Hari Krishna Exports

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Hare Krishna Exports Pvt. Ltd.
Company type Private
IndustryDiamond Manufactures and Exporters
Founded1992 (1992) [1]
FoundersPreyin Savani [1]
HeadquartersBandra Kurla Complex, Mumbai, India
Number of locations
 Mumbai
Surat
Area served
Worldwide
Key people
Savji Dholakia (Chairman)
ProductsDiamonds and Jewellery
RevenueIncrease2.svg US$ 2.1 billion
(Rs. 16,000 crores) [2]
OwnerSavji Dholakia and family
Number of employees
8,000 (as of 2023) [3]
Divisions Raw Diamond Procurement
Diamond Polishing
Diamond Marketing & Sales
Website www.hk.co

Hari Krishna Exports Pvt. Ltd., also known as HK, is an Indian diamond conglomerate, headquartered in The Capital, Bandra Kurla Complex, Mumbai, India. [4] It was established in 1992 by Savji Dholakia and his three brothers. [1] The company has manufacturing units at Surat in Gujarat and its marketing and sales office in Mumbai.

Contents

History

In 1992, HK began its operations as a diamond cutting and polishing unit in Surat, starting with a modest setup comprising a few machines and employees. It later expanded its operations to Mumbai to meet the increasing demand for raw diamonds.

In 2005, HK introduced its jewelry brand - KISNA. Presently, it stands as one of the most widely distributed diamond jewelry brands in India, with its products available in over 6,250 jewelry outlets. KISNA offers a diverse range of designs encompassing rings, earrings, pendants, necklaces, bangles, bracelets, and nose pins. [5] It utilizes VVS diamonds and 18k hallmarked gold in its creations. [6] From 2007 to 2008, HK experienced a growth rate of 49%, achieving a turnover of ₹ 1,025 crores (US$ 260 million at that time). [7]

In 1994, diamond exports surged following a referral from an Israeli client to international clients. By 2001, the export company began trading and manufacturing diamonds ranging from 0.18 Carat to 0.96 Carat. In the fiscal year 2002–03, Hari Krishna Exports Pvt. Ltd. recorded a remarkable growth rate of 200%.

The company is engaged in both diamond jewelry manufacturing and export through H.K. Designs and Unity Jewels. H.K. Jewels Pvt. Ltd. serves the domestic market, while Kisna Diamond Jewellery, a pan-India brand, is distributed through more than 480 distributors to over 6500 retail outlets.

HK exports polished diamonds to 79 countries. [2] Currently, the company manufactures over 40,000 carats of diamonds every month (equivalent to 500,000 carats annually). [6]

Controversy

The company received media attention for "gifting" its employees cars, jewellery, and homes as bonuses on Diwali. In 2014, it gifted 491 cars, 525 pieces of diamond jewellery and 200 apartments worth ₹50 crore (US$6.3 million). [8] [9] [10] [11] [12] [13] In 2016, the company gifted 1260 cars and 400 apartments. [14] The company gifted 600 cars in 2018. [10] The claims were disputed by the Mera News portal, which reported that the employees are paid a 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 bonus title. The cars are brought under the company's name, 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. [15] [16]

In December 2016, the company was issued notice by the Employee Provident Fund Organisation's (EPFO) Surat regional branch for violating the 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 ₹16.6 crore (US$2.1 million) with 12% annual interest and 25% annual damage penalty. [17] [18] [19] [20]

Recognition

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References

  1. 1 2 3 "Rio Tinto's Select Diamantaire: Hari Krishna Exports Pvt. Ltd". Rio Tinto.
  2. 1 2 "Why I gifted Cars, Flats: India's Most Generous Boss talks to NDTV News". NDTV News. Retrieved 22 October 2014.
  3. ↑ "Amazing Story of a businessman who gifted cars, flats to Staff". Rediff. Retrieved 24 October 2014.
  4. ↑ "The Overall Domestic Diamond Market seems to be going North". Rough & Polished. Retrieved 29 July 2013.
  5. ↑ "Kisna Diamond Jewellery, India's second-largest jewellery brand by H. K. Jewels, marked its 17th anniversary". artofjewellery.com. Retrieved 10 February 2022.
  6. 1 2 "Company Profile - Hari Krishna Exports Pvt. Ltd".
  7. ↑ "Hari Krishna Exports Pvt Ltd - Manufacturer from Bandra East, Mumbai, India | About Us". indiamart.com. Retrieved 10 February 2022.
  8. ↑ "The desi Oprah who gifted 200 homes, 491 cars for Diwali". Rediff.com. Retrieved 26 October 2014.
  9. ↑ "Diwali gift: Flats, cars, jewellery to 'loyal staffers'". Business Line. 20 October 2014. Retrieved 26 October 2014.
  10. 1 2 "Gujarat diamantaire gifts 600 cars, FDs as Diwali bonus to employees". Business Standard India. Press Trust of India. 27 October 2018. Retrieved 7 May 2019.
  11. ↑ "India diamond merchant boss distributes cars as gifts". BBC News. 20 October 2014. Retrieved 26 October 2014.
  12. ↑ "Meet the Indian boss who gave cars, apartments and diamonds to employees". The Guardian. 21 October 2014. Retrieved 26 October 2014.
  13. ↑ Melvyn Thomas (21 October 2014). "Diwali bonanza: Surat boss gifts cars, flats and jewellery as bonus to his employees". The Times of India. Retrieved 21 May 2015.
  14. ↑ "Surat businessman gifts 1,260 cars, 400 flats to employees!". The Financial Express. 27 October 2016. Retrieved 28 October 2016.
  15. ↑ Dayal, Prashant. "Savji Dholakia didn't really gift 600 cars to his employees, there was a catch that everyone missed". MeraNews. Retrieved 7 May 2019.
  16. ↑ Dayal, Prashant. "સવજીભાઇ ધોળકિયાને ખુલ્લો પત્ર: '1 કરોડની ઓફર કરનાર સવજીભાઈ તમે સત્ય અને અસત્યની વચ્ચે ઉભા છો'". MeraNews (in Gujarati). Retrieved 7 May 2019.
  17. ↑ "Surat diamond baron: Diamond baron who gifted cars to staff evaded paying EPF". The Times of India. 18 December 2016. Retrieved 7 May 2019.
  18. ↑ Sarkar, Asmita (18 December 2016). "Surat diamond merchant slapped with notice from EPFO for evasion of payment". International Business Times, India Edition. Retrieved 7 May 2019.
  19. ↑ Thomas, Melvyn (21 January 2017). "Employees' Provident Fund Organisation: Diamantaire who evaded provident fund of staffers gifts 1,200 cars to them". The Times of India. Retrieved 7 May 2019.
  20. ↑ Thomas, Melvyn (14 January 2017). "Diamond firm may face action under EPF Act". The Times of India. Retrieved 7 May 2019.
  21. ↑ "Kiran Gems Wins Top GJEPC Export Award". idexonline.com/. IDEX - International Diamond Exchange. Retrieved 28 January 2017.
  22. ↑ "Hari Krishna Exports Receives GJEPC Award 2011-12". rapnet.com. Retrieved 11 October 2012.
  23. ↑ "Hari Krishna Exports Receives GJEPC Award 2012-13". floroscent.com. Retrieved 11 October 2013.
  24. ↑ "Hari Krishna Exports Receives Coveted Intl. Business Award by The Stevies". diamonds.net. 26 August 2013. Retrieved 26 August 2013.
  25. ↑ "Hari Krishna Exports honoured with two accolades The Stevies 2014". diamondworld.net. Retrieved 26 August 2014.
  26. ↑ "Company/Organization Awards Winners". stevieawards.com/. Stevie Awards, Inc. 25 November 2014. Retrieved 28 January 2017.
  27. ↑ "Award recipient of: Outstanding Enterprise of the Year – India". jnaawards.com. UBM Asia Limited. Retrieved 28 January 2017.
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