In this exclusive interview, SHREYANS DHOLAKIA, Entrepreneur – Brand Custodian at Shree Ramkrishna Exports (SRK) shares his expectations from the IIJS event, while emphasising the firm’s dedication to creating a sustainable diamond business in India. Additionally, he provides insights into the current market scenario, outlining the opportunities and challenges the diamond industry faces as it aims for long-term growth and success.
How has IIJS helped your company grow?
Our jewellery company, Jewel Goldi has been participating in IIJS since the last 15-17 years, but for Shree Ramkrishna Exports (SRK), it is a short-term participation. This time, we have our booth at the Jio World Convention Centre, and we look forward to connecting with the audience there.
What are your expectations from participating in the IIJS Premiere 2023, and how do you plan to make the most of this opportunity?
India is a promising market, and this time it’s a new venue, so we look forward to exploring the overall dynamics of the show. SRK is participating for
the first time this year in the Loose Diamonds category. We are excited to see audience’s reactions.
With the industry’s perspective positive and involved approach towards customer centricity, traceability, and standardisation of businesses, we look forward to communicating our brand message and establishing thought leadership.
How do you prioritise sustainability and ethical practices in your business operations?
As a purpose-driven company, we give utmost importance to our commitment to quality, to society and the environment. As we celebrate six decades of excellence, the SRK family has not only accepted the challenge of preventing water scarcity, helping with a more resilient infrastructure and renewable source of energy like solar energy, and providing a sustainable standard of living, but we also intend to make the diamond industry the shining example of our nation’s decarbonising operations, delivering maximum impact, and ultimately creating a sustainable India.
Some of our impact in numbers:
- 3,500,000+ people benefitted with healthcare support.
- 1,25,000+ trees planted for environment restoration.
- 100,000+ households supported under various disaster relief activities.
- 60,000+ students received various benefits under education initiatives.
- 10,000+ tribal people supported at free medical camps.
- 2500+ youths benefitted from authorised training centres: SRK Institute of Diamonds (SRKID) and SRK Institute of Skills (SRKIS).
- 600+ HIV+ people supported.
How do you perceive the current market scenario for the diamond industry? What opportunities and challenges do you see?
The diamond industry has faced several challenges and opportunities in recent years. According to a report by Bain & Company, the diamond industry suffered during the Covid-19 crisis but fared better than the personal luxury market overall. Across the value chain, revenues decreased by 15% to 33%. However, the industry has shown resilience and delivered a spectacular performance in 2021 with every sector performing very well.
As per GJEPC’s report, during April-March 2022, gross exports of gems and jewellery increased by 11.05 % year-on-year to $39.53 billion as compared
to $35.60 billion registered in April-March 2020.
Thus, now it’s time for the industry to capitalise on the positive momentum and address the challenges to ensure long-term growth and success.