The chairman and managing director of Kalyan Jewellers TS Kalayanaraman is the wealthiest jeweller in India with a personal fortune of $ 1.3 billion, a Wealth-X list of India’s wealthiest jewellers released on Wednesday revealed.
Kalayanaraman opened his first jewellery shop in Thrissur City in 1993 with only $100,000 of capital. Since then, his business has since expanded to 32 showrooms across South India.
Nirav Modi ranks second on the Wealth-X list with an estimated net worth of $1.1 billion. Born into a family of Indian diamantaires, Modi left the family business in 1999 and launched his own company – Firestar Diamonds. In 2007, Firestar Diamonds acquired New York-based Sandberg & Sikorski.
MP Ahammed took third place on the Wealth-X list with a personal fortune of $ 1 billion. 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.
“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.
Below are the top 10 wealthiest Indian jewellers:
Rank Name Net Worth Company Name
1) TS Kalayanaraman $ 1.3 billion Kalyan Jewellers
2) Nirav Modi $ 1.1 billion Firestar Diamonds
3) MP Ahammed $ 1 billion Malabar Gold & Diamond
4) B Govindan $ 620 million Bhima Jewellers
5) Vallabhbhai S Patel $ 590 million Kiran Gems
6) Vasant Gajera $ 580 milion Laxmi Diamond
7) Laljibhai Patel $ 480 million Dharmanandan Diamonds
8) Babubhai Lakhani $ 470 million Kiran Gems
9) Mavji Bhai Patel $ 410 million Kiran Gems
10) Rajesh Mehta $ 310 million Rajesh Export