In a significant contribution towards sustainability, Shree Ramkrishna Exports (SRK), a leading Indian natural diamond supplier, has made substantial investments in green energy projects. Spearheaded by the company’s chairman, Govind Dholakia, SRK initiated the transformation of Dudhala, Gujarat—Dholakia’s childhood village—into a ‘smart village.’ This initiative included the installation of solar panels on all 350 homes in the village, completed in just four months during 2022. This solarization allows residents to enjoy free electricity for the next 25 years, underpinning SRK’s commitment to renewable energy and reduced carbon footprints.
Expansion of Solar Projects
Following the project in Dudhala, SRK expanded its solar energy initiatives to include the homes of 750 individuals, encompassing families of martyrs and unsung heroes, as part of India’s 75th Independence anniversary celebrations. The company has also extended this benefit to the homes of 1,000 of its employees. To date, SRK has invested approximately US$3.5 million in these solar projects.
Commitment to Net-Zero Carbon Emissions
SRK is working towards achieving net-zero carbon emissions at its main diamond crafting facilities by the end of 2024. These facilities are certified as LEED Platinum by the U.S. Green Building Council. Additionally, SRK has joined the Science Based Targets Initiative (SBTi), committing to emission reduction targets that align with the Paris Agreement goals.
Reporting Impact and Community Focus
In April 2024, SRK released its “Pure Impact Report,” which details six decades of the company’s achievements in areas such as education, healthcare, and environmental sustainability. This report aligns the company’s initiatives with the UN’s Sustainable Development Goals and the 2015 Paris Agreement. SRK currently dedicates approximately 4.5 percent of its net profit to community welfare initiatives through the SRK Knowledge Foundation.
“What happens when you focus on your people, when you focus on putting back more into communities and into the planet than you have taken, is that profit inevitably follows,” explains Rahul Dholakia, a director at the foundation.
Education and Training
The SRK Knowledge Foundation supports world-class educational and knowledge institutes, benefiting about 60,000 youths to date. More than 2,500 individuals have received professional training at the SRK Institute of Skills and the SRK Institute of Diamonds, which specifically prepares students for careers in the diamond industry.
“What happens when you focus on your people, when you focus on putting back more into communities and into the planet than you have taken, is that profit inevitably follows,” explains Rahul Dholakia, a director at the foundation. “SRK’s stakeholders are supported by our increased commitments to socially responsible initiatives in recent years, and are particularly invested in the trajectory and acceleration of our net zero commitments.”
Community Health Initiatives
SRK’s commitment to healthcare began over 30 years ago with health camps in the Dang district. The medical center in Lathi village, established in memory of Govindkaka’s father, has provided health services to approximately 1.2 million people. During the COVID-19 pandemic, the center treated around 5,500 patients and set up quarantine facilities.
Celebrating Ethics and Inspiration
In April 2022, the publication of “Diamonds are Forever, so are Morals,” a book detailing Govindkaka’s life and ethical business practices, was endorsed by India’s prime minister as a “source of inspiration.” Govindkaka shared, “It was a joy revisiting a substantial part of my life, struggles and professional journey through this book. Each one of us has different life experiences that shape our present and future, and through this book I wanted to share my life experiences with all to be reassured that a life of honesty and ethics helps achieve great success and gives immense satisfaction.”
Govindkaka further reflects on his life’s work: “I believe the world is like a diamond – a tough place to live in, but also inherently beautiful. In order to uncover its beauty, we need to work slowly, consistently with responsibility and goodwill.”
Industry Implications
SRK’s integration of sustainable practices and community welfare into its business model serves as a potential template for other companies in the jewellery industry. These efforts not only aid in building community support but also help the company maintain a strong market position in an era where ethical and environmental considerations are becoming increasingly important.
