>Nizil Shah at 07:01, 8 July 2021

2021-07-08T07:01:43Z

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{{Short description|Indian diamond conglomerate}}
{{advert|date=May 2016}}
{{Use dmy dates|date=June 2015}}
{{Use Indian English|date=June 2015}}
{{Infobox company
|name = Hare Krishna Exports Pvt. Ltd.
|logo =
|type = [[Privately held company|Private]]
|traded_as =
|foundation = {{Start date|1992}} <ref name="HK Profile in Rio Tinto">{{cite web|url=https://www.riotintodiamonds.com/extranet/SDDetail.aspx?id=23|title=Rio Tinto's Select Diamantaire: Hari Krishna Exports Pvt. Ltd.|publisher=Rio Tinto}}</ref>
|caption =
|founders = [[Savji Dholakia]]<ref name="HK Profile in Rio Tinto"/>
|location = Bandra Kurla Complex, Mumbai, India
|locations = [[Mumbai]] <br/> [[Surat]]
|area_served = Worldwide
|key_people = Savji Dholakia ([[Chairman]])
|industry = Diamond Manufactures and Exporters
|products = Diamonds and Jewellery
|revenue = {{increase}} [[United States Dollar|US$]] 1.1 billion <br/> (Rs. 7,000 crores) <ref name="HK">{{cite web|url=http://www.ndtv.com/article/india/why-i-gifted-cars-flats-india-s-most-generous-boss-talks-to-ndtv-610611|title=Why I gifted Cars, Flats: India's Most Generous Boss talks to NDTV News|publisher = NDTV News|accessdate=22 October 2014}}</ref>
| net_income =
| assets =
| equity =
|num_employees = 6,000 (as of 2018) <ref name="Savjibhai's Story">{{cite web|url=http://www.rediff.com/business/report/pix-special-amazing-story-of-a-businessman-who-gifted-cars-flats-to-staff/20141024.htm|title=Amazing Story of a businessman who gifted cars, flats to Staff|publisher=Rediff|accessdate=24 October 2014}}</ref>
|owner = Savji Dholakia and family
|divisions = Raw Diamond Procurement <br/> Diamond Polishing <br/> Diamond Marketing & Sales
|subsid=
|homepage= [http://www.hk.co www.hk.co]
|footnotes=
}}

'''Hari Krishna Exports Pvt. Ltd.''', also known as '''HK''', is an Indian diamond conglomerate, headquartered in [[The Capital (building)|The Capital]], [[Bandra Kurla Complex]], [[Mumbai]], India.<ref name="Rough & Polished">{{cite web|url=http://www.rough-polished.com/en/exclusive/80060.html|title=The Overall Domestic Diamond Market seems to be going North|publisher=Rough & Polished|accessdate=29 July 2013}}</ref> HK was established in 1992 by [[Savji Dholakia]] and his three brothers.<ref name="HK Profile in Rio Tinto"/> The company has manufacturing units at [[Surat]] in [[Gujarat]] and its marketing and sales office in Mumbai.

==History==
In 1992, HK started as a small-time diamond cutting and polishing unit in [[Surat]] with a few machines and employees. It later expanded to [[Mumbai]] to meet a growing demand for raw diamonds.

In 2005, HK launched its own jewellery brand - KISNA. Today, it is the largest distributed diamond jewellery brand in India, available in over 6,250 jewellery outlets.{{Citation needed|date = October 2015}} KISNA offers over 563 designs of rings, earrings, pendants, necklaces, bangles, bracelets and nose pins.{{Citation needed|date = October 2015}} It uses [[Diamond clarity#Clarity grading|VVS]] diamonds and 18k hallmarked gold.<ref name="HK website" /> From 2007 until 2008 HK grew by 49% and recorded a turnover of {{INR}} 1,025 crores ({{USD}} 260 million at the time).{{Citation needed|date = October 2015}}

Hari Krishna Exports Pvt. Ltd. grew, strength to strength, over the next decade. In 1994 the diamond exports increased multifold after an [[Israel]] client's referral to the international clients. In 2001, the ambitious export company made yet another leap as it started to trade and manufacture diamonds of sizes ranging from 0.18 Carat to 0.96 Carat. In the fiscal year 2002-03 Hari Krishna Exports Pvt. Ltd. recorded a 200% growth.

Initially the export company started to trade and manufacture round diamonds with a value of less than 0.18 carats. The company recorded a turnover of Rs. 1 crore (10 Million) in its first fiscal year of operations to a US$975 million (INR 6,000 crores) in 2013-14 with customer friendly system & services in place. In a span of twenty two years, the company has traveled from being a small entrepreneurial outfit to the position of a Group with interests in domestic and international business arenas. The vertical integration process transformed the company from a mere diamond polisher to one that processes, manufactures and markets polished diamonds and jewellery in the domestic and international markets with affiliates in [[New York City|New York]], [[Hong Kong]] and [[Antwerp]] and [[Dubai]] participating in achieving the task.

The vertical integration process transformed HK from a small diamond manufacturer to a complete mine-to-market supply chain with supply from miners like [[Diamond Trading Company|Diamond trading company]] (DTC),<ref name="HK Profile in DTC">{{cite web|url=https://www.debeerssightholder.com/en/Sightholder-directory11/Hari-Krishna/|title=DTC Sightholder - Hari Krishna Exports Pvt. Ltd.|publisher=De Beers Group of Companies|url-status=dead|archive-url=https://web.archive.org/web/20141129062059/https://www.debeerssightholder.com/en/Sightholder-directory11/Hari-Krishna/|archive-date=29 November 2014|df=dmy-all}}</ref> [[Rio Tinto Group|Rio Tinto]],<ref name="HK Profile in Rio Tinto"/> [[Dominion Diamond Corporation|DDC]] (earlier BHP),<ref name="DDC">{{cite web|url=http://www.diamondbyhk.in/our-association.htm|title=Hari Krishna Exports - Our Association}}</ref> [[ALROSA|Alrosa]].<ref name="ALROSA">{{cite web|url=http://sales.alrosa.info/rough-diamonds/long-term-contacts/our-customers/|title=Alrosa Alliance - Our Customers|publisher=Alrosa}}</ref>

The company is also involved in diamond jewellery manufacturing and exporting H.K. Designs and Unity Jewels. Through H.K. Jewels Pvt. Ltd. the domestic market is being catered to. Kisna Diamond Jewellery is a pan India brand distributed through more than 480 distributors to more than 6500 retail outlets.

HK is exporting polished diamonds to 79 countries <ref name="HK"/> Currently, HK manufactures over 40,000 carats of diamonds every month (500,000 carats every year).<ref name="HK website">{{cite web|url=http://www.hk.co/#|title=Company Profile - Hari Krishna Exports Pvt. Ltd.}}</ref>

== Controversy ==
The company received media attention for 'gifting' his employees cars, jewellery and homes as bonuses on [[Diwali]]. In 2014, it gifted 491 cars, 525 pieces of diamond jewellery and 200 apartments worth {{INRConvert|50|c}}.<ref>{{cite web|url=http://www.rediff.com/news/report/the-desi-oprah-who-gifted-200-homes-491-cars-for-diwali/20141020.htm|title=The desi Oprah who gifted 200 homes, 491 cars for Diwali|website=rediff.com|publisher=Rediff.com|accessdate=26 October 2014}}</ref><ref>{{cite web|url=http://www.thehindubusinessline.com/news/diwali-gift-flats-cars-jewellery-to-loyal-staffers/article6519875.ece|title=Diwali gift: Flats, cars, jewellery to `loyal staffers’|website=thehindubusinessline.com|publisher=The Hindu Business Line.|accessdate=26 October 2014}}</ref><ref name="2018car">{{Cite news|url=https://www.business-standard.com/article/current-affairs/gujarat-diamantaire-gifts-600-cars-fds-as-diwali-bonus-to-employees-118102700615_1.html|title=Gujarat diamantaire gifts 600 cars, FDs as Diwali bonus to employees|agency=Press Trust of India|date=2018-10-27|work=Business Standard India|access-date=2019-05-07}}</ref><ref>{{cite web|url=https://www.bbc.com/news/world-asia-india-29686366|title=India diamond merchant boss distributes cars as gifts|last=|first=|date=|website=|publisher=BBC|accessdate=26 October 2014}}</ref><ref>{{cite web|url=https://www.theguardian.com/cities/2014/oct/21/-sp-surat-diamond-merchant-india-generous-boss-diwali-hari-krishna|title=Meet the Indian boss who gave cars, apartments and diamonds to employees|last=|first=|date=|website=|publisher=Guardian News and Media Limited|accessdate=26 October 2014}}</ref><ref>{{Cite web|title = Diwali bonanza: Surat boss gifts cars, flats and jewellery as bonus to his employees|url = http://timesofindia.indiatimes.com/city/surat/Diwali-bonanza-Surat-boss-gifts-cars-flats-and-jewellery-as-bonus-to-his-employees/articleshow/44884418.cms|website = The Times of India|accessdate = 2015-05-21|last = Melvyn Thomas|date = 2014-10-21}}</ref> In 2016, the company gifted 1260 cars and 400 apartments.<ref name=":0">{{Cite news|url=http://www.financialexpress.com/india-news/surat-businessman-gifts-1260-cars-400-flats-to-employees/432263/|title=Surat businessman gifts 1,260 cars, 400 flats to employees!|date=2016-10-27|newspaper=The Financial Express|access-date=2016-10-28}}</ref> The company gifted 600 cars in 2018.<ref name="2018car" /> The claims were disputed by ''Mera News'' portal which reported that the employees are paid salary on the [[cost to company]] basis and the down payment of the 'gifts' are sourced from the amount deducted from the salary under the title of bonus. The cars are brought under the name of the company and the employees have to sign a job bond of 5 years. The company benefits from the bulk discount and tax credit on the cars.<ref>{{Cite web|url=http://www.meranews.in/news/view/savji-dholakia-surat-exposed-diamond-merchant-diwali-bonus-cars-gift|title=Savji Dholakia didn't really gift 600 cars to his employees, there was a catch that everyone missed|last=Dayal|first=Prashant|date=|website=MeraNews|language=en-US|archive-url=|archive-date=|url-status=|access-date=2019-05-07}}</ref><ref>{{Cite web|url=http://www.meranews.com/news/view/open-letter-to-savji-dholakia-savjibhai-you-are-standing-be|title=સવજીભાઇ ધોળકિયાને ખુલ્લો પત્ર: ‘1 કરોડની ઓફર કરનાર સવજીભાઈ તમે સત્ય અને અસત્યની વચ્ચે ઉભા છો’|last=Dayal|first=Prashant|date=|website=MeraNews|language=gu|archive-url=|archive-date=|url-status=|access-date=2019-05-07}}</ref>

In December 2016, the company was issued notice by the Employee Provident Fund Organisation's (EPFO) Surat regional branch for violating Employees Provident Funds and Miscellaneous Provisions Act, 1952 and Factory Act after two years of investigation. The company had registered only 17 employees under Employee Provident Fund (EPF) despite employing 3165 people then. It had not paid EPF to employees for several years. The EPFO ordered the company to deposit {{INRConvert|16.6|c}} with 12% annual interest and 25% annual damage penalty.<ref>{{Cite web|url=https://timesofindia.indiatimes.com/city/surat/diamond-baron-who-gifted-cars-to-staff-evaded-paying-epf/articleshow/56044388.cms|title=Surat diamond baron: Diamond baron who gifted cars to staff evaded paying EPF|last=|first=|date=2016-12-18|website=The Times of India|language=en|archive-url=|archive-date=|url-status=|access-date=2019-05-07}}</ref><ref>{{Cite web|url=https://www.ibtimes.co.in/surat-diamond-merchant-slapped-notice-epfo-evasion-payment-708910|title=Surat diamond merchant slapped with notice from EPFO for evasion of payment|last=Sarkar|first=Asmita|date=2016-12-18|website=International Business Times, India Edition|language=english|access-date=2019-05-07}}</ref><ref>{{Cite web|url=https://timesofindia.indiatimes.com/city/surat/diamantaire-who-evaded-pf-of-staffers-gifts-1200-cars-to-them/articleshow/56694124.cms|title=Employees’ Provident Fund Organisation: Diamantaire who evaded provident fund of staffers gifts 1,200 cars to them|last=Thomas|first=Melvyn|date=2017-01-21|website=The Times of India|archive-url=|archive-date=|url-status=|access-date=2019-05-07}}</ref><ref>{{Cite web|url=https://timesofindia.indiatimes.com/city/surat/diamond-firm-may-face-action-under-epf-act/articleshow/56528668.cms|title=Diamond firm may face action under EPF Act|last=Thomas|first=Melvyn|date=2017-01-14|website=The Times of India|language=|archive-url=|archive-date=|url-status=|access-date=2019-05-07}}</ref>

== Recognition ==

*The [[Gem and Jewellery Export Promotion Council]] (GJEPC)'s Annual Exports Award for the Year 2002-03 to 2011-12 (for ten consecutive years).<ref>{{cite web|title=Kiran Gems Wins Top GJEPC Export Award|url=http://www.idexonline.com/FullArticle?Id=37319|website=idexonline.com/|publisher=IDEX - International Diamond Exchange|accessdate=28 January 2017}}</ref><ref>{{cite web|title=Hari Krishna Exports Receives GJEPC Award 2011-12|url=http://www.rapnet.com/news/NewsItem.aspx?tag=Hari%20Krishna%20Group&ArticleID=41300&ArticleTitle=Hari+Krishna+Exports+Wins+Tenth+Award+from+GJEPC|publisher=rapnet.com|accessdate=11 Oct 2012}}</ref>
*The GJEPC's “Most Innovative Company of the Year” Award for the year 2012-13.<ref>{{cite web|title=Hari Krishna Exports Receives GJEPC Award 2012-13|url=http://www.floroscent.com/newsdetails.php?id=269|publisher=floroscent.com|accessdate=11 Oct 2013}}</ref>
*The [[Stevie Awards|Stevie International Business Award]] for the "Management of the year 2012-13" <ref>{{cite web|title=Hari Krishna Exports Receives Coveted Intl. Business Award by The Stevies|url=http://www.diamonds.net/News/NewsItem.aspx?ArticleID=44373&ArticleTitle=Hari+Krishna+Exports+Receives+Coveted+Intl.+Business+Award+by+The+Stevies|publisher=diamonds.net|accessdate=26 Aug 2013}}</ref>
*The [[Stevie Awards|Stevie International Business Award]] - 2014 “Company of the Year – Manufacturing” and “Fastest-Growing Company of the Year (Asia, Australia and New Zealand)"<ref>{{cite web|title=Hari Krishna Exports honoured with two accolades The Stevies 2014|url=http://www.diamondworld.net/contentview.aspx?item=9493|publisher=diamondworld.net|accessdate=26 Aug 2014}}</ref><ref>{{cite web|title=Company/Organization Awards Winners|url=http://stevieawards.com/iba/companyorganization-awards-winners|website=stevieawards.com/|publisher=Stevie Awards, Inc.|accessdate=28 January 2017}}</ref>
*JNA Award "Outstanding Enterprise of the Year" in the year 2014.<ref>{{cite web|title=Award recipient of: Outstanding Enterprise of the Year – India|url=http://www.jnaawards.com/Results/2014/RecipientHariKrishnaExportsPvtLtd/tabid/6495/Default.aspx|website=jnaawards.com|publisher=UBM Asia Limited|accessdate=28 January 2017}}</ref>

==References==
{{Reflist|30em}}

[[Category:Diamond industry in India]]
[[Category:Companies based in Mumbai]]
[[Category:Indian companies established in 1992]]
[[Category:Diamond dealers]]

Hari Krishna Exports - Revision history

>Nizil Shah at 07:01, 8 July 2021