Mumbai: T. S. Kalayanaraman, the chairman and managing director of Kalyan Jewellers, claimed the top spot on a Wealth-X list of India’s wealthiest jewellers released today with a personal fortune of US$1.3 billion.

Kalayanaraman opened his first jewellery shop in Thrissur City in 1993 with only US$100,000 of capital, and 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 US$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.

M.P. Ahammed took third place on the Wealth-X list with a personal fortune of US$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 US$70,000.

Sahil Mehta, director, Indian subcontinent at Wealth–X, commented: “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!”

Below are the top 10 wealthiest Indian jewellers:

*in US$ million