Joy Alukkas Holds 16,000 kg Gold, Predicts Two-to-Three-Year Rally

Joy Alukkas, founder and owner of the family-run Joyalukkas Group, told reporters from Dubai that he currently holds about 16,000 kilograms of gold in inventory and expects the metal to trend higher over the next two to three years. He warned that while there can be short-term dips, he does not foresee a meaningful correction unless global conditions materially improve.

The interview in Dubai took place amid heightened Middle East tensions after US attacks on Iran and retaliatory drone strikes that struck the city’s airport and the Burj Al Arab hotel, events that have closed schools and forced many to work from home. "Whenever there is tension in the world, people naturally run to gold for safety. That can lift prices for a few days," Alukkas said from Dubai, tying consumer behavior to recent geopolitical shock events.

Multiple outlets cite the 16,000 kg inventory figure; Ainvest specifies that the stockpile includes both bars and jewelry. At the same time, one aggregator, Askfuzz Ai, separately claims the stock is "worth $5.8 billion across 200+ stores globally." That valuation and the 200+ store count are not corroborated elsewhere in the reporting provided here and should be treated as unverified single-source assertions rather than company-confirmed figures.

Alukkas framed his outlook around macro drivers. "Over the next 2 to 3 years, unless the world sees real improvement in the bigger picture, especially around the US economy and wider geopolitics, I don’t see a meaningful correction. There can be dips, but the overall direction still looks upward," he said. He added a practical warning for retailers: "Working capital goes up, and every refill costs more." He also cautioned that "one regional event by itself usually does not push gold to a totally new level," and that sustained, higher pricing requires larger triggers such as moves in US interest rates, the dollar, inflation, and global investor confidence.

Market context underpins his stance. Reporting here notes gold surged more than 75 percent over the prior 12 months, with record highs in January 2026 and a reported level of $5,300 per ounce in March 2026. Aime Robot relayed a J.P. Morgan projection of $6,300 per ounce by year-end, reflecting analyst expectations that central banks, emerging market reserve diversification, and expanded ETF and tokenized-metal channels will keep demand elevated.

Bloomberg’s Billionaires Index lists Joy Alukkas’s personal net worth at $5.8 billion, a separate figure from the unverified inventory valuation cited by Askfuzz Ai. For jewelers, Alukkas’s assessment translates into a higher cost of capital and ongoing pressure on margins as refill and hedging costs rise. For the market as a whole, his view underscores that without shifts in interest rates, the dollar, inflation, or investor sentiment, gold’s upward trajectory could persist for the next two to three years.