Interview with Mr. Hemant Thaker, Owner of ‘All Yours’
Its my pleasure to introduce Mr. Hemant Thaker, Owner and founder of ‘All Yours’. All Yours is one of the fastest growing Diamond Trading company in Mumbai. www.allyours.in portal is truly International and customer-friendly diamond & Jewelery store. It allows customers to pick – choose – customize and buy diamonds & jewelery over internet.
I am personally Thankful to Hemantbhai for showing support for diamondbhai.com and introducing me to well respected people in our market.
How did you start your Career in diamond industry?
Started my career 12 years back (1998). I started working in diamond assortment. Worked for 2 years, learned various things including banking, custom etc. For next 2 years, did diamond brokerage. This made it possible to meet many people from respected and big companies in Indian diamond industry. Many of them are good friends and associates now. Always had passion to start something of my own, eventually started company named All Yours in diamond market.
Whom do you consider your mentor in diamond industry?
I always had people to guide me at every stage. In last 12 years I have played different roles in market, started as diamond assorter, broker, trader and now as an entrepreneur. I was fortunate to have trusted relationship with many experienced and wise people in market.
Every entrepreneur should have a mentor — someone who’s been down that road before and can share their wisdom. As of today I would say my mentor is Mr. Rajubhai Shah of Next diamond (Chiatya). He taught me most valuable lesson – ‘With courage you can make it through anything’. ‘Don’t be scared of big numbers’. I also learned importance of business accounting from him.
If not in diamond market then what profession would you have chosen?
If not Diamond market, I would have done something in field of Music. Frankly, I would have got in to any good opportunity that came in front of me. Looking back, I realize that I was pretty open minded, didn’t have much biased for any particular profession or field. But I would have been very sincere and honest towards my work.
I am playing flute since many years now and trying to learn piano, may be in future I would like to spend more time in such things.
Where do you see Indian diamond industry in global market?
Indian Diamond Industry is already a leader in world. Previously people use to count Israel as a leading country in our field, but today everyone knows that 9 out of 10 diamonds sold in the world get manufactured in India. In addition to strong manufacturing support, involvement of the home grown IT (Information technology) is helping Indian diamond Industry to scale fast. Software infrastructure and Internet based services are helping manufacturing of diamond, marketing, getting online inventory, sharing the database. B2B businesses in our Industry has its own challenges and it will keep growing, but there is a huge potential in B2C. At last I would like to say Indian diamond Industry has a promising future, it will sustain its position and growth for longtime in global market.
If you get a chance to change one thing in diamond market what would be?
I would like to change the rough supply of diamond because rough diamond sourcing is really ridiculous. It is Biased and self protective. Impacts whole supply chain in negative way.
Overall selling confidence in diamond industry has gone down. It creates low sentiments for whole industry.
I would like to see change in rough diamond sourcing. Things can become better if there is good movement from rough – mines to manufacturer to trader to end customer. Other than this there are minor problems here & there, but people in Indian diamond industry get their work done anyway. People in our market are good at adapting change.
Rough Diamond sourcing is also done by Indian companies, how come we still face this issue?
This problem has nothing to do with dealing between Indian to Indian or Indian to Israeli, or any other country. Problem is of self-interest. Some of these companies want to favor few of their clients at the cost of impacting whole industry. In long term it will not help anyone including themselves, they don’t realize right now, but eventually they will.
Also to clarify, when I say rough sourcing, I am talking about Miners (Diamond Mining Industry). Companies like BHP, DeBeers, Alrosa etc .
How did you fare in 2008 slowdown in diamond industry?
I do not have much to talk about 2008 slowdown because I started my business in Jan 2008 and I was starting from scratch, was happy to accept whatever amount of business that came. I was really busy in organizing my business and didn’t realize how fast time moved. However it was a major slowdown and lots of job cuts; cost cutting and lot of people made huge loss. It took just 9-10 months for Diamond market to recover from the meltdown; it was much faster than many other industries like stock market etc.
Tell us about some good and bad things you have seen in Indian diamond industry in your experience?
The level of adaptability of people in Indian Diamond Industry is very high; I have not found many people like I have seen in our market, who are open to learn new things. Many people in our market do not have high degrees but they have one of the most important skills of keeping in touch with latest changes, master it and use it to grow business. You will find ‘Been there done it’ attitude at all levels in market. You will see many people in our market using software and online services to get best out of their deal.
Second amazing thing about our market is Creditability. My dad works in chemical business since last 35 years and he is doing pretty well. His business and name is quite established in his field, but chemical industry does not have practice of giving credit. Diamond Industry is very close-knit industry, members of Jain or Kathiyawadi community have easy entry, people like me who do not have family connections have some initial challenges, but still I am making significant progress. I have always got guidance and support from mentors and friends I have met and today I have very good credit line which allows me to grow my business.
Not so good part: like any other industry there are people in our market who are coming in news for wrong reasons. They remind me of Harshad Mehta from stock market. Recently we have heard lot of news about cheating and defaulting practice. Other than this I don’t see any major issues.
What changes will occur in diamond industry in next 10 years?
There will be lot of changes in market. Whenever next slowdown occurs, close to 40% of Manufacturers and traders will be out of business. Businesses which are established well and have smart owners will continue to grow. There will be less middle man kind of business and reaching to end customers directly will go up. Market will keep getting more organized and transparent.
Bharat diamond Bourse is ready and everyone is looking forward to be part of it. All the important elements of market like customs, banks, assortment, buying, selling will be under one roof. There will be cost of doing business, but things will be organized and planned. It will increase lot of productivity. It is the biggest trading point in the world. “Bourse” is French word; it means trading point under one roof.
Do you want to give any message to diamondbhai.com readers?
I am really glad to see this website diamondbhai.com and I believe you will continue to share unbiased information. I strongly recommend readers to keep in touch with this website. We have many commercialized magazines for Indian Diamond Market but don’t get to see simple and unbiased news/information easily. Diamondbhai.com can cover this gap.