Mr Yatrik is a partner in one of India's oldest diamond firms in Mumbai, Motilal Dahyabhai Zaveri & Sons.
The diamantaire donned the white robes of a monk in the presence of his family and friends. "He has done a lot for himself, now he wants to serve society," one of his relatives told news agency ANI.
A large number of Jain monks were present at the ceremony where Yatrik Zaveri took diksha, at Walkeshwar in Mumbai. The religious ceremonies including his varshitap or a phase of fasting, took place on Saturday.
After the diksha, Mr Yatrik said he was fortunate to get the support of his family and friends.
(With inputs from ANI)
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