Every time the world is tense, people often turn to gold as a refuge. That could push prices up in a few days," said Joy Alukkas, an Indian business tycoon who has built one of the world's largest family jewelry empires.
In the next 2 to 3 years, unless the world witnesses a real improvement in the overall picture, especially around the US economy and broader geopolitics, I don't see any significant adjustments. There may be price drops, but the overall trend is still upward," said the owner of Joyalukkas Group.
These comments highlighted the views of some of the world's largest precious metal stockpiles on recent fluctuations. World gold prices increased by more than 75% in a year and reached a record level in January 2026. Gold prices increased by 1.1% to nearly $5,200/ounce on March 5, before slightly decreasing.
Mr. Alukkas (69 years old) said that nearly 200 of his stores across the UAE, India, the US and many other places are holding nearly 16,000kg of gold, in the form of gold bars and jewelry.
When gold prices increased, the value of his inventory, in some cases accumulated over decades, also increased accordingly. Holding inventory for a long time helped businesses withstand price fluctuations of 10% to 20%. However, when he had to replenish goods, he was forced to buy them back at a higher price than now.
Mobile capital is increasing and each time goods are added, it costs more" - the Indian businessman with a net asset value of 5.8 billion USD according to the Bloomberg Billionaire Index, said.
Referring to the recent instability in the Middle East, Mr. Alukkas noted that a single regional event usually does not push gold prices to a completely new level. For gold to increase sharply and remain at that level, greater global impacts are needed such as US interest rates, the USD, inflation and global investor confidence.
Even before the attack on Iran, demand for gold and investment money had increased. There was a new trend that customers bought 10 gram and 50 gram gold bars for investment, while previously Joyalukkas mainly sold decorative jewelry including bracelets and hip straps.
While his customers, mainly Indians, continue to buy jewelry for weddings, festivals or even birthdays and Father's Day, the recent sharp increase in gold prices has affected consumer purchasing power, making lighter products more attractive.
India is the company's largest market, followed by the UAE and the United States.
The father of Indian billionaire Joy Alukkas - Mr. Alukka Joseph Varghese - founded a small store in Kerala, India, 70 years ago. Mr. Joy Alukkas started supporting his family's business at the age of 16. In the late 1980s, he led the company to expand internationally, opening the first showroom abroad in the UAE and building the Joyalukkas group as strong as it is today with 178 showrooms in 12 countries and territories.
Recently, world gold prices have fluctuated sharply due to the US and Israel attacks on Iran, affecting the region. "We believe that in the long term, gold prices will only go in one direction, so we are not pursuing a risk hedging strategy," he said.
