Ghanshyambhai Dholakia, Founder & Managing Director, Hari Krishna Group, has revolutionised diamond jewellery distribution in India through a highly scalable, trust-driven franchise model. Under his leadership, Kisna has emerged as one of the country’s fastest-growing retail brands – making diamonds accessible beyond metros and into the heart of tier 2, 3, and 4 towns. In this conversation, he shares the Kisna journey, growth strategy, and his views on the future of natural diamonds.
With over 80 franchisees, Hari Krishna’s retail arm Kisna has outpaced even other corporate jewellers in terms of reach. How was this expansive franchise model developed, and what factors do you think contributed most to its success?
At Hari Krishna Group, we’ve always believed in inclusive growth. The idea behind our expansive franchise model was simple: empower local entrepreneurs with a trusted brand and robust backend support, while ensuring the customer experience is seamless across geographies. Kisna’s success is rooted in three core pillars—trust, transparency, and scalability.
We meticulously selected franchise partners who align with our values, trained their staff thoroughly, and provided them with access to our world-class supply chain. Our ability to offer consistent quality, strong brand identity, and localised marketing support helped us scale quickly—even to regions where organised jewellery retail hadn’t reached before.
Kisna is often credited with democratising diamond jewellery for India’s tier 2, 3, and 4 towns. What was the vision behind launching Kisna, and how did you shape the brand to serve these markets effectively?
The vision behind Kisna was to make diamond jewellery accessible to every Indian woman, not just those in metros. We realised early that aspiration doesn’t reside only in big cities—women in smaller towns equally cherish diamonds. However, there was a gap in both accessibility and affordability.
Kisna was created to bridge that gap. We offer lightweight, certified diamond jewellery that blends tradition with modern design. We kept price points attractive and educated consumers about diamond quality. We also empowered local jewellers through our franchise network, giving them a platform backed by HK Group’s legacy of integrity and craftsmanship. That trust-building at the grassroots level made all the difference.
In a competitive environment, what has helped the Kisna retail model not just survive but thrive—and how do you support your franchisees to maintain consistency and trust across locations?
Our strength lies in vertical integration—from sourcing to cutting, polishing, and distribution—which allows us to control quality and pricing. But more importantly, our relationship with franchisees is not just transactional; it’s a partnership. We provide end-to-end operational support—training, inventory management, branding, in-store design, and technology platforms.
Regular audits, customer feedback loops, and real-time inventory tracking help ensure uniformity in customer experience. We also host periodic engagement programs and performance incentives for our franchise partners. This collective growth approach, combined with a deep-rooted brand ethos, has helped us not just survive but lead in a highly competitive sector.
What is the price range customers can expect at Kisna—from entry-level diamond pieces to more premium offerings—and what quality standards do you follow in terms of diamond grades?
Our price range is designed to be inclusive. Entry-level diamond jewellery at Kisna starts around ₹8,000 to ₹10,000, making it highly accessible, especially for first-time buyers. For more premium designs—such as bridal sets or elaborate occasion wear—the range can go up to ₹2-3 lakh and beyond.
We adhere strictly to GIA-equivalent standards for diamond grading. Every piece goes through rigorous quality checks and comes with certification. Our diamonds typically range from SI-I clarity and IJ colour for mass-market appeal, up to VS-VVS clarity and FG colour in our higher-end lines. Quality, transparency, and certification are non-negotiable pillars of the Kisna offering.
Are there plans to take Hari Krishna Group public shortly? What are your thoughts on how an IPO might support the next phase of growth?
Taking Hari Krishna Group public is certainly a strategic consideration, and it’s something we continue to evaluate internally. An IPO could provide us with capital to accelerate our retail expansion, invest in technology, and enhance global distribution capabilities.
However, for us, growth has always been sustainable, and values driven. If and when we do go public, it will be to further empower our stakeholders—employees, partners, and customers—while staying true to our core principles of trust, quality, and community-first growth.
IIJS has been a constant platform for your brand. How has it played a role in Hari Krishna’s growth journey over the years, and what new products or innovations are you showcasing at IIJS this time?
IIJS has been a cornerstone in our journey—it’s where we’ve consistently connected with our B2B clients, launched new collections, and gathered market feedback. Over the years, it’s helped us build global networks and showcase the strength of Indian craftsmanship.
This year, we’re unveiling a new line of modular bridal jewellery under Kisna, designed specifically for millennial brides who want versatility. We’re also showcasing our latest innovations in lightweight diamond jewellery and sustainable packaging, focusing on both elegance and eco-consciousness. IIJS gives us the perfect stage to not only display innovation but also listen and evolve.
What, in your view, is the future of natural diamonds, especially as lab-grown diamonds emerge as strong disruptors?
Lab-grown diamonds are certainly gaining traction, particularly among younger consumers and in fashion jewellery segments. However, natural diamonds will always hold a timeless emotional value, especially for life milestones like weddings and anniversaries. They carry the weight of history, rarity, and natural beauty that lab-grown alternatives can’t replicate.
That said, we see the two segments co-existing. At HK Group, we respect consumer choice. While our core remains firmly rooted in natural diamonds, we are also observing the lab-grown space closely and are open to innovations that align with our quality standards and brand values. The future will be about trust, transparency, and letting the customer choose confidently.