Kiran Gems
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Kiran Gems (established in 1985) is an Indian manufacturer of natural polished diamonds.[1]
History
Kiran Gems was founded in 1985 by Vallabhbhai S. Patel, who began as a diamond cutter in Gujarat before relocating to Mumbai to establish the company with his brothers, Babubhai S. Lakhani and Mavjibhai S. Patel. Initially a small manufacturing firm in Surat, Kiran saw gradual growth and gained recognition from the Indian government as an ‘Export House’ in 1996 and a ‘Trading House’ in 1999. To support its expanding export business, Kiran set up a marketing arm, Kiran Exports BVBA, in Belgium, and partnered with Millenium Diamonds Co. Ltd. in Thailand.[2][3]
Controversies
In 2018, Kiran Gems faced controversy when over 300 diamond polishers claimed they were laid off without notice or severance. The workers, mostly from Saurashtra, filed complaints with local authorities and sought support from the Surat Diamond Association. Kiran Gems' management stated that the polishers were employed through contractors and denied involvement in the layoffs. The issue was complicated by reports of a recruitment scandal, where managers allegedly took bribes from polishers for job placements, potentially leading to the dismissals.
In 2023, an investigation by the Kyiv Independent revealed that Alrosa, Russia’s largest diamond producer, continued selling diamonds to the West through intermediaries like Kiran Gems, Cartier, and Shree Ramkrishna Exports, despite sanctions. These diamonds were routed via countries such as the UAE, allowing Russian-origin diamonds to enter global markets in "mixed origin" parcels. While efforts by the G7 to curb Russian diamond sales faced resistance, some companies, including De Beers, responded to these allegations, whereas others, like Kiran Gems, did not.
Awards and Recognitions
The company has been recognized by the Gem & Jewellery Export Promotion Council (GJEPC) at the Indian Gems and Jewellery Awards (IGJA) for being the highest exporter of cut and polished diamonds for 12 consecutive years from 2007 to 2019, and again from 2020 to 2023. In addition, Kiran Gems has also been honored with awards for the Highest Turnover (2020-2023), the Highest Taxpayer Company (2015-2019 and 2020-2023), and was named the Most Socially Responsible Company for the year 2016-17.[1]
References
- ^ a b "India's six diamond kings: Six entrepreneurs minting money in Rs 70,000 crore industry". economictimes. Retrieved 25 October 2024.
- ^ India, Retail Jeweller (2021-10-19). "Kiran Gems visit Surat Diamond Bourse site - The Retail Jeweller India". Retrieved 2024-10-25.
- ^ Babar, Kailash (2024-06-05). "Kiran Gems' Rajesh Lakhani buys sea-view luxury apartment in Worli for Rs 97 cr". The Economic Times. ISSN 0013-0389. Retrieved 2024-10-25.