Billionaire Joy Alukkas Predicts Gold Prices to Climb Amid Global Uncertainty

Dubai, March 5, 2026: Indian billionaire and jewelry magnate Joy Alukkas, who oversees one of the world’s largest family-owned jewelry chains, expects Gold prices to continue their upward trend over the next few years, driven by geopolitical and economic turbulence.

Speaking from Dubai during a period of heightened regional tensions, including US-Israeli strikes on Iran and retaliatory drone attacks targeting the city, Alukkas said that gold remains a preferred refuge for investors during times of global uncertainty. “Whenever the world experiences tension, gold becomes the natural safe haven. Prices can spike in the short term, and over the next two to three years, I don’t see any major correction unless global conditions improve significantly,” he said.

Alukkas’ firm, Joyalukkas Group, operates nearly 200 stores across India, the UAE, the US, and other countries. The company currently holds around 16,000 kilograms of gold in the form of jewelry and bullion, a stockpile accumulated over decades. While long-term holdings provide protection against short-term price swings, replenishing inventory at higher rates increases working capital requirements, Alukkas explained.

Over the past year, gold has surged more than 75%, trading above $5,000 an ounce and reaching record highs in January. According to Alukkas, broader global factors—such as US interest rates, inflation, the strength of the dollar, and investor confidence—remain key drivers for sustained gold prices, rather than isolated regional incidents.

Consumer demand patterns are also evolving. While jewelry remains popular for weddings and festivals, the steep price rise has prompted buyers to prefer lighter products. Investment in gold and silver bars has also increased, with clients opting for smaller denominations for safer investments. India remains the largest market for Joyalukkas, followed by the UAE and the US.

The company traces its origins to a small store in Kerala founded by Alukkas’ father, Alukka Joseph Varghese, seventy years ago. Joy Alukkas joined the business at age 16 and spearheaded its international expansion in the 1980s. Today, the group has 178 showrooms across 12 countries, with plans to expand further in the US, Canada, and New Zealand. His son, John Paul Alukkas, oversees international operations, while family members continue to manage Indian outlets.

Despite short-term volatility from Middle East tensions, Alukkas remains confident in the long-term trajectory of gold, stating, “We believe in the long run gold will continue upward, and we don’t engage in hedging against it.”