest growing sectors fuelled by UHNWs affinity for jewellery and the fact that they view it as an important store of value. For India’s ultra wealthy jewellers, all that glitters is gold!” Sahil Mehta, director, Indian subcontinent at Wealth-X said.