Page 20 - Bullion World Volume 3 Issue 12 December 2023

Bullion World | Volume 3 | Issue 12 | December 2023

"Revitalizing the Silver Market:

A Conversation with Krishna Goyal"

Mr Krishna B Goyal, Chairman & CEO, Dwarka Gems Ltd.

Founded in 1987 by Krishna B Goyal, Dwarka
Gems is a leading name in the jewellery industry,
with a compelling backstory rooted in family
tradition. Inspired by his grandfather's involvement
in jewellery trading during the 1960s, Krishna
developed a passion for jewellery manufacturing.
Starting with humble beginnings in 1978 by crafting
silver jewellery, he later ventured into exporting
loose precious and semi-precious gemstones
and diamonds. Assuming responsibilities after his
father's untimely passing, Krishna committed himself
to becoming a prominent semi-precious stone
manufacturer in Jaipur. His journey emphasized the
importance of quality and commitment in achieving
significant milestones.

Over the years, Dwarka Gems has grown both in size
and stature, operating a large manufacturing unit in
Jaipur known for its exceptional workmanship. Catering
to clients across 20 countries, including the US, Europe,
the Middle East, Australia, and India, the company
has become renowned for its craftsmanship, quality
assurance, and timely deliveries. Dwarka Gems boasts Mr Krishna B Goyal
a customer-centric manufacturing model with software-
assisted tracking systems and a unique production government interventions have addressed these
management system to ensure compliance with concerns, including a duty hike in April that has paved
customer requirements. the way for a more competitive landscape.
The Conversation between Bullion World and Mr
Krishna Goyal are as follows:- Krishna Goyal highlighted the significance of duty
The silver market in India has experienced a recent drawbacks and how recent revisions by the government
surge in activity, overcoming challenges that previously are expected to boost market competitiveness. The
hindered its competitiveness. In a recent interview with quarter ahead is anticipated to witness notable growth
Krishna Goyal, a prominent figure in the silver industry, in silver exports, positioning India more competitively
we gained insights into the developments and future against other exporting countries.
prospects of this evolving market.

In a long pending demand of the gem and jewellery
The interview began by addressing historical issues industry, the government in October 2023 increased
that affected the Indian silver market's competitiveness. the duty drawback rates for silver from Rs 4,105.6 to Rs
A crucial factor was the duty structure, which created 8,949 per kg for silver. With the upward, the exporters
obstacles for market players. However, recent

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