In an exclusive interview, Ghanshyam Dholakia, Founder and Managing Director of Hari Krishna Exports, shares his insights on the current market scenario, the opportunities and challenges faced by the natural diamond sector, and his expectations from the upcoming IIJS Signature 2024.
Over the years, how has Hari Krishna Exports benefited from the IIJS in terms of business growth?
IIJS serves as a significant platform for networking with industry peers, potential clients, and stakeholders. For Hari Krishna Exports, participating in the event provides opportunities to forge new business relationships, connect with international buyers, and explore collaborations.
The show provides insights into current market trends and industry intelligence. Staying informed about evolving preferences, emerging market demands, and global trends is crucial for us. IIJS also serves as a platform to gather valuable market intelligence that can enlighten our company’s business strategies.
What are your expectations from IIJS Signature 2024?
My expectations for IIJS Signature 2024 revolve around presenting Hari Krishna Exports as an industry leader, embracing innovation, emphasising sustainability, fostering meaningful connections, and contributing to the overall growth and dynamism of the business.
We aim to unveil new and unique assortment of diamonds that will not only highlight our commitment to excellence, but also demonstrate our capacity for continuous innovation. Looking forward to a great show!
How do you perceive the current market scenario for the diamond industry? What opportunities and challenges do you see?
The current market scenario for the diamond industry presents a dynamic landscape with a mix of opportunities and challenges. On the positive side, there is a resilient demand for diamonds, especially in cultural and celebratory contexts such as engagements and weddings. The enduring appeal of diamonds in various cultural contexts provides a steady source of demand.
The global economic recovery presents an opportunity for increased consumer confidence and disposable income, contributing to higher spending on luxury items like diamonds.
However, challenges include a) the availability and pricing of acceptable roughs, b) competition among different types of luxury items to get a place in the mind space of the customer, and c) the increasing popularity of lab-grown diamonds, posing a competitive threat to the natural diamond market.
What kind of policy support or government initiatives could further benefit the natural diamond industry?
The government could allocate funds for research and development initiatives in the natural diamond industry. This support would foster innovation in diamond cutting, exploration of new markets, and the development of advanced technologies, ensuring the industry remains at the forefront of global competitiveness.
Initiatives focused on skill development and training for workers in the diamond industry would be valuable. By partnering with educational institutions and industry experts, the government can facilitate programs that enhance the skills of artisans, cutters, and other professionals involved in the diamond value chain.
Government agencies can collaborate with industry bodies to promote natural diamonds in international markets. This initiative can contribute to the long-term sustainability, growth and demand of the natural diamond sector.
Are there any specific regions or countries that you are currently targeting for international business expansion?
Apart from traditional markets such as USA, Gulf countries and China, our wish is to increase the demand in countries like Europe, Australia and Japan. It has to be done at an institutional level with concerted planning and monetary support. We feel that unless reach of the market is extended to cover other countries and new avenues are explored, the growth of the industry may have to face stagnation.
Anything else that you may wish to add.
In conclusion, I’d like to emphasise the importance of adaptability and sustainability in today’s dynamic business environment. At Hari Krishna Exports, we remain committed to not only meeting but exceeding industry standards. We look forward to the continued support of our stakeholders and the opportunity to contribute to the global diamond industry’s growth and evolution.
In terms of retail expansion, I would also like to add about our brand Kisna Diamond and Gold Jewellery. The brand’s growth strategy combines the establishment of flagship showroom in prime locations with a concerted effort to enter emerging markets, aiming to reach a diverse and expansive customer demographic. Our franchise operations are playing a crucial role in bringing Kisna’s exquisite jewellery closer to customers across diverse geographies. We are committed to rapidly expanding our franchise operations with the objective of establishing the most extensive Kisna Franchised Retail Chain nationwide.