Incorporated in 1994 as a public limited company, Kunal Overseas (KOL) was formed to take over the erstwhile partnership firm Kunal Exports (a GOI-recognised export house) including all the assets and liabilities. Kunal Exports was set up in 1984 by the same promoter to manufacture, trade in and export diamonds. It has been one of the leading exporters of rough and polished diamonds and packaged software. KOL is carrying on the same line of business after acquiring the erstwhile Kunal Exports. The company is a registered merchant exporter with the Federation of Indian Export Organisations, New Delhi. The company is also diversifying its exports by including various other products like food products, detergents and toiletries, garments, perfumes, drugs and pharmaceutical items, leather items, ceramics, etc. In case of software exports, the company develops the software through software development companies according to the clients' specifications and exports it under the Kunal Software Systems brand name. The company exports to the US, Canada, Hong Kong, Thailand, Japan, Belgium, Switzerland, Russia, the UK and other countries. In 1995-96, the company earned foreign exchange worth Rs 74.21 cr.