Are you working Hard in Diamond Industry? Really?

Yesterday I met one respected and highly experienced member from our Mumbai Diamond market and he explained me what Hard work really means.

He said more then 35% of people who are part of Diamond Industry are involved in non-physical aspect of work. Jobs or roles inside Indian Diamond Indutsry fall in to two categories.

Skilled-Physical work – working on Diamond manufacturing floor is skilled physical work. Seating on a desk and doing Diamond Assortment is skilled Physical work.

Skilled-Mental work – Diamond broker helping buyers to find required items – this is skilled-mental work. A Diamond Trader taking risk of buying diamonds at right time and then selling it later for profit is skilled-mental work.

In the world of Skilled-Physical-work people do lot of hard work. They keep working for long hours, weekends, nights when demand is up, customers are waiting. So working long hours is same as working hard.

Unfortunately, in the world of Skilled-Mental-work, people still continue to think that working long hours is same as working Hard. If you are a Diamond Trader – How many times in a day you do some hard physical work? Chances are none. Hence in Skilled-mental-work doing long hours is not same as working Hard.

Then what is Hard work in world of Skilled-Mental-Workers?
It’s hard work to make difficult emotional decisions, such as quitting a job and starting your own company. It’s hard work to start something new, some new process, some new service. It’s hard work to tell your Boss that he is not going in right direction and the way he is doing stuff can be done in more efficient manner. It’s hard work to tell owner of your million dollar company that company can make certain changes in your department, try something new, take calculated risk with new stuff and abandon existing arrangement.

Hence in world of Skilled-mental-workers – Working Hard means taking more risks. (rather then working long hours)

If you are a business owner – next time one of your employee comes to you and tells you to bring some change in the way you run your setup, listen to him carefully, because chances are that he is doing real Hard work.

Friday Photo – Mahidharpura Diamond Market Street – Surat

One of the enterprising and busiest place in Surat.

Mahidharpura Diamond Market Street – Surat

Mahidharpur Diamond Street - Surat (click to enlarge)

Interview with Maulik Vora

When we talk about Business competition – we rarely hear about Unity. However, unity is a key in a business community. It not only keeps business healthy but also creates good morale and satisfaction in work we do. Today we are talking to Maulik Vora who thinks Unity amongst Diamond Brokers can make things better for everyone.

Maulikbhai, Please tell us about your journey in Diamond industry?
I started in 2002-2003 year, begin my career with Diamond Assortment work. I started working with S. Vinodkumar & Co.  (Prasad Chambers, 5th floor). Worked there for 1.5 years in Diamond Assortment. Later years I moved to different companies to do various business related activities like meeting clients etc. I moved to K.Pankaj and worked for a year. Later worked at Nirav Exports for 2.5 years.

I just completed a year of working independently as a Diamond broker and fortunately things are moving in right direction for me.

If not Diamond market – which other Industry you would have chosen?

Probabaly Immitation Jewelry. Lot of my cousins are in to it and they are doign pretty well. However my Dad has been working in Mumbai Diamond market as Accountant, since long time. So I always had available information and lot of people in industry to help me.

How was yoru experience during Economic slowdown in 2008?
I believe I was working in Nirav Exports. We had a very small/lean team focused on business activities. Secondly I was also spending time on completing my education back then. I was completely occupied and didnt see much bigger impact at personal level. Only later when I heard from peopel about how bad things were for many who lost jobs etc, I realised that it was certainly once in decade kind of slowdown.

Presently, atleast thats what I hear from people, Diamond production is low, hence in a way good products and services are in demand. I don’t think we are hitting any such bad phase anytime soon.

Any good or ‘Not-so-good’ thing you have seen in Diamond Industry, which distinctly come to yoru mind?
Not-so-good aspect that comes to my mind: Ever since I moved in to Diamond Brokerage activity, I have relaised that there is lot of peer pressure on Diamond Brokers. Everyone seems to be ready to give tough time to Brokers. On top of it, I dont see unity amongst Diamond brokers.

Some level of unity and understanding between all Diamond Brokers will benefit everyone, else we would just keep damaging each others business in long run.

Do you for-see any major changes coming to our market in near future?
Day by day Brokerage business for Bigger stones is reducing. Perhaps in future it will be common practice to do direct busieness with manufacturer for bigger stones.

What do you thin about Mumbai Diamond market moving to BKC?
Lot of business happens between Javeri Bazaar and companies based in Opera House area. Even today you will find many visiting Jewelers in different corners of Mumbai. If we move to BKC, these people will need to make rounds of Javeri Bazaar. Big companies will move to BKC, however it looks like smaller and medium size companies will take their time to move.

Any tough decision you have taken in past few years and would liek to share?
[smiles] I left my studies after 10th and started working in Diamond Industry. Only after few years, my friends and well wishers convinced me to get back to studies, I took 12th standard exams. I think it worked out well for me. Ever since I commenced my studies again, I have been doing good in career too.

Favourite liesure time activity or hobby?
hanging out with friends. I love hukka places too[smiles]

If all companies in Diamond market get listed on stock market, which company you would liek to invest money in?
I am very fond of ‘Lakhi Groups‘.

Any message for beginners and other DiamondBhai.com readers?
If you keep your eyes and ears open and keep trying – you will definitely find opportunities. To members in market I would once again convey that if we stay united it will help everyone to perform well.

DiamondBhai.com is 9 months old now

Yes! we just completed 9 months of building this online community. Internet is both powerful and humbling.

Powerful – because it allows you to reach enterprising people from each and every corner of the world
Humbling – because more and more people you meet, you realise there are no short cuts in life. Everyone who is successful has gone through tough times.

Thanking once again to all members who gave interviews and shared their stories. I can go back to each and every interviews and find some important lesson, which members have shared out of their personal experience.

Interviews - Indian Diamond Market (click to enlarge picture)

In first few months of DiamondBhai.com it was really difficult to get new member for interview. However now I feel interview resistance has gone down, but still there is long way to go.

Earlier this week DiamondBhai SMS service was launched – this will will enable broadcasting of ‘Breaking News’ to thousands of people instantly inside Diamond markets all over India. This service uses simple SMS messages, there is rocket-science. However if lot of people join the service it will bring a small revolution in our market. Please check this youtube video to know more.

I met lot of people in last 9 months and got several good advice. One advice which hit me very hard was “While making small or big decision, always think DiamondBhai.com will keep growing for next 25 years. Hence never compromise on relations or quality of work”

In next 3 – 4 months you will see one more new module getting added to DiamondBhai.com, which will help members to find new opportunities.

I invite all businesses and individuals to consider this website as a community platform and use it to share interesting things with whole Diamond market. Please call me to find out how you can write guest posts.

Once again I want to thank everyone for support and faith. With zero rupee marketing budget and Zero-spamming the only way this website can survive is by word-of-mouth. Visit our facebook page and hit ‘Like’ If you see our link on facebook please hit ‘Share’. Please help me pass the word about this website.

Thank you,
Chetan Parmar,
founder – DiamondBhai.com

Is your salary more then your wife’s sister’s husband?

One respected Business leader once said that people are more likely to be satisfied with their salary if they earn more then their wife’s sister’s husband.(in Gujarati wife’s sister’s husband is know as Sadu-Bhai)

salary-diamond-industry

Let me share one similar situation of a person who started working in Mumbai Diamond Market 3 years back. As a fresher, he started working for 7 thousand per month. Back then he said that in 3 years of career growth, he will be very happy if he started earning more then 30 thousand per month.

Today he is earning about 50 thousand per month but still complaining about his employer. Go out with him for a cup of Tea, all you will hear is cribbing about how low is his Salary.

On further asking he told me that people who work with him are not as skilled as he is but they make more money then him. “How can people sitting next to you make more money then you?” “Isn’t the world so unfair?”

Some of the wise people I know tell me that there is no guaranty that if you earn lot of money you will be happy. Our mind always looks for relativity.  Knowingly or Unknowingly our mind has set up a figure and we believe the only way I can feel happy is if I cross that figure.

Between at this point of time I will feel very happy if you subscribe for DiamondBhai SMS service. Common now! This is a free community project and only way it can become successful – if you take part in it. Watch below YouTube video to know more.

Annoucing – DiamondBhai SMS Service

We could explain endlessly about what DiamondBhai SMS service is, but we rather keep our mouth shut and let below video do all talking.

Last week we shared some early details of the service and requested members to participate in concept testing. Many of the members from different parts of country saw demo video and I spoke personally to get some early feedback.

DiamondBhai SMS service is now open publicly – to subscribe just send SMS to 9869663539 with your name inside message.

Interview with Hemal Patel

Everyone fears failure and tough time. You will find many people who just talk about good times, there are very few courageous people who don’t mind to share about their tough times. Tough times make you strong. It is always inspiring to find someone who talks out of experience. Today we are talking to one such member from our Mumbai Diamond Market, Hemalbhai Patel.

Hemal Patel, Mit Diam

 Hemalbhai, please tell us about your Career journey inside Diamond Industry?
15 years back I started learning about Diamonds and all the important statistics which make it valuable. I started with my uncle who owns a business with name H. Hiralal & Co.

With time, slowly and steadily, I kept growing in to my role. I worked there for 12 years. I learnt all important aspects of our industry – right from assortment to sales and everything that we do in market on regular basis.

Later for a year I worked with Bangkong based company. I was taking care of purchase activities for this company from India. I also moved to Hongkong, stayed for 6 months, did Sales related work.

Presently I run my Diamond Trading business and I have named my company Mit Diam.

Tell us about your experience during 2008 slowdown?
Around that time I stopped working for my Uncle’s company and realised that times were challenging. Came across lot of people who left industry and returned to their hometown in Gujarat. I had to move my family to hometown for almost a year, personally I was away from market activities for 6 months.

It felt like starting career once again from scratch. After sometime I called my family back to Mumbai. With time things changed and business did well. Now I would say, I am in pretty good shape, bought a house in Mumbai.

After all this roller-coaster-ride, all I can say is “Gabar Singh Kehker gaya – Jo Dar Gaya Wo Mar Gaya”

Courage is the key – if you want to succeed in life.

Who are your Mentors in Diamond Industry?
I definitely consider my uncle, Himatlal Hiralal Patel, as my Mentor. I take lot of inspiration in work and life, from him. Someday I would like to be like him.

If not diamond industry, which other field or profession you would have got in to?
I have never thought of any other profession as my family business was in color stone. Diamond Industry was pretty clear option in front of me, even before I completed my studies. I started work in diamond market at the age of 17.

What changes have you seen in diamond market in last 10 years?
Lot of things have changed – Payments terms have changed, and of course have made business transactions better. Previously it was common practise for sellers to provide 60 to 90 days due for payment, now-days 15 days is more widely used. In short people are able to role their money much faster and market is much more healthier to do business.

What changes do you for-see in coming years in diamond market?
I would say in coming years many small traders and middle service providers or agents will face more challenges in growing their business. Big Diamond manufacturing companies are using means to directly get in touch with consumer or to buyer. Eventually they will take over pretty much whole chunk of business – rite from manufacturing to selling to end user.

In coming years – traders who have good supply of diamonds will continue to stay in market.

Can you share any toughest decision you have took in your life?
Toughest decision was to quit my job in 2008 slowdown, that was some tough time I went through. But after a while I feel things happened for good.

If all diamond company is listed at stock market which company would you like to invest?
Sorry no stock market because I don’t trade in stocks. So no idea.

What is your favorite thing to do in free time?
Playing with my kid & surfing on internet.

What do you think on shifting of diamond market to bharat diamond bourse?
I would say yes it will shift to BKC (Bandra Kurla Complex)and its a good thing, as working environment will be more organised. However it looks like most of the firm will have to continue to keep their sales and buying of the diamonds here at opera house. As accounts, assortment and other staff may shift to BKC, but buying and sale’s will be done at opera house. This is what hear and feel inside our market.

I feel sorry when I think about people who live beyond Borivali. Imagine getting in to train to Virar from Bandra.

What advice would you like to give diamondbhai.com readers?
I would like to say don’t loose courage, keep working hard and you will succeed.

DiamondBhai.com launching New SMS Service soon

DiamondBhai.com is working on a new service for Indian Diamond Industry. This service will use SMS on mobile network. Our Idea is dead simple – even a kid would understand it. However one thing which will make this service a powerful element of our market is ‘Community Effect’

If you want to help me by participating in early beta testing prior to launch – please send me text message with your name on ‘98696 63539‘

DiamondBhai.com SMS Service

Is this ‘Diamondbhai SMS Service’ some latest cutting edge technology?
No it isn’t! It uses simple SMS messages as the main channel of communication. Technology is very basic but when a big number of people will participate, the whole idea becomes very interesting and useful.

What do you mean by community Effect?
‘Community Effect’ means people coming together and contributing for selfless reason.

When are you disclosing details of SMS service?
In next 10 days we will disclose all details and make it open for everyone. Till then it is limited to few people for testing purpose.

Will this service be a Paid service?
It is free! My Initial cost calculations tell me that I can easily bear the cost out of my pocket. However in future, if cost exceeds my comfort level, I might request and start accepting tips or donations from those willing to help.

I don’t want to help you with pre-launch testing but would like to know more about this new service?
Absolutely! Keep watching this website. Visit DiamondBhai facebook page – hit like button – this is easiest way to keep track of what goes on at DiamondBhai.com .

Do you think people will like and use this new service?
I will not know unless I give a try. I will let community inside our market accept or reject the idea.

What kind of help are you looking for pre-launch testing?
I would probably need 10-15 minutes of your time over next 2 weeks before I launch service. Mainly I want few people to try using service and give their feedback before I make service open for everyone in Diamond Market.

How else I can help?
We are launching this service with a marketing budget of zero rupees. The only way this service can succeed is by word of mouth. Pass this post/link to people you know inside diamond market.

Members who want to help me with initial testing here’s my cell number is ‘98696 63539‘, send me a text message with your Name now.

Interview with Gaurav Shah

Loan defaulting and cheating inside Diamond Market is a big concern – it impacts and changes the way people trust and do business with each other. Our guest today, Gaurav Shah is asking for people inside market to come together and expose anyone who for selfish reason cheats or defaults on the loan.

Gaurav Shah

Gauravbhai, How did you start your career in Diamond Industry?
My dad is associated to Diamond Industry since last 35 years. Dad’s name is Girsh P Shah, more commonly addressed as ‘Girish-Das‘. My dad is in to Diamond Trading and we also do some ‘make-to-order’ Jewellery work. You unknowingly learn things from parents even while you are kid. Moreover, I started working in Diamond market, pretty early on part-time basis. While I was studying, I spent most of my vacations working inside Diamond Market.

After, finishing BCom, I started working full time. Started with a company named Karp in 2003. I did lot of work of Diamond Assorting. Worked here for 1.5 years. Later in 2005 I started working for Mahi-Diam. At Mahi I take care of buying diamonds for companies requirement.

In 2008 slowdown, you were working at Mahi-India, how was your experience?
I wouldn’t mind to say that 2008 brought good opportunities to us. I was in Buying and in turbulent times lot of good diamonds were available for steal-deal price. We knew that – ‘when the markets are down, it’s the time to buy‘ . Uncertainty was all around the place, no one knew when things will stabilize. Patience and courage was the key.

If you were not in Diamond Industry, which profession you would have got in to?
Lately I realized that I have keen interest in Mechanical Engineering. I could have also chose to become a lawyer[smiles]

If you get chance to change one thing in Indian Diamond Industry, what would you like to change?
Have you recently heard of cases where some Diamond business owner defaulting on his loan. Well we have a problem here. All members of market should get united and make sure that such defaulters do not get chance do new business for a decade. Presently you will find cases where such defaulters are back in market in 6 months time. I personally know such people who have done fraud or defaulted on loans and they are back in market in less then 6 months.

Such people come back to market with cash-rich pockets. This makes difficult for honest businesses to compete inside Diamond industry. We should simply expose people – who do fraud or cheat, small or big. Community inside Diamond market should make sure that they get penalized for their wrong actions. There are probably 5000 or so companies inside our market, it shouldn’t take much time to spread the word around.

Any other good or bad thing you have distinctly noticed in last 7 – 8 years of your experience in Diamond Industry?
Good thing – it is a high volume Diamond Industry.
Bad thing – the importance of goodwill has changed. Today our market has lot of people who are selfish and would not hesitate to make money at the cost of cheating others. When I hear from my dad about how Diamond Industry use to be 20 years back, it gives a sad feeling. If my Dad would try to do business the in old-day-style, I believe he would loose all his money in days. Things have changed.

Our markets are in process of moving to BKC, what do you think about it?
Bharat Diamond Bourse is a very good place to have our market. I am sure market will move there eventually. It will pleasure to work in such a organized place.

Any other change you for-see happening in our market in next 3 – 5 years?
There is lot of trading happening on paper even without having goods. People are competing with each other and wiping out margins. Too much transperency brings down the value of knowledge inside industry. Chances are people will realise this and again bring some change to stay in business.

Let say if all the companies in our market get listed in Stock market, and you are given 5 lakh rupees to invest, which company would you buy?
As in Stock market fortunes change every couple of years. At this point of time I would say, I will invest money in Kiran Gems, I see lot of potential and growth in it. Rosy Blue is a giant, but I would still invest money on Kiran Gems at this stage.

What is your  favorite thing to do in free time?
I like to watch movies alot. I think I watch at least one movie every week.

Any message for DiamondBhai.com readers?
Once again, I would say it is very important that we bring more unity in our Diamond market community and discourage elements who cheat or do fraud for selfish reasons.