Sssshhhh….Secret 26 Million Carat Rough Diamonds in our backyard

I had a big shock of my life yesterday..
There is estimated 26 million Carat or more – Rough Diamonds in Mines right here …inside India

Did you spill your cup of tea???
Yes?? Clean it and read it again.. There is 26 Million Rough Diamonds in mines. And none other then Rio Tinto has license to mine it…

Google Map shows- “Rio Tinto Camp at Bunder Project”

Rio Tinto Camp Bunder Project

For further details google “Bunder Project” and you will find links to wikipedia and Rio Tinto India website giving all details. Economics times also mentioned Reliance groups interest in same area.

Recent Murder case of RTI (Right to Information) Activist – Shehla Masood – was protesting against mining of this same area. 25 July she filed RTI application and 16 August she was shot dead in bright day light. I want to end my post here..google and know more…

(we first shared information this Thursday in ‘DiamondBhai SMS Newsletter’. If you are still not subscribed to our free SMS newsletter, do it now – send a text message with your name to 9869663539)

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(visit market.diamondbhai.com – for Business-to-Business listing of Diamond & Jewelry products/services you want to sell or buy)

5 Tips to market your Diamond Business online

I want to keep it simple and quick. I know you will figure out details. All you need is Creativity and efforts:

1)  Google places – get listed on Google Places. You can do this even if you don’t have a website. 2) Blog – you can create free blog on wordpress, blogger and several other free blogging websites. Most of them allow you to write in English Hindi Gujarati and many other languages.
3) email list – create and grow an email chain. Send email to people with news, information and special offers.

4) Facebook page – There is lot you can do with facebook fan page. Infact this can become more powerful then your business website.

5) post articles – there are free Article sharing websites. Write some usefull article at the bottom you get to give details of yoru business. EzineArticles is one such website.

By the way all above 5 things are absolutely FREE and takes less then few minutes to create & update.

If you like this article – visit our Diamond Facebook page and hit ‘Like’ – We regularly share information that can help market your small business in Indian Diamond and jewelry market.

Jobs.Diamondbhai.com – new way of finding jobs and hiring skilled people in Indian Diamond and jewelry Industry.

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.

Make your company World Famous inside whole Dombivali

Title is just a joke but here’s a trick which can allow you to  display global presence and show that you care about customers.  Chances are – you are already using this Magic-thing called Skype.

Skype - voice calls over the Internet.

What is Skype? How is Skype used? How to start using Skype?
I do not need to answer any of these questions. Everyone knows it, if you don’t – give me a call.

I am here to talk about some really interesting thing you can do using Skype.

I know a guy who is a Software freelancer. He use to work from his small house in Dombivali (Thane). He had short term and long term clients from all over the world (USA, UK, Australia, Switzerland, Norway etc).

He had a local Phone number for almost 10-12 different countries/cities. Skype allows you to buy a number which is local number to some City around the world and route it to your single skype account.

When he use to find client in Germany he would give local German number. If client is from London, he will give UK local number. If client is from Chicago, he will use USA number. This way he had local experience for most of his clients. And all the while he was receiving calls on his laptop in Dombivali.

He said, all his clients knew that he is based out in Mumbai/India. However all clients used to be very happy to know that there was a local number to call if they had any question or wanted to follow up. (when he was sleeping calls use to go on a single voice mail)

Now you know how to make your Diamond Trading company world famous inside whole Charni Road!

Why you always keep loss making product?

Once in a while you listen to some concept and feel that you should have known this 10 years back.

I was talking to my cousin brother and he told me something so cool that light bulb went on in my mind.

Who are your Winner and looser in Indian Diamond Market?

Situation:
Invested in two stocks/shares. company x and company y.
Month later company x stock goes up 20% and company y stock goes down 30% .

Now there is urgent need of money and you decide to sell one company.

Question Time:

Which one would you sell?

Be honest – take 10  seconds to think – ask yourself what would you do?

If you decide to sell company x which has gone up and made profit, you are just like anyone else. Human nature will direct you to sell company which made profit and hold on to company whihc is presently in loss.

Just because you made 30% loss on company Y, you want to hold it and not sell it. You are expecting that price will go up and you will atleast reach break-even.

Chances are company Y keeps going down and your loss keeps getting bigger. Company X which you sold for 20% profit keeps goign up after you sold it.

This is natural way people think & work. And most of these people end up with all loosers in their basket.

Smarter way is to keep winner and let go looser – if you have to.

After listening to this common human behavior – I started thinking hard – if I ever made any decision in Diamond market when I was suppose to pick one thing from two options –  a winner & looser.

Have you ever faced such situation while trading diamonds ? Have you faced such situation while making business partners ? Choosing Seller or buyer?

Drop a comment if you faced any such situation in Diamond market.

How To Talk about your competition?

Competitor by definition is one selling or buying goods or service in the same market as another.

Its very common to hear some diamond trader in market saying “we offer better rates/product than our competitors”

Well be careful next time you use such statements. Never say never – never say “my competitors are not as good as me”, while making trade. If you say that you have no one to compete – many times you are proving yourself less informed.

Lets say you accept in front of your client/customer – that you have competitors – next – do not criticize them without being honest. Criticism should be something relevant and honest.

Always learn from your competitors – always keep an eye on your future competitors.

Competing Forces in Market

Traditional Diamond Trading vs. OnDemand

Many of the Diamond Trading Companies in Indian markets – these days use Internet websites to do business. Some of the projects commonly used in markets are :
Rapnet , IdexOnline , Polygon

Benefits of these online services are a lot. Everyone has used them and knows the difference it can make to your business. However one thing which I want to highlight is the impact on relationship between business (B2B relationship).

 

Growth of Rapnet Diamond Trading Network

 

In tradition style of working(the days before Internet arrived in Market) focus was more on meeting prospective buyer or Trader personally. Relations were with limited number of people or business, but there was lot of quality control and complete trust factor. Once you have done the deal you have lost connection on the transaction and one moves on. There was limited communication within fixed number of people. It was very difficult to track things like customer satisfaction. There was limitation on displaying how much credit & goodwill you have gained by doing work.

In a onDemand model where companies use Internet services it is easy to list local companies which have product as per your requirement. Once the transaction is done you can post a comment or review and those help Seller to create good image and build his future business.

Having said that each approach : tradition approach(without Internet) and new approach of using OnDemand Internet services – have their own challenges.

What do you think about each of these approaches ? Do you think Traditional style of working had more fun of doing business?

Why I started DiamondBhai.com?

Starting DiamondBai.com has been one of the best decision I have taken in my life. I envision DiamondBhai.com to become a community platform for people inside Indian Diamond market to share their point of view and learn from each other. I want to encourage people to talk about new opportunities in market. I want Experienced people from our Diamond Industry to share their knowledge that can help other entrepreneurs.

DiamondBhai.com will enable meetings of smart people in person and over internet. It will allow people to make new friends on a personal and professional level.

DiamondBhai.com will improvise with every single day to become a channel that syncs with thought process of entrepreneurs in our Diamond market. I want readers to get a feeling that ‘This is not bad’ – ‘I always thought of this’ – ‘It feels good to read about this’ and Occasionally some of these people will give me call or write an comment.

I want to encourage readers to write comments and share their point of view or any insightful knowledge to others.

I have promised myself to sincerely grow DiamondBhai.com so that it reaches more and more people and I want to regularly contribute efforts.

More than anything DiamondBhai.com has brought a new fresh light in my life and it is a challenge where I have to regualarly work with discipline.

I am going to request lot of people from our industry for an Interview. I am sure all of these interviews will bring enthusiasm and encouragement for readers(including myself)

I want to request people to reach out to me to write guest post. Just give me call tell me what you want to share and I will tell you how to go about. (you can dictate me over a phone call – I will translate it in to post) I will make sure it is no hassle for you.

DiamondBhai.com has potential to turn in to soft power which will reach desk & home of people all over world who care about Indian Diamond Industry. Please join me in building this community.

Importance of Math and calculation in Diamond market

Being good in Math indicates you are confidence and being logical. You always know what to do when and why

If people do not believe that mathematics is simple, it is only because they do not realize how complicated life is.

Many beginners arrive in market to make career in Diamond trading or Diamond Manufacturing and find that a big barrier to their progress is not the understanding of the economics or business concepts, but the mathematics that goes with it.

Some of the commonly used concepts in day to day market are:

• Calculating Manufacturing loss

Math is used to calculate the manufacturing loss of diamond form rough to polish diamond. Cost of diamond, worker expense etc.

• Pricing

It is used to calculate the diamond value. What price we should sell a diamond to make profit or loss.

• Averaging

Calculating average value or Expense – to manufacture a single stone. The average deal of the lot or if buying some carats of diamonds.

• ROI (Return On Investment)

ROI is calculated to get the net profit on the investment done.

• Running business in profit (To calculate Profit or loss)

In Diamond market – Math is used in simple as well as complex decision making. In market one makes deal in matter of few minute and these deals are worth millions or billions dollar. Sometimes done on hand, in-mind or on calculator.

Presence of Women in Indian Diamond Industry

For Indian Women – Diamond Markets which earlier was not considered a career option is now being considered as a important career option along with other careers. Diamond Jewelry industry too has seen an increase in number of women/girls playing important role.

 

 

Women in Indian Diamond Market

Working in Jewelry
Most of the jobs taken by girls are in diamond studded jewelry factory. There is lot of work that needs careful skilled hands.(Bagging, Diamond counting, wax setting, waxing, gauging, Assortment, cad-cam etc.)

Marketing
There is presence of girls/women in marketing team of Diamond studded jewelry manufacturing factory. They play perfect role for bringing in new ideas & trends. Diamond jewelry business is very dynamic model and one needs to stay tuned to latest market demands.

Accounting & Administration
Many small & big companies have girls in their team taking care of Accounts, bookkeeping and other office administration.

But statistically speaking, Diamond Markets still remains a very traditional Industry. Statistics show that there is still a very high preference for a male employee.