India’s TOP 500 Companies 2021

INDIA’S TOP 500 COMPANIES 2021 152 Experts’ View How would you summarize Diamond India Ltd.’s journey since its inception? What are some of the key milestones achieved by the company in recent years? Diamond India Ltd (DIL) started as an idea, i.e. how best to import and supply raw materials to the gems and jewellery industry which significantly contributes to the country’s exports and employment. Supported by the GJEPC, DIL was formed by 58 prominent members of gems jewellery sector as a trade body, albeit with a commercial character, for the overall benefit of the industry. Initially, DIL started with bulk import of rough diamonds directly from the mines of Russia. It was a unique sourcing model that provided a great convenience and value to the diamond jewellery manufacturers in India. DIL replicated this sourcing model with precious metals. In 2009, DIL was notified as a Nominated Agency by DGFT, Govt of India, for import of precious metals (i.e. gold, silver, platinum etc). The avowed purpose was to service the small exporters. Thus, as a trade body, DIL became the sole entity in private sector to be given such a license. DIL imports and supplies gold, silver etc to domestic jewellers and jewellery exporters at all major centers of the country. It has its centralised treasury in Mumbai and a widely distributed network for supply of precious metals through its logistic partners. Over the last decade, DIL has crossed several significant milestones. In 2010, it set up its centralised treasury and started supplies to domestic jewellers. In 2013, it commenced supplies to jewellery exporters to cover them pan-India. In 2014, it forayed into retail distribution with launch of Sachin Tendulkar iconic coins. In 2015, it became the official merchandise partner of National Games, Kerala. In 2020, it started supply of silver alloys to industrial users. DIL’s decade- long journey spells success with over ` 20000 crores turnover, uninterrupted profitability, 600 happy customers and almost 25% market share in supply of duty-free gold to exporters. Its achievements brought DIL many accolades. It was adjudged as the Best Nominated Agency by the industry associations consecutively over three years starting from 2017. What were the challenges your company faced in recent times? And how did you overcome those challenges? Over the last decade, the precious metals industry has faced significant headwinds. The Central Government has ushered in many regulatory changes by way of licensing of refineries for dore import, implementation of GST, hallmarking etc. As a major player in this space, DIL has always welcomed the changes, adopted to the same and used the market changes as opportunities for business growth. DIL could ride the waves due to its unflinching focus on three stakeholders: customers, people and shareholders. Keeping customer service at the fulcrum of its business model, DIL has tailored its product offerings to the changing customer needs. It has delivered quality service through a team of well-motivated professionals headed by experienced bankers and values its team as the backbone of business. Lastly, DIL has rewarded the shareholders by conserving the capital through a risk management focus and enhancing shareholder value through consistent business growth. What is your growth strategy over the next 3-5 years? DIL sees exciting days ahead. It is a great time to reach the masses while continuing to serve the industry. International bullion exchange, mandatory hallmarking, digital gold, accredited refineries, retail distribution etc would rescript the precious metals business. With its past credentials, franchise value in customers, professionalism, strong financials, value- based operations etc, DIL is well-poised to encash these growth opportunities. Keeping this in mind, DIL has engaged Deloitte to chart the growth path to maximise and unlock shareholder value. DIAMOND INDIA LIMITED Praveen Shankar Pandya Chairman Dun & Bradstreet