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Profile: Ghanshyam Dholakia

Mar 9, 2014 3:46 AM   By Rapaport News
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RAPAPORT... Hari Krishna Exports is a diamond manufacturing company that is also involved in various jewelry wholesale and retail activities.

Name: Ghanshyam Dholakia
From: India
Company: Hari Krishna Exports Pvt. Ltd. – Managing Director

Rapaport News: What prompted you to pursue a career in the diamond industry?

GD: My older brother Savjibhai Dholakia was working in the diamond business and he encouraged me to join him. I owe my present position to his encouragement and guidance.

Rapaport News: Do you have a business philosophy that guides you in your work?

GD: Our logo is “faith is in the name” and that explains our business philosophy precisely. Innovation, transparency and customer service have been the hallmarks of our business philosophy.

Rapaport News: What differentiates Hari Krishna Exports Pvt. Ltd. from other companies?

GD: We have a very good name in the industry and among our customers. We have 6,000 employees who are passionate about their work and they are the real shareholders of the company. They are groomed from the beginning to work as a unit and are encouraged to think differently. We always look ahead, plan for the future and never worry about the past.

Rapaport News: What has been the most notable change in the diamond and jewelry industry over the course of your career?

GD:
The most notable change is that today’s consumer is well informed, demanding and cost conscious. Any business that wants to grow has to align itself with these trends. Another notable change is the willingness of customers to accept fair and fixed prices with cash on delivery.

Rapaport News: What do you consider to be the biggest challenge facing the diamond industry today?

GD: The biggest challenge facing the diamond industry is that banks lack confidence in the industry and that needs to change. Another challenge is maintaining price stability.

Rapaport News: 2013 was a tough year for Indian diamond manufacturers given the weak rupee, slower domestic economy, high rough prices and tighter bank credit. How did these factors affect Hari Krishna Exports?

GD: Each year presents its own problems and 2013 was no different. In every challenge there is an opportunity. However, only 10 percent to 15 percent of our business is in Indian rupees so the weaker currency did not affect us that much. Overall, rough and polished prices were stable in 2013 and we had a good year in our sales offices.

Rapaport News: What are your expectations for the overall diamond market in 2014?

GD: The beginning of 2014 has been good. The U.S. and Chinese markets are steady. Europe and Japan are recovering and India is growing. Overall, the diamond market will be better than last year.

Rapaport News: The issue of undisclosed synthetic diamonds being mixed in parcels of natural diamonds has become an important one in the industry. What should the industry do to combat this?

GD: Today, the customer wants to buy from ethical and trustworthy suppliers. Though the percentage of synthetics mixed in parcels of natural diamonds is very small, companies must have a clear system in place of tracking goods from rough to polished. Transparency is the key.

Rapaport News: What role does innovation play in ensuring that your company remains relevant?

GD:
Innovation plays a vital role in ensuring growth at our company. It helps us to differentiate ourselves from others, to give added value to the company and to provide satisfaction to our customers. Whatever we do, we do it with our heart which ultimately turns into innovative ideas.

Rapaport News: What advice would you give to someone starting out in the diamond and jewelry industry?

GD: The diamond industry is the best business in the world if it is done with your heart. Anybody can do it but you have to approach the industry with honesty. This industry is for long-term players only. If quick profit is your motive, then this industry will likely disappoint.

Rapaport News: How do you envision your business 10 years from now?

GD: Our focus is on constant and continuous innovation and customer satisfaction. We believe that this will help us to be one of the top diamond companies in the world in the next 10 years.

Our employees are proud to be a part of the Hari Krishna Group. We want our customers, suppliers and associations to be proud to work with us.  
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