India is one of the largest consumers of gold in the world, with gold playing a significant role in the country’s culture, economy, and investment landscape. Over the years, several businessmen, jewelers, and gold enthusiasts have become known for their immense wealth, with gold being a central part of their success. These individuals, often referred to as the “Gold Men of India,” have amassed vast fortunes through gold trading, jewelry manufacturing, and investments in the precious metal.
In this article, we’ll explore the top 10 Gold Men in India, highlighting their business ventures, net worth, and how they’ve become synonymous with gold in the country.
Rajesh Mehta – Rajesh Exports
Rajesh Mehta, the chairman of Rajesh Exports, is often regarded as the king of gold in India. Rajesh Exports is the world’s largest gold refinery and a major manufacturer of gold products, with operations spanning across jewelry design, refining, and retail. Rajesh Mehta’s success in the gold industry has made him one of the wealthiest men in India.
| Name | Rajesh Mehta |
| Company | Rajesh Exports |
| Net Worth | $2.6 billion (approx.) |
| Business | Gold refining, jewelry manufacturing, and retail |
Rajesh Exports refines a significant portion of the world’s gold and is known for its high-quality jewelry products. Rajesh Mehta’s strategic vision has transformed his company into a global leader in the gold business.
T. S. Kalyanaraman – Kalyan Jewellers
S. Kalyanaraman is the founder of Kalyan Jewellers, one of the largest jewelry retail chains in India. Known for its extensive network of showrooms and a wide range of gold, diamond, and platinum jewelry, Kalyan Jewellers has become a household name in India.
| Name | T. S. Kalyanaraman |
| Company | Kalyan Jewellers |
| Net Worth | $1.2 billion (approx.) |
| Business | Jewelry retail (gold, diamonds, and platinum) |
With more than 150 stores across India and the Middle East, Kalyan Jewellers is known for its trustworthiness and exquisite gold jewelry, contributing to Kalyanaraman’s significant wealth in the gold industry.
B. Govindan – Bhima Jewellers
Govindan, the chairman of Bhima Jewellers, is a major player in India’s gold jewelry industry. Bhima Jewellers is one of the oldest and most trusted jewelry brands in India, with a presence in Kerala, Karnataka, and Tamil Nadu.
| Name | B. Govindan |
| Company | Bhima Jewellers |
| Net Worth | $1 billion (approx.) |
| Business | Jewelry retail and gold trading |
Founded in 1925, Bhima Jewellers has maintained a reputation for high-quality gold jewelry, and B. Govindan has continued to grow the company while maintaining its strong legacy in the gold market.
Nitin Khandelwal – Khandelwal Jewellers
Nitin Khandelwal is the chairman of Khandelwal Jewellers, a prominent jewelry retailer with a strong presence in Maharashtra. Known for its intricate gold designs and craftsmanship, Khandelwal Jewellers has earned a reputation as a top gold jewelry retailer in India.
| Name | Nitin Khandelwal |
| Company | Khandelwal Jewellers |
| Net Worth | $900 million (approx.) |
| Business | Jewelry retail and gold trading |
Nitin Khandelwal has played a significant role in expanding the family-owned business, and his leadership has helped establish Khandelwal Jewellers as a prominent player in the gold jewelry market.
MP Ahammed – Malabar Gold & Diamonds
MP Ahammed is the founder of Malabar Gold & Diamonds, one of the largest jewelry retail chains in India. With a strong presence in both India and the Middle East, Malabar Gold & Diamonds is known for its extensive collection of gold, diamond, and platinum jewelry.
| Name | MP Ahammed |
| Company | Malabar Gold & Diamonds |
| Net Worth | $2.5 billion (approx.) |
| Business | Jewelry retail (gold, diamonds, and platinum) |
Malabar Gold & Diamonds operates over 250 showrooms worldwide, and MP Ahammed’s focus on transparency, quality, and customer trust has propelled the company to the top of the gold retail business.
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Chandu Nopany – Shree Ganesh Jewellery House
Chandu Nopany is a prominent figure in the Indian gold industry and serves as the chairman of Shree Ganesh Jewellery House. The company is known for its large-scale manufacturing and export of gold jewelry, particularly to international markets.
| Name | Chandu Nopany |
| Company | Shree Ganesh Jewellery House |
| Net Worth | $800 million (approx.) |
| Business | Gold jewelry manufacturing and export |
Shree Ganesh Jewellery House is one of the largest exporters of gold jewelry from India, and Chandu Nopany’s leadership has helped the company establish a strong global presence.
Vikram Raizada – Nakshatra World
Vikram Raizada is the CEO of Nakshatra World, one of India’s leading luxury jewelry brands specializing in gold and diamond jewelry. The brand is known for its intricate designs and premium offerings, targeting high-end customers.
| Name | Vikram Raizada |
| Company | Nakshatra World |
| Net Worth | $700 million (approx.) |
| Business | Luxury gold and diamond jewelry |
Nakshatra World has a wide presence across India, and its celebrity endorsements and premium positioning have made it one of the top brands in the gold jewelry segment.
Mehul Choksi – Gitanjali Group (Former)
Mehul Choksi, the former chairman of Gitanjali Group, was once one of the most prominent figures in the Indian gold and diamond jewelry market. Gitanjali Group was a global leader in jewelry retail, with brands like Nakshatra, Gili, and Asmi under its portfolio.
| Name | Mehul Choksi |
| Company | Gitanjali Group (former) |
| Net Worth | $1.8 billion (approx. at peak) |
| Business | Jewelry manufacturing and retail |
However, Mehul Choksi became infamous for his involvement in the Punjab National Bank (PNB) fraud case, leading to his departure from the industry. Despite the controversy, Gitanjali Group played a significant role in the Indian gold market during its peak.
Balkrishan Goenka – Welspun Group
While Balkrishan Goenka is primarily known for his involvement in the Welspun Group, one of India’s largest textile manufacturers, he has also ventured into gold jewelry through Welspun Zucchi Luxury Gold, a premium gold jewelry brand.
| Name | Balkrishan Goenka |
| Company | Welspun Zucchi Luxury Gold |
| Net Worth | $1.5 billion (approx.) |
| Business | Gold jewelry and textile manufacturing |
Goenka’s foray into the gold market has been successful, with Welspun Zucchi focusing on luxury gold jewelry that targets high-end customers.
Jithendra Jain – Anmol Jewellers
Jithendra Jain, the owner of Anmol Jewellers, has made a name for himself in the gold jewelry market by offering high-end, bespoke gold jewelry to clients across India. Anmol Jewellers is known for its exclusive designs and custom-made jewelry, attracting a celebrity clientele.
| Name | Jithendra Jain |
| Company | Anmol Jewellers |
| Net Worth | $600 million (approx.) |
| Business | Luxury gold jewelry |
Anmol Jewellers is based in Mumbai and has become one of the most well-known luxury jewelry brands in India, thanks to Jithendra Jain’s innovative approach to jewelry design and customer service.
The Gold Men of India have built their fortunes by tapping into India’s deep-rooted love for gold. Whether through large-scale gold refining, retailing high-end luxury jewelry, or exporting gold products, these individuals have made a significant impact on the Indian gold market and beyond. Their success stories highlight the immense potential of the gold industry in India, which continues to be one of the largest consumers of gold in the world.