Emerald Jewel Industry produces an astonishing 3,000-plus designs every month and boasts a product range exceeding half a million, which grace high-end fashion and jewelry stores worldwide.
Every year, its 7,000-plus employees work their way through 48 metric tons of gold, 50,000 carats of diamond, 600 kilograms of platinum and 77 metric tons of silver, generating an annual revenue of more than US$750 million.
But the phenomenally successful company owes its existence to a chance encounter on a street corner between two strangers four decades ago.
One of those men was Emerald Jewel Industry Founder and Chairman Krishnamoorthy Srinivasan, a humble shop assistant at the time, who remembers the day as if it was yesterday.
“Suddenly, I was gathering together all my samples, based only on a commitment made by a total stranger.”
“I was born into a very poor family, but always knew I had a thirst to make something of my life,” he tells The CEO Magazine from the company’s headquarters in the southern Indian city of Coimbatore.
“I was fascinated by making jewelry, so I’d taken a job in a shop so I could learn about how the business works. One fine evening, I met a man who was having difficulty communicating in English and knew only Hindi. He was looking for an address, but no one could help him. Luckily, my Hindi language skills came in handy and I was able to guide him, which made him very happy and he invited me for a coffee.”
The serendipitous moment was about to change Srinivasan’s life forever. During their conversation, the man revealed he had a trade show coming up and promised Srinivasan a big order and access to all his contacts in the business if he did a good job.
A leap of faith
But when Srinivasan discussed the trade show with his family, they were understandably suspicious.
“We had little money and they thought I should find work nearby and not risk a long journey with someone I’d just met. But I was adamant and told them, ‘I’m going there and I’ll start a business. If you want to help, you can, but either way, I have to go,’” he says.
“And my mother gave me INR10,000 [US$120] and my friends and brothers helped, too. So suddenly, I was gathering together all my samples, based only on a commitment made by a total stranger.”
He booked his train ticket and took the leap of faith that would eventually make him one of India’s most influential jewelers.
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But the reason for his subsequent success wasn’t entirely down to the luck of bumping into the man who he came to describe as his godfather. Even then, Srinivasan knew that his passion was in making and selling exquisite pieces of jewelry, and that quality and craftsmanship must never be compromised.
His instincts were soon proved right. His dedication to excellence paid off as word spread about the exciting new artisan in town, a reputation that garnered a loyal customer base. “I ensured that we delivered on time, every time, with innovative designs and superior quality,” he says proudly.
But as the orders mounted up, he realized he’d have to make a seismic change to continue the upward trajectory. “I thought, ‘Is there any possibility of doing automation?’ Could we produce the same handmade jewelry with machines?”
Growth and diversity
Soon, visits to various overseas exhibitions and factories led him to adopt casting technology, which ensured both high standards and consistency. It also enabled him to open up new distribution channels for his designs in Mumbai and other Indian cities. He also diversified into diamonds, silver and platinum.
As his company expanded, he made strategic investments in new technologies and machinery, often reinvesting his earnings to boost his production capabilities. Emerald Jewel Industry supplied everything from earrings, bracelets and brooches to the gold used by major Indian dental businesses such as Shofu Dental.
“I was making a decent profit, but I accepted that I had to spend a significant chunk on new machinery so I could offer new designs. I opened a small factory, but soon it wasn’t big enough to meet the demand so I bought 2.4 hectares of land to build a bigger one and also allow for future expansion,” Srinivasan says.
Soon, that too was at capacity as revenue grew exponentially. But despite his success, he realized that one thing was holding him back – all his products were made for other brands or retailers. It was time for Emerald Jewel Industry itself to shine.
“I ensured that we delivered on time, every time, with innovative designs and superior quality.”
“We were working so hard to create these wonderful designs, but our name isn’t on any of them,” he says.
His insight led him to increase his presence through 12 exclusive retail showrooms of his retail brand, Jewel One, and additional presence through more than 50 shop-in-shop counters in prominent retail showrooms across India, integrating vertically to enhance brand visibility and control over the customer journey. Some were run by franchisees.
However, Srinivasan was also venturing into international markets, establishing subsidiaries in Dubai, Singapore and Malaysia. Soon, the company was regarded as a major player on the world stage.
Today, Emerald Jewel Industry still has the same enviable reputation that Srinivasan first earned from the bag of samples he clutched on his lap on that train ride over 40 years ago.
Transitioning from an ambitious young entrepreneur with a handful of rupees from his mother into a respected industry stalwart hasn’t changed his mantra that quality must always come first.
