Shreyans Dholakia is Director and Brand Custodian of SRK, a global leader in the highest quality natural diamonds and on a mission to become the most sustainable diamond crafting organisation. Shreyans is responsible for strengthening the performance of the company as per its greater goals and the vision of his father, Govind Dholakia, the Founder-Chairman who believes that business is generation to generation, and it is must uphold its values and principles to support growth.
What drove SRK to join the RJC?
We at Shree Ramkrishna Exports (SRK) joined the Responsible Jewellery Council (RJC) because it serves as the beacon of sustainability standards within the industry. As an organisation created by and for the industry, RJC membership offers SRK a pathway to sustainable growth, providing a platform to voice concerns and shape the future collectively. Being a member of RJC not only accelerates SRK’s commitment to sustainability but also provides assurance to stakeholders, reinforcing our dedication to ethical practices in the natural diamond and jewellery industry.
You recently announced a commitment to net zero diamond crafting, could you explain the processes behind this initiative?
Since our founding, we have prioritized simplicity, transparency, and ethics in our operations. The challenges facing today’s diamond industry and India as a whole illustrate that doubling down on our commitment to community and being net zero is more important than ever before.
Since decarbonization is the crown jewel of SRK’s future, we have officially assessed our Scope 1, 2, and 3 emissions to properly develop a robust and detailed roadmap for significant reduction in each category.
For Scope 1 reductions, SRK has installed a biogas plant for kitchen waste and to reduce natural gas consumption, to upgrade cooking processes to improve efficiency and quality of food, to optimise food menus to ensure healthy foods and less cooking times, to maintain ISO 22001 certification (Food Safety Management System), and to control refrigerant leakage and use of non-CFC, non-HFC and non-PFC based refrigerants.
For Scope 2 reductions, SRK has installed an off-site 6 MW solar power plant to mitigate its entire Scope 1 and 2 emissions. In addition, the company will work to ensure all energy consumed by both SRK Empire and SRK House is offset from the installed capacity of the proposed solar power plant.
For Scope 3 reductions, SRK is promoting bicycle use, rideshare, public transport, walking, and electric vehicle use. Additionally, the company will install a solar-power electric vehicle charging station, convert electric cars for all cars owned by SRK, create an app to track daily commute modes and practices by team members, and report on daily commute data to drive continuous improvement. Lastly, SRK has planted over 1,00,000 trees in a 200-acre land area, maintain an additional 30+ green sites, restrict plastic and paper use, and strive for net zero water, net zero waste, and net zero energy.
SRK continues to monitor in real time its Scope 1, 2, and 3 emissions to ensure compliance for its accelerated net zero timeline.
How has the demand for “traceability” in the industry transformed your business practices? Can you tell us about “The Footprint”?
The demand for traceability in the natural diamond industry has significantly transformed business practices, primarily driven by customers’ increasing interest in ethical sourcing and sustainability.
Traceability initiatives have led to the development of systems that track natural diamonds from the mine to the market, ensuring they are ethically sourced. By providing transparency in the natural diamond supply chain, traceability initiatives enhance consumer confidence, and they are increasingly willing to pay a premium for diamonds with documented provenance, as it assures them of ethical practices and responsible sourcing.
The adoption of blockchain technology and other digital solutions enables the creation of tamper-proof records of a natural diamond’s journey, enhancing traceability and authenticity verification. Blockchain offers an immutable ledger that records every transaction, providing a transparent and trustworthy system for tracking diamonds.
As a forward-looking and innovative organization, SRK continues to strive for opportunities to improve our business practices, industry leadership, and market transformation. As such, we have launched our traceability platform- The Footprints to ensure that clients and customers know the story of every natural diamond they purchase from us. Proof of integrity and origin significantly enhances the value of diamonds and this traceability feature also delivers another significant benefit it gives the client a view into the environmental and social impact of the diamond.
The Footprints simultaneously assures an individual their purchase did not harm the environment and enables fair trade guaranteeing peace of mind for the consumer and ensuring that artisan miners and governments are properly compensated.
By integrating quality and traceability this way, SRK is raising the bar for industry transparency. We have also obtained the internationally recognised PAS 7000:2014 supply chain certification to demonstrate our supply chain practices align with our corporate values.
How has the demand for “traceability” transformed the natural diamond industry and the business practice?
The demand for “traceability” has reshaped the landscape of the natural diamond industry, driving transformations in business practices and consumer expectations.
First and foremost, the demand for traceability has led to increased transparency within the diamond supply chain. Customers today are more conscientious about the ethical and environmental implications of their purchases. By implementing technologies such as blockchain, laser inscriptions, and advanced documentation systems, companies can provide detailed information about each diamond’s journey, including its mine of origin, the cutting and polishing processes, and any certifications obtained along the way. This transparency gives confidence to consumers, assuring them that their diamonds are sourced responsibly and ethically.
Furthermore, traceability has caused a shift towards sustainable and ethical practices within the natural diamond industry. The emphasis on ethical sourcing meets the demands of socially conscious consumers.
The demand for traceability has stimulated innovation in marketing and branding strategies within the diamond sector. Companies that can provide compelling narratives about the provenance and journey of their diamonds stand to differentiate themselves in a crowded marketplace. By highlighting stories of sustainability, craftsmanship, and social impact, diamond brands appeal to audience who value authenticity and transparency. This shift towards storytelling not only enhances the perceived value of diamonds but also fosters deeper connections between consumers and the products they purchase.
How can businesses aim to reignite trust in the diamond industry?
The natural diamond industry is a large and diverse ecosystem that supports millions of livelihoods and contributes to sustainable development around the world. However, the industry also faces challenges such as ethical concerns, environmental impact, and consumer confidence. To reignite trust in the natural diamond industry, businesses can take the following suggestions:
– Adopt and adhere to international standards and regulations that ensure responsible and transparent business practices, such as the UN Convention Against Corruption, the OECD Due Diligence Guidance, and the Kimberley Process Certification Scheme.
– Provide diamond certificates, warranties, and reviews that verify the origin, quality, and authenticity of natural diamonds.
– Enhance convenience and client experience on online platforms that make buying diamonds easy and enjoyable. These features help attract and retain clients who value convenience and flexibility in their journey.
– Educate and inspire consumers about the natural beauty, rarity, and symbolism of natural diamonds, as well as the positive impact they have on the communities and environments. These stories help everyone appreciate the value and meaning of natural diamonds and connect them with the people and places behind them.
Do you have any advice for RJC members?
My advice for RJC members would be to prioritize collaboration, active participation, and continuous learning, specifically through regular training, webinars, and seminars. By actively engaging with fellow members, sharing insights, and seeking out opportunities to expand your knowledge base, you can contribute to the success of the RJC community and maximize the benefits of your membership.
