Interview with Prakash Ghose (dada)

Dada, How did you start your career in Diamond and Jewelry field?
After completing studies i was looking for good career to get in to. I came to Mumbai and got in to Jewelry making work in Zaveri Bazaar. Did small job work for different companies. Now its been 32 years I am doign this work.

There are two types of people in market – Real Player(Khiladi) and all others. Khiladi always keeps working and finds out way to make progress in life. Everyone in market has personality.Eevryone has different level of Ambitions.

Dada, tell us about your experiences during tough economic times like 2000 and 2008 recessions?
I have been working for 32 years. I have seen much more touger times in past, 2008 was not a big deal. I have seen many rought patches in whoel career, one would not get work for months..sometimes 3-4 months.

Even Today there is lot of work before Diwali but during rainy seasons we are low on work.

In last 32 years, any drastic changes you have seen in the way business is done?
Previosuly only few selected people use to make and buy Jewelry. Nowdays lot of people afford it. Specially in last 10 years things have improved alot.

According to you What things to change in market?
At tiems I see resistance for using new technology. But new machines have to come. Present time demands that every milligram of resource is used carefully. Its required to have zero manufacturing loss. People have to adapt to new changes, its competitive world.

Indian consumers use to buy Gold Jewelry, now more and more people are buying diamond Jewelry. Things are changing.

What is your favourite thing to do when you are not busy?
I spend time in reading Spiritual text.

Any message for members in market?
I really do not have anything to say[smiles]

Interview with Rajiv Bose

Rajivbhai, Please tell us about how you started your career in Diamond market?
I started in 1994 with Rosy Blue. Company use to conduct training batches of 100s of new employees. Batches were divided in to Semi Assorter, Assorter and Final Assorter. I remember, we were allowed to claim Rs. 600 per month as commute expense, only money we would get as fresher. I never took that money because I thought I was there to learn and make career, didn’t worry about other things.

Everyday I was learning something crucial. Standards were very high. Different grades, cuts and almost all aspects of Diamonds. We would take diamonds coming out of manufacturing floor and then complete the pricing exercise. I saw few who took this training easy, many took years but were still learning; on further interaction found that they had their family Diamond business to join after training. I was relatively more desperate to learn things – my situation made me more focused on learning.

After spending sometime here around 1996 I took job with Intergold (also Rosy Blue company) in Diamond Jewelry work. Spend next 11 years here working on both sides Diamonds and Jewelry. I use to visit Opera House market after 1 pm to take care of Diamond related requirements.

Diamond Assorting becomes more complex if you are also responsible for final jewelry. One have to also consider what diamond will go well after setting and will it match with the design. I paid attention to whole cycle of Diamond – from beginning till the time it gets in to Jewelry.

By 1999 I was completely in to Diamond Buying related business activities and spend all my time in Opera house area.

I would also keep in touch with Skilled people working on production  floor – not shy away from resolving small issues. Hence always enjoyed mutual respect with all team members.

I got in touch with Colin Shah, Owner of Kama Schachter. I was taking care of work for one the client and Mr Colin had seen my work. He offered my a very challenging role in Kama. I took month or two to make my mind and then moved.

Work Culture at Kama was full of energy and enthusiasm. Hard Work and skills always got recognition over all other things like background and what community you belong to. Colin Shah would work closely with all of us. He would even join us in Assorting diamonds sometimes. His ways of doing work creates lot of inspiration and gives you room to keep performing.

Quality was area of focus and I worked hard with team to implement good practices and standards. Always had one goal in mind – to exceed customers expectations as far as quality is concern.

Previously we use to work from Goregoan area and then reach Opera House around 2 by then we would miss good deals. 7 years back we moved full-time to Opera House – allowed us to stay close to market action.

Whom would you consider your Mentor in Diamond market?
I strongly feel that I have learned lot of things from several people with whom I have worked. At every stage I was fortunate to have some wise and experienced person to share ideas.

Having said that, I would say I have lot of respect for Colin Shah. He is down to earth and always connected to situation. The level of mutual trust we share is amazing. He is a quick decision maker. He makes sure everyone in team understands big picture. Keeps us updated with all important things going on in market. If I need help in making any decision, many times I text him on phone and he replies back in no time.

What changes do you see happening in our market in next 3 – 5 years?
I believe most of our market will move to Bharat Diamond Bourse. It will be more organised environment to work.

Prices have gone up and people are hesitating to buy Diamonds and gold. Hence I feel prices will go down from here and once again we will see more sales.

Lot of new trends are picking up. There are many who are heavily in to Silver Jewelry. There are some companies who have started doing lot of interesting things in Colour stones. There are interesting things coming up in near future.

Any message for DiamondBhai.com readers?
We should do something to increase Consumer awareness about Diamonds and its value. India has huge market for Gold Jewelry. Probably only 10-15% of the crowd who buys Luxury items look towards Diamonds. So I believe there is huge potential of growth if we educate people to make more informed decision. If honest companies sell quality goods we will see many more domestic buyers.

Interview with Sachin Solanki

Tell us how you started your career in Diamond Industry?
I had experience in marketing field (Automobile Industry) prior to I got in to Diamond market. I started in 2004 I didn’t knew much about Diamonds but was good at marketing and business problem solving. I worked here for 3 & 1/2 years after which I decided to be on my own. Started my business.

How was your experience during 2008 slowdown?
I had just begin planning things for my business. Very early I got in to unexpected trouble. To grow my business network amongst supplier and manufacturer, I started working with one broker. In less then 15 days this guy turned fraud and cheated business account. He was not to be seen and everyone started questioning me. I was not connected to transaction but got dragged in to issue. I had really tough time, couldn’t enter market for next month or two. Later 3 of my well wishers who are also reputed businessman in our market came to my help. They sorted out whole problem and made things easy for me.

After this incident was over things started working out well for me. I have lot of faith in God and gradually started making progress.

If not Diamond market what oter profession you would have got in to?
I could have continued in Automobile industry. Also I have ideas about doing some business related to Food industry. Even today I keep working on my plans to have a side business in to food related industry.

Diamond Industry has seen lot of changes in last few years. Previously we use to depend completely on International buyers. However in last few years financial conditions of lot of Indians have improved. So now we have domestic buyers. Having said all that, Diamonds are luxury item whereas Food is necessity. Hence I want keep this balance in my business portfolio.

What major changes in Indian Diamond Industry you think will happen in near future?
Our market is not a local business house anymore. It is globalized now. One mouse click gives you access to products from all across the world. Hence in times to come for Brokers like me and middle business person will face more challenges to do business.

I am working as broker for last 7 years. I have seen senior Brokers who don’t have to run much to do business because they have been doing work for ages. They did pretty good as per old arrangements. Previously people use to grade by them-self. Now we have Rapaport. Not very exciting to know that we depend on Rapaport. We have almost like slave to this new trend.

Do you think Mumbai market will move from Opera House to Bharat Diamond Bourse in BKC?
Very difficult to answer. I have been hearing about it ever since I started my career. Out of all people I know, many say that lets just improve things here in Opera House and not move anywhere. Many say we should get out of old systems and move ahead.

Any message for beginners/members in market ?
My father told before in early days of my career – it takes 1000 days for any business to start showing positive results. This statement is very common amongst Gujarati community. All it means is it takes some time for things to pick up so keep working hard and have patience. Also if you get to see bull and bear phase then it adds more business skills to your profile.

Interview with Jimit Mehta

Tell us, how you started your career in Diamond market?
Took training at Shreeji Rajendra Classes, Opera House. Since last 7 years I am working in diamond industry mainly as diamond Assorter.
First job was with RS Export – got solid experience in diamond assortment. Later started working at Rajesh Gems – diamond assortment, buying & selling.

If not diamond industry which other profession you would have chosen?
My family business of Dry Fruits.

How was 2008 slowdown for you?
I would say – I got lucky in time. Just before slowdown I moved from RS Exports to Rajesh Gems. During slowdown RS Exports had to cut down salaries by 25% whereas Rajesh Gems supported us, they even raised our salary to ease the environment.

Have you seen good not so good in diamond market?
I have come across both – most of it is good.

Not so good – I would point out recent incident of Bomb blasts inside our market. This incident has brought to everyone’s notice that we live in a unpredictable world and our markets lack security aspect. Many talk about shifting to BKC (Bharat Diamond Bourse) – but I think even that is not feasible. For many commuting to BKC is more risky then you can imagine.

One more message I would like to share with business owners is that it is very important for them to take care of employees in bad times. Slowdowns and recessions are the times when your real identity comes to surface, please help your employees to continue their work and in return you will get long term returns and reputation.

What do you think about position of Indian Diamond Industry in the world?
I think we are doing pretty well. Strong base compared to many different parts of the world. Recently Gujarat government wanted whole Mumbai market to move to Gujarat, of-course no one is moving, but that goes to show that we are really contributing to economy and people would love to host us.

If you get chances to change one thing in diamond market what it would be?
I would like to change arrangements in our market. Do not really like people doing business on street, there should community based facility which is shared by people; you can use it when required, show your stones to buyers and sellers and complete your deal. Also if there was way to restrict access to our area with only Identity card. We have such secured access system for Prasad and other buildings, but something similar for whole area would be great to have.

Any though decision in your life you can share?
I am in process of moving my base to Ahmedabad and work for Jinjuwada Bro. Jewellers, I think it took me strong planning before taking decision. Hopefully it will turn out a good one for me.

Any suggestion to diamondbhai.com readers?
This is my personal thinking – for new comers – only if you have strong network or connection – start career in Diamond market – else there’s going to be tough and long path you will have to cover.

Interview with Abhishek Patel

How did you start your career in diamond industry as Software developer?
I was fresher and was hunting for job. Came across vacancy at Shree ram Krishna Export at surat, so have been there passed in interview & joined as software developer. Worked with surat factory for 4 to 5 months & got opportunity to come Mumbai office to develop program for Polish diamond program.  I have had never been plan that I will work in diamond industry.

At surat I was developing program for rough to polish diamond process. In Mumbai did software development for online sale’s, website developing accounting, customers demand in software & many more.

So have spent more then 5 years in Shree Ram Krishna Export, later started working for different IT company.

If you have not been in IT than which profession you would chose?
I would have chose to go in Navy, it was my childhood dream

Do you consider anyone as your Mentor?
Although I have spent most of my career in Diamond Industry, I am really Software Developer at heart. I take lot of inspiration from what Bill Gates has achieved. Also consider Mark zuckerberg(Facebook) and Sergey Brin & Larry Page(google) as mentors.

Inside Diamond market I am highly inspired by work done by Govindbhai Dholakia from SRK Exports(Surat). I have also worked with Rahullbhai Dholakia, he really kept all team members like family member.
In all almost everyone I have met in Diamond Industry give lot of importance to relationship.

How was the slow down for you in 2008?
I think if I was in pure IT company I would have gone through tough times. Being in Diamond Industry with a solid Employer, I was out of any fear. I saw people around me working very hard. We pushed ourself to do extra work to make our systems more customer friendly and grow business.

What do think about recent bomb blasts (13-7-2011) in diamond market?
Life lost has made permanent loss there is nothing that can replace it. However I don’t think affects the energy and enthusiasm inside Diamond market. I think we should move to BKC as things are more organised and well planned. Security aspect is covered well. In Charni Road for obvious reasons we cannot implement 100% security, since its a open public place. Indian Diamond Industry is a solid player in India economy and we deserve to be located in a facility with proper arrangements. It will also change image of our Industry and make us world class.

What changes have you seen in diamond market in last 5 years?
As I have been in IT related activities, I would share something related to my work. IT have changed lot of thing in diamond market. Latest technologies like RFID are used for stock taking. Ofcourse nothing can replace the accuracy and judgement of real Human. But lot of Manual repeatative activities – like counting 1000 stones, which manually take 30 minutes, software does that in minutes.

For cutting rough diamonds new machine are launched with these manual error are reduce and working is done accurate & loss are also done is minimum.

Online websites are helping in sales. People save lot of time and are able to find best deals. Saves time & money, both valuable factors in business.

What changes do you see in diamond market?
In last 5 years, IT has changed the picture of diamond market. There is lot of new technology  coming out for Manufacturing. Like, checking the inscription on stone diamond takes seconds and is done without error.  So going forward people will save time & effort. This will create opportunity for employees to pay attention to other important business aspects.

There is a misconception that IT replaces real human, but in reality if you see IT has grown in last 10-15 years, and even businesses have grown. So what really happens is IT and technology in general solves problems and people get chance to expand and do things which previously they were not doing it.

Any good or not so good things you have come across in Diamond Market?
Good: people are very hard working and they are sharp in wealth creation.

Not so good: I see lot of people overworking and not spending quality time with family and socially.

Any though decision you have took in your life?
Due to gods grace I think things have kept moving, never really had tough times.

What is your favorite pass time?
I am Software geek, love to execute projects which solve business problems, no bullshit business.

What would you like to say about Diamondbhai.com?
Modules like Jobs.diamondbhai.com and Market.DiamondBhai.com will help people find opportunities and supplement extra business.

I encourage people to give solid, positive and negative feedback on blog & facebook, so that diamondbhai can make changes as per users requirement.That is meaning of community website.

Interview with Ankur Shah, Diamond Broker, Mumbai Diamond Market

How did you start your career in Diamond Industry?
In 2003 I started working in Diamond Industry; with company named Asian star.  Worked for 3 years and learned all about Diamond Assorting and related knowledge on diamonds. Later, I worked with Living stone for 3 months & after that at Venus Jewel for 3 years and worked in administration department. After having good experience in diamond industry, I started of my company in to Diamond Trading, Diamond Jewelry & Diamond brokerage.

Do you consider anyone mentor in diamond market?
I take lot of inspiration from Anilbhai, Mehulbhai & Sapanbhai from Venus jewel. They have amazing Vision and Execution in diamond market. It is very inspiring to see them working with dedication as part of the team.

How was your experience during 2008 slowdown in diamond market?
Around that time – I was working with Venus jewel and did not face major problems. Company took good care of us. Shevantibhai Permachand, owner of Venus Jewel, personally visited and told us not to worry. He assured us that they will not cut the jobs or any deduction in pays.

A gesture like that goes long way – no one will forget how well they took care of all the employees in times of economic crisis.

If not in Diamond Market which other profession you would have chosen?
Difficult to answer – may be Stock Market.

If you get to chance to change something in Diamond Market – what would that be?
It would be great to see some more use of technology, which enables Brokers do their work for efficiently.

In last few years what changes have you seen in diamond market?
Frankly most of my career has gone working for some reputed established companies. When you work for some big company, you don’t keep close touch with what happens in market on day to day basis. So I am not able to answer your question. However ever since I started working in market as an entrepreneur, I am seeing lot of excitement as well as challenges.

Do you predict or for see any changes in coming years in our Diamond Market?
Changes – I see a lot and major ones. It will keep getting challenging to grow business. Companies have changed terms of doing business. Small traders or manufacture with small team – will see more challenges. Very likely you will see many small companies joining hand with big players and merging with them.

If all diamond companies get listed on Stock Market – which company would you invest in?
No one! I am not in to investing yet so cannot name or pick any company.

Can you share any tough decision in your life?
Leaving a Job and starting to work in Market was a tough decision and this around the time I got married. I think 15 days before I got married I started working independently in Diamond market. Well-wishers had warned me that it would take about 3 years to get going in market as an Entrepreneur.
By God’s grace and parent’s support I was able to move ahead and did well.

Interview with Hiren Mehta

Hirenbhai, how did you start your career in Diamond Market?
I started working in Diamond industry about 5 and half year back. Started working for a K P Sanghvi and sons. I worked there for about 18 months. Later for 18 months I was working for a company named ‘Chains N Chains‘ this company use to manufacture Gold Chains and they were moving in to Diamond Jewelry business. After this as you Know I have been with ‘Allyours Diamonds‘ as Sales Executive.

Usually if a person works sincerely for 5 – 7 years in Diamond Industry, he gets up to position good enough to keep him occupied and grow further. Growth also depends on what kind of opportunity and team you work for. I have seen people striving hard for a long period without getting much rewarded.

Do you consider anyone in Diamond market as your mentor?
No one as yet!

If not Diamond Industry – which other Industry of business you would have got in to?
Investment Banking. I have worked for Investment Bank for 3 years and understand how things work there.

Over last few years what changes have you seen in Diamond market?
Lot of changes.
There is lot of young crowd, previously I was commonly found people who are on bit 40 – 45 years range. Now I think the average age has moved down to 35.
Technology changes – there is lot of online marketing and trading. Previously it was purely traditional business style. Now it is common for businesses to use websites, skype, gtalk etc.

Any good thing that distinctly come to your mind?
Our industry is full of companies who are very well organised and matured. Let me give you an example when I was working with K P Sanghvi. I was beginner and they taught me how to open a packet of Diamonds. As a beginner I found it strange that so much importance was given for such a small task. Believe me! I was told to practise this for next one week. Later I realised that it was not just physical aspect of opening a small packet but it was my patience building exercise. I got a solid training on Diamond Assorting, numbering and pricing techniques.

Any not-so-good things that come to your mind?
Bias towards relatives and community members.

What changes do you forsee in near future?
Online marketing will grow further. Level of transparency will keep going high. For brokers business will keep getting tougher because one can potentially reach the end party through internet.

IF all the companies from Diamond market are listed on Stock Market and you are given some amount to invest, where would you put your money?
Venus Jewel ! I respect the way they do business. They have their personal grading system, I am not sure if there is any other company who has anything like that. They don’t control their prices looking at what others do, they have their way of doing things.

Any tough decisions you have taken in your career?
Twice. First was when I left Diamond Industry and went in to Investment Banking. Second time when I returned back to Diamond Industry after spending 3 years in Investment banking. This time I wasn’t single, I had a wife and a daughter to take care of.

Any activity you do when free time?
Reading. Listening music. Nowdays I spend most of my free time playing with my daughter.

Any message for DiamondBhai.com readers?
DiamondBhai.com is a good initiative. I feel its a good achievement to reach so many people in such a short period of time. The best part is it is a personal experience sharing platform. I see someone’s interview, I learn something about that person, his ideas, views. I would never know all such things unless I know that person personally. I am sure lot of people are learning things from each other’s stories through this website.

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.

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.

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.