JNA Awards 2020 - Jewellery Industry Best Practices

58 JNA AWARDS • 2020 Emerald Jewel Industry India Limited Despite its tried-and-tested formula for success, Emerald Jewel Industry India Ltd continues to evolve, adapt and innovate – all of which helps it expand its niche, especially in times of change. Since 1984, Emerald has dedicatedmuch of its resources to becoming a premier manufacturer of gold jewellery. In this regard, the company adopted a variety of technological advancements in terms of machinery, design ideas and even talent acquisition. While these helped build Emerald’s portfolio as a gold jewellery manufacturing business, market shifts eventually inspired it to explore new horizons. As the price of gold soared in the last three decades, customers – especially millennials who have grown to comprise 60 percent of India’s population – began to purchase silver jewellery. Instead of solely focusing on the gold market, Emerald chose to diversify its product offerings. “Management moved to expand our product base to include silver and other semi-precious metals. We went into silver manufacturing at a considerable scale, believing the enormous opportunity and potential it presented,” says Srinivasan Krishnamoorthy, Managing Director of Emerald. Once regarded as a cottage industry in India, silver jewellery manufacturing was elevated into a large- scale industry when Emerald opened the doors of a 150,000-square-foot, state-of the-art manufacturing site that can produce up to 70 tonnes of silver jewellery and accessories annually. “We are working aggressively into silver manufacturing as we expand our retail business and develop more products that fall in line with customers’ tastes,” explains Srinivasan. Together with its team of local and foreign consultants, Emerald commissioned a number of modern machinery from Italy and Turkey. “Even in the present situation, we have Category: Manufacturer of the Year Country / Region: India 1 2