Interview with Mr. Chirag Patwa, Marketing Manager of Ratnadeep Impex
We take pleasure in introducing readers to Mr. Chirag Patwa, Marketing Manager of Ratnadeep Impex. Ratnadeep Impex is one of the leading business-house in field of manufacturing and export of Polished Diamonds.
Please tell us about your journey in Diamond Industry?
I started my career in 1993 in Navsari. Got knowledge and experience in different phases of Diamond manufacturing process – Rough to Polish, Giving Ghat/form to diamond, assortment. Worked for 7 years in manufacturing. Later for next 2 years traveled around the world – Antwerp, USA, Israel. I was responsible for buying rough diamonds and polished diamonds. Stayed in US for 6 to 7 months and was actively selling polished diamonds. Then moved to Mumbai, selling polished diamonds and handling the manufacturing of rough diamonds.
If not diamond industry, which field would you have selected for career?
I like technology and would have surely opt Software Industry or some similar hightech stuff. I like to play with computer and like to keep in touch with new software, mobile technology & telecom industry.
Where do u see Indian diamond market in global market?
I see very strong future of Indian Diamond Industry. Every 9 out of 10 diamonds in the world are manufactured here in India. Indian Diamond market has complete setup & all required elements of Diamond industry. You can manufacture, buy & sell diamonds in India. Its difficult to find such complete business setup in any other part of the world. India is becoming central location for trade related to rough & polished diamonds.
Bharat Diamond Bourse in BKC is one of the best thing to happen in market. It will support and help Industry to grow. It has potential to upgrade whole scenario of Indian Diamond Industry. It will bring pleasant atmosphere to work with good security and infrastructure.
Tell us something about 2008 slowdown in diamond industry and how was your experience ?
2008 slowdown was one of its kind – overall market was down. There was lack of Diamond Buyers and that leads to cascading effect, impacts whole chain in industry. Manufacturing slowed to down and cost cutting was all over the place. For nearly 4 – 5 months factories were not running operations, due to lack of business. However after a while things reached a bottom and started getting better, with every single day we see things improving. Collapse in other market like stock market & real estate had direct & indirect effect on diamond industry. Few of the companies kept themselves aloof from stock market and didn’t get negative impact when market went down, also helped them to grow strong when market started picking up.
If u get a chance to change one thing in India diamond market what would it be?
Surely the rough diamond sourcing. Present situation is not great. Rough trader’s are not supplying rough diamonds as per the demand. Its common practice to keep holding the rough which is in demand and sell it on higher prices. This impacts the whole chain – diamond manufacturing, traders, seller and at last consumers who have to pay higher prices. Business style of Rough Suppliers is not healthy.
One good and not so good change you have seen in last 10 years of experience in diamond industry?
Good thing: diamond market is much more open place now.
Bad thing: Profits have gone down.
Last 3 years market has seen low volume, compared to 2003-2007 period. Manufacturing is key for any Industry and fortunately India is one of leading manufacturer, this gives us lots of support. In past there was threat from china, Israel and many other countries for overtaking India in manufacturing, but because of skilled and promising workforce India is in lead.
Good thing: BDB (Bharat diamond Brouse) is here now. Bad thing: it got delayed for very long time.
What changes do you see in Indian diamond industry in next 10 years?
Internet will play major role in Market. Indian Diamond Market will lot of growth if rough diamond source make things easy for rest of the Industry by fulfilling the demand of rough diamonds. BDB(Bharat Diamond Bourse) will bring positive changes and new generation will keep evolving industry to meet customer need.
Any message for DiamondBhai.com readers?
Don’t get caught up in common hysteria – ‘follow the herd’ mentality. Think rationally. Don’t do something just because others are doing it. Do what ever you want to do with a balanced mind. You have never missed anything at any stage. Keep in mind, there are really very few people in market who can guide you. Listen to your gut feeling, don’t be afraid of failures.