The Man Who Could Build A House Out of Gold
5 March 2026 Imagine you needed 16,000 kilograms of gold for a construction project. You could call Joy Alukkas. He already has it. The Kerala-born tycoon built one of the world’s largest family-owned jewellers from origins that could hardly be more modest. His father started the first jewellery showroom in 1956 – a modest business in Thrissur, Kerala, with roots not in gold but in umbrella manufacturing and stationery. Joy entered the gold trade as a teenager, helping his father at 14, and never completed his pre-degree education. In 1987, he flew to Abu Dhabi – his first ever flight – with several doubts and questions in his head. What followed was one of the great entrepreneurial stories of the Gulf. Today the Joyalukkas Group spans around 200 stores across the UAE, India, and the US, holding nearly 16,000 kg of gold – jewellery and bars combined. Forbes places his net worth at $4.4 billion, ranking him among the 50 richest people in India. He didn’t get here smoothly. When the Gulf War broke out in 1990, it disrupted everything and forced him back to India – but a resilient Joy returned to the Gulf months later and re-established his footprint. His own account of that journey is characteristically blunt: “My success did not come overnight. There were challenges, but I faced them head-on.” Now he has something important to say about gold itself – and this is where it gets serious. Speaking to Bloomberg in Dubai, Alukkas was clear: “Whenever global tensions rise, people turn to gold as a safe investment, which pushes prices higher.” He added that over the next two to three years, until the US economy and global conditions improve, gold prices are unlikely to see a major decline. He is not alone in that view. J.P. Morgan forecasts gold pushing towards $5,000 per ounce by the fourth quarter of 2026, with $6,000 a possibility longer term, driven by sustained central bank and investor demand. Gold is currently trading at around $5,161 per ounce – up dramatically from $2,639 at the start of 2025. The lesson from the man who holds 16 tonnes of the stuff? In a world of geopolitical fracture, trade wars, military strikes, and dollar anxiety, gold isn’t a relic – it’s a refuge. And the price of that refuge is still rising.
China’s Gold Play: Behind the $4,000 Surge?
8th October 2025 Gold’s rise beyond $4,000 an ounce marks more than a historic price point — it highlights a deeper shift in the balance of global monetary power. China’s central bank has undertaken an exceptional run of gold purchases over the past year, increasing its holdings at a pace unmatched by its other foreign exchange activities. Yet gold still represents only around 6.7 per cent of China’s immense reserves. By comparison, the United States — the world’s largest holder of gold — maintains nearly 80 per cent of its reserves in bullion, with a stockpile almost four times larger than China’s. This disparity is significant. For Beijing, accelerating its gold acquisitions is not merely an exercise in diversification. It forms part of a broader strategy: to reduce its exposure to the dollar and strengthen its position in an international system long shaped by American financial dominance. With foreign exchange reserves almost three times greater than Japan’s — the world’s second-largest — and roughly eleven times greater than America’s own reserves, China has both the scale and the strategic intent to alter the global financial equilibrium. Gold’s ascent past $4,000 therefore extends beyond traditional concerns such as inflation hedging or interest rate expectations. It reflects a wider contest centred on currency power, credibility, and the architecture of global finance itself.
US Shutdown Begins: Gold Glitters and Sugar Holds
1st October 2025 With the U.S. government shutdown unsettling global markets, gold has surged to unprecedented levels while cryptocurrencies remain largely unaffected. As reported by DailyCoin, gold futures have broken above $3,900 per ounce for the first time in history, driven by investors seeking the safety of traditional hedges. At the same time, sugar prices are holding steady, supported by a weaker dollar and firm international demand. For Gapuma, these developments reinforce a familiar reality: in periods of uncertainty, real assets retain their appeal. Our business operates at the intersection of these macro-economic forces — from metals to soft commodities — where value is dictated not only by market sentiment but also by geopolitics, currency movements, and shifts in consumer behaviour. The message is straightforward. Confidence still gravitates towards tangible assets, and agility in supply, sourcing, and trading strategies remains the key competitive advantage.
Gold: More Than a Metal
16th September 2025 When most people think of gold, they imagine vaults, bullion, and financial security. But the World Gold Council’s documentary, Touched by Gold, reminds us that this remarkable metal has always meant much more. Through the life and art of Sir Elton John, the film highlights how gold has shaped culture, creativity, and even medicine. From the glitter of a gold lamé suit at Glastonbury to the unseen gold components in pacemakers and HIV-detection technology, gold emerges not only as a symbol of wealth but also as a catalyst for human progress. This story resonates strongly in Africa, where Ghana’s gold industry has expanded to become the continent’s pre-eminent producer. Gapuma is proud to contribute to this success, supplying the chemicals essential for safe and efficient gold extraction. Importantly, we prioritise sourcing the least environmentally impactful, most sustainable options, ensuring progress goes hand in hand with responsibility. At Gapuma, we know that commodities are rarely just “raw materials.” They are resources that inspire innovation, drive industries, and transform societies in ways both visible and unseen. The story of gold, like many vital resources, is ultimately a story of people, possibility, and progress. Perhaps the lesson is this: what shines on stage can also save lives in silence.