Who doesn’t love videos? Youtube is one of my favourite website. Recently I got hold of cousin’s JVC Camcorder for a week. I left camera at different corners of the market for hours to let it capture raw video.
A raw video over two day period is crunched into less then 3 minutes.
Have fun!
Mumbai Diamond Market parking is best place to check out world class Cars.
World Class Cars -in one parking lot
Prasad Chamber’s parking lot. Car’s worth 3 lakhs to 3 cores are parked here.
Internet enalbles search – Allowing customers to locate products, suppliers and prices. It can help businesses to generate profits in new ways by adding extra value to existing products and services. Let’s meet Pranav Parekh who believes Internet is shaping future of Indian Diamond market.
Pranav Parikh Diamond Broker
Pranavbhai, Please tell us about your journey in Diamond Industry so far?
I started working in Diamond industry about 6 years back, this was right after I completed my SY BCom studies. Started
working for a company named ‘Kanchi & Sons‘. I travelled to Indonesia and Malaysia to work on Sales assignments. Later I decided to work independently, started Diamond Broking in Mumbai market. I got lot of support from my Uncle who was already doing good business inside our market for long time.
Do you consider any person inside Diamond market as your Mentor?
I consider ‘Hemant Thaker‘ from AllYours as my mentor. It is inspiring to see how he has carried his career from being a Diamond Assorter few years back to present level as a Entrepreneur. It is faschinating to see how – today he runs his business with team of 6 people. Lot of learning from him.
If you were not in Diamond industry, which field would you choose?
Very difficult to say. I was just BCom Grade back then. In whatsover case I doubt any other profession would have been as rewarding as present work in Diamond Industry. I am enjoying present progress in financial gains and work satisfaction.
How was your experience in 2008 Economy slowdown?
It was tough time for everyone in market. Fortunately, as part of Diamond Brokerage business, partners i was dealing with were carrying their business well. I was able to work with them and keep my business intact. Companies like K B Shah gave me lot of business during 2008 period.
If you get to change one thing in Diamond market, what would you like to change or see getting changed?
I would like to see change in percentage of Diamond Broker. Increase from 0.5% to 1% on whole business would be very rewarding.
Any good or not-so-good thigns you have noticed in our market?
Some of things you will come across in market is – person who is alert and on toes gets business. There are no fix rules about hwo gets business. Market is full of Diamond Brokers. When you Enter market you have no Idea how much business you are going to get today. How much money you are goign to make today? If you are present were opprtunity is – you make money else you loose.
What changes do you see coming in market in next few years?
The way business is done inside market is changing at rapid speed. It will become more and more difficult for Diamond Brokers to do business as new ways of doing business, like Internet services, become more wide-spread. Diamond Brokers play a crucial role but at times it is possible to skip them and handover diamonds to end partner. Companies who are in to Diamond manufacturing will love business that comes this way without paying fees/commision to middle-business-provider. Hence Diamond Brokers and Adad will face challenges as time passes. Diamond Brokers fill the gap by helping a transaction to get completed in reliable and trustworthy way. It will be interesting to see how things change in future.
If all the companies doing business in Indian Diamond market are listed in Stock market and you given 5 Lakh rupees, which company would you liek to invest money in to?
I would like to invest in Kathiyawadi group. They seem to be doing very well in diamond market in next few years. Companies like Shree Ram Krishna Exports, Rosy blue and other top companies.
What is your favorite leisure thing?
I like watching movies. If I have free time, I like to spend it in thinking and planning about how I would make money next day [smiles]
Any quick message for Diamondbhai.com readers?
Indian Diamond market is challenging and fun place to be. You have to present inside to see how things work here. Market is full of all soughts of people. Experience it and learn from it.
The Only one Diamond Association in India
The-Mumbai-Diamond-Association
Established in 1906 to serve Indian diamond trade and industry, Mumbai Diamond Merchants Association Has completed with 104 glorious years of service to this sparkling diamond trade and diamond industry at its credit.
Navinchandra D. Mehta (Director D. Navinchandra Exports Pvt. Ltd.) the present President of this vintage organization who spared some time to throw light on the activities of the Association and upcoming plans. Excerpts from article on diamonds.net
Words from Navinbhai: The main object of this organization was to help members in transacting business comfortably in a hall provided by the organization. Another object was to lay down certain rules and regulations to ensure fairness in diamond trade dealings. This remains its object even today so that standards of ethical business are maintained.
I am also a member of the working committee of the Bharat Diamond Bourse, Mumbai; Hon. Treasurer of Diamond Exporters’ Association Ltd.; President of Jain International Trade Organization and Vice-President of Gujarat Heera Bourse. Earlier I was President of the SEEPZ Gems and Jewellery Manufacturers’ Association and Vice-Chairman of The Gem & Jewellery Export Promotion Council.
There were 50 members when we have started The Mumbai Diamond Association, know it has reached around 13000 members.
Harshit Shah Diamond Broker
It takes courage and determination to walk out of a stable job and start a business of your own. Our diamond market is full of such stories where a regular guy leaves his job to start is company and in few years turns out to be best shape of his career. We are talking today to a person who his fresh out of such boat. Harshit left his job last month and is now working indpendently as Diamond Broker.
Harshitbhai, How did you start your career in Diamond Industry?
4 years back I started as trainee in K Girdharlal . I learned Assortment, got exposure to marketing and lately started working on stock keeping. Last month I decided to take a plunge in to world of entrepreneur and started my own company. Presently I work as Diamond Broker.
If you were not in Diamond Industry, which other industry you would have got in to?
Share market. If done things correctly you can get good return on investment. I consider Stock eiquty as one of the best investment vehicle.
How was your experience during 2008 slowdown?
I started working and soon economy went in to topsy turvy mode. I had lot of uncertainty about my job.
What do you see market condition in near future, say next 3 – 4 years?
I believe diamond markets will do really good. There will be work for lot of people here.
This is an imaginary question – if all companies of our market are listed in Stock Market and you are given money to create a portfolio – which company stock would you buy?
I would buy several – Gitanjali gems, Rosy Blue, K Girdharlal, Venus Jewel and many more.
Any tough decision or situation you have gone through in your career?
In recent time, I had to decide which way to take my Entrepreneurial route – Rough or polish. I went for rough.
Starting to work independently was another big question which I am trying to answer now, I have to see how things go.
If you get to change one [thing or trend] in market – what would you like to see getting changed ?
Well I can just hope for something but markets has its own ways of doing things. Many a times deals involve more than one broker. In such case if final service commision in just 0.5% it doesnt pay much to all participants. I wish if deals are done with bigger commision and all people involved get atleast 1%.
What is your favourite thing to in free time?
I like to spend time with friends.
Any advice for readers?
[Smile] I consider myself fairly new to industry, have spent 4 years with a company and just recently started my company. I do not have any advice at this point of time.
After market hour and before market start’s in morning, which is the busy place and you cannot easily walk through the lane. Filled with diamond traders and diamond brokers.
Searching-Diamond
Some people in diamond market are searching for diamond on street. These people wipe the whole lane collect the sand & with the help of water they separate diamonds from it.
Street view were Diamonds are found.
Street-Were-Diamonds-Found
Recently research was done with two groups of college students. Both the groups were given a tough puzzle to solve. Maximum time to solve puzzle was 20 minutes.
Keeping-mouth-shut
First group was told that they can talk to everyone in class room about how they plan to solve the puzzle.
Second group was told to keep their mouth shut.
After experiment was over it was found that first group which shared their intentions with everyone – tried to solve puzzle for 10 – 15 minutes and then gave up.
Second group which kept their mouth shut – kept working one puzzle beyond 20 minutes.
None of them solved the puzzle, but on interesting point was revealed.
If you share your intentions in advance to others your efforts towards the goal might go down.
Our brain has our self-image. Once I announce my plans about what new features are going to come up on diamondbhai.com, it will give me partial satisfaction of things. I have not started working on new feature yet but by just announcing, I will start feeling good about it.
So if you come across friend who tells you that he bought a running shoes and has decided to go jogging every morning, chances are he could have done much better by just not disclosing it.
This weekend my cousin brother, who has lived for several years in US, moved back to Mumbai for good. I asked him ‘What Car are you planning to buy?’
He replied ‘None!’
NRI Spending Behavior
After talking further here’s what he explained me. A person who has lived for a few years abroad is tuned to spending and earning situation to that foreign land. Financial conditions from previous countries will continue to influence his or her buying decision for sometime. He is pretty much avoiding to buy anything big.
On further analysis I understood that this behavior pattern is not limited to NRIs. This can also happen to a person who moves within India. Take an example of a family who has lived whole life in Mumbai and decides to move to class B town – say Bhavnagar. If they rush in to buying stuff as soon as they move, they might feel free to spend more then what is necessary.
My cousin finally said that he is going to wait for at-least 12 – 18 months before he even starts to think if he needs Car. Once he has lived for 12-18 months in new location, he will be more tuned to correct buying habit.
By the way, 6 years back, this same cousin, went to US for the first time, didn’t spend 3 dollars at the American Airport to get a luggage Cart. He thought 3 dollars was too much money to spend for a Cart. He had lived in India all his life. His Indian spending pattern made him feel 3 dollars for cart was too much to pay.
During Market hours this is the busy place and you cannot easily walk through the lane. Filled with Diamond broker and Traders.
Top view taken from Pancharatna building, On left Shreeji chambers, on right Prasad chambers.
Bird's Eye View from Pancharatna Building
Indian News Papers
Remember that horrifying Swine Flu or H1N1 crisis. Anywhere you go people were wearing mask on their face. Our news media which has to run 24 hours a day of news supply, were completely on top of situation. News TV Channels and News Paper were talking about one thing – ‘H1 N1 is here and it will kill you’
Do you know how many people have died in India due to H1N1 or swine flu in last 3 years ?
Probabaly 100 or less than that.
Now let me bring a surprising fact in front of you.
Do you know how many people have died due to Tuberculosis (TB) in last 3 years in India?
At-least 1 lakh people.
Yes TB which we never talk about has killed lot more people than Swine Flu. So why did we find Swine Flu so terrifying ?
Reason is our Mind and all information that surrounds it. Our mind can be influenced to feel things. People predict severity of something based on how easily an example can be brought to mind.
Do you remember Economic Crisis in Greece and many other European nations? Just few months back News Channel was all over it. And it looked like it will put whole Euro for toss. It brought down our stock market.
Reality is after all these months situation with Euro has even worsen. Things are worse then what they were 3 or 6 months back however no one seems to be talking about it.
Do me a favour – today when you are travelling in train or when you get quite 2-3 minutes. Ask yourself what information you have been surrounded with in last few days. Is that causing your mind to think in certain way?
Diamond Bhai 