Interview of Hasmukbhai Shah

In Business, world we hardly hear people talking about Unity. A group of people can be more more productive and can get more satisfaction in work they do if they are united and have some formal understanding and protocols.  Lets meet Hasmukhbhai Shah, who believes that our market needs some level of standard procedures and understanding for everyone to do healthy trading.

Hasmukhbhai Shah

Hasmukhbhai Shah, Diamond Trader and Broker, Mumbai Diamond Market

How did you start yours career in diamond industry?
I started my career in Indian Diamond industry in 1978. In last 32 years I have worked for different companies. Started in Shantilal Parikh then moved to Nanavati then Janam and then C Parkash. Eventually I started my business, mainly in to Diamond trading, Diamond studded Jewelry and Diamond brokerage.

How was the slowdown of 2008 in diamond market?
Slowdown impacted everyone in Indian diamond market. My business also faced problem. There was a period of 4-6 months in which I believe almost everyone went through tough time. Slowly things started improving and business activities came back to market.

Tell us any good or bad aspects of market that come to your mind?
* Our market lacks Pramanikta (Standard approach or formal understanding). A standard process is important part of our existence, however the average individual in our market gives little or no thought to it.
* Trust factor is very costly in market.
* There are many incidents where people take your service to get business, once deal goes through, they go direct and skip your commission.

* Very few people in market stick to their words and they grow in business.

If you get chance to change any one thing in Indian Diamond Market, what would you like to change?
Diamond Brokers should come together as a group. We can do better by taking the same basic principles of unity and mold them into something the whole profession can gain from. At present we lack leadership and direction to be able to come together. Some standard practice and protocols of trade can help everyone to grow business in a healthy way.

Can you think of any new changes that can occur in our market in next few years?
As I told earlier there is tremendous need of trust and understanding in market. Without these it will become more and more difficult to grow business. People have to come together and not try to take shortcuts to make quick profits.

You have been part of Indian Diamond market for last 32 years, do you want to give message to members who are new in market?
It takes lot of work and patience to build trust but it takes one small incident to loose it all. Stay honest and stick to your words.

 

How was the slowdown of 2008 in diamond market?

Slowdown impacted everyone in Indian diamond market. My business also faced problem. There was a period of 4-6 months in which I believe almost everyone went through tough time. Slowly things started improving and business activities came back to market.

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