Interview with Sanjaybhai Dave

Indian Diamond Industry is a leading manufacturing base in the whole world.  It has almost all important elements of Supply Chain. However still the big proportion of consumer base is outside India. Let’s meet SanjayBhai Dave who says since 2008 Indian Diamond industry has seen lot of support from Indian Domestic consumers and there is already big part of Indian Diamond industry which is focused on domestic sales.

Sanjaybhai Dave, Diamond Broker, Mumbai

Sanjaybhai Dave, Diamond Broker, Mumbai

How did u start your Career in diamond industry?
I started in 1987. I was in SYJC [Second year junior college], during holidays I started visiting Diamond factory which was 15 minutes away from my house, it was in Jogeshwari area.  I learned all basics of Diamond manufacturing business here – study rough diamonds, understand their value, weigh and further process of polishing them.  Later years of college holidays I started visiting Opera house and got more hands on experience.

I finished my graduation – I started working full-time. When I started working I was asked to take care of polished diamond manufacturing tasks. I was given small and big tasks and I kept finishing work on time and performing beyond expectations.  Being new comer this got my employer happily surprised, he asked me “You are new to business – how come you are able to pick things so fast?” I answered – “I have already spent 6 – 7 months while I was studying and got enough experience to understand basics”  My employers were happy with my work and later moved me to polished diamonds related work.

I continued doing good work and grow in company I was working. Later years they also gave me opportunity to travel and work in Switzerland.

Can I know name of this company?
This was company named Indiamco

Do you have any mentor in diamond market?
If I have to name someone mentor it would be Mr. Vikrambhai Parekh, he is with  Rosy Blue now. While I was working in Indiamco as Diamond Assorter, Vikrambhai use to work closely with owners. It was inspiring to see his work and learn from him. He had excellent skills in dealing with people. If I or anyone makes some mistake, he would allow me and others to rectify and learn from it. Never get in to micro management. He wanted people to become independent and work confidently.

I also take lot of inspiration from my friend Haribhai Menon. He is man of principles and practices honesty in all the work he does.

If you were not in diamond – which profession you would have chose?
I would have taken photography as a profession. Now it’s is my favorite hobby in addition to music.

Where do you see Indian diamond market see in world?
In my opinion Indian diamond market is on top position, More than 90% of diamonds get manufactured inside India. After 2008 slowdown people saw lot of growth in domestic Diamond business. Businesses are not in best shape but they are in pretty decent shape and Indian consumer base is growing. Previously business was limited majorly in Mumbai, Surat, Calcutta and other cities but now it has grown in newer areas – cities in northern and southern India are also participating. So in addition to international market – domestic market is also growing. A big part of our industry now survives on domestic business.

If get to change one think in diamond market what it would be?
I really cannot think of anything but strongly think if big members in market want to bring change they can do that easily.

I work as broker, I work with both parties buyer and seller and get paid for my service.

How was the slowdown in diamond market in 2008?
Things started getting bad drastically after Diwali of 2007.  We saw some improvement only after April 2008.

Rough Diamonds which previously sold, during 2008 slowdown no one was touching them even for 40% discount. Production was reduced.

Many people from diamond market shifted to other professions like LIC agents. So in a way it worked well for them.

Many returned to their home town and started farming. Some got in to Embroidery work in Surat clothing industry. There are many Diamond cutting factories in Surat which got converted to Cloth designing factory.

In slowdown people have faced deduction in salary just enough to run their day to day expense.

Employers and factory owners worked closely with people – they spoke to employee and created package.

Some of the people teamed up in group of 3 – 4 people, arranged a small workshop space, set up some manufacturing machine and started small business.

Can you talk about some good or bad changes you have seen in last few years in Indian diamond market?
I worked for a company for almost 15 years and was not keeping day to day touch with many things in diamond market. But in last 7 years, ever since I started my Diamond brokerage business – I have realized that prices of rough diamond are going up every year, whereas polished diamonds are not going up similarly. It is difficult to make enough profit.

What changes you are seeing in diamond market?

It’s difficult to talk about what will happen tomorrow. Once market moves to Bharat Diamond Bourse – we might see some improvements. Today there is too much shortage of products – people who were sellers have started buying themselves.

Sanjaybhai Dave, Diamond Broker with Chetan Parmar

Sanjaybhai Dave, Diamond Broker with Chetan Parmar

What is the toughest decision made in your career in Diamond Industry?
I would say moving out of job 7 – 8 years back and independently getting in to my Brokerage business. I was in good position as an employee so it took some courage to bring change and but I did it and I am glad for my decision.

Do you want to give any message to readers?
According to me person should enter in diamond market with proper study and knowledge about diamond industry. Industry has become very dynamic and lot of things are changing every year. If you are person who finished studies and are looking for some good opportunity – Diamond industry is good option.

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