Interview with Mr Nishank Parikh

When you talk to some person for few minutes – you get sense of where that person is going in life. When you talk to Nishank Parikh – all you sense is working confidence and humility. Lets hear more from him:

Nishank Parikh, Diamond Trading and Brokerage, Mumbai Diamond market

Nishank Parikh, Diamond Trading and Brokerage, Mumbai Diamond market

Nishankbhai, How did you start your career in diamond industry?
I started working in diamond market 7 years back. I had just finished my HSC (12th) exams. I got opportunity to work with Monarch Gems. I next 4.5 years I got chance to work in different tasks.

Started with accounts department – printing export invoices, bank documentation and other formal office documents. Than I was transferred to service  task – visit office of different companies, show goods and try to get new business for company. It was and lot of learning. After this moved to stock keeping of company and managing all diamond goods.

Eventually started working in marketing department for local business and slowly started getting exposure to new clients in international market.

After all these years one hood thing i realise is – I didn’t get comfortable with just one thing i already knew – i tried to play different roles and lea  new thing. This helped me grow and also i was in position to add lot of value to company.

After all these years of learning, I decided it was time that o start my business. Did some serious planning,took guidance  – started my own Entrepreneur journey in diamond market with diamond brokerage and diamond trading.

I successfully completed my graduation too while working diamond market.

If not diamond market, what other profession would you have tried?
[smiles] I cannot think of anything else. My dad was always working in diamond market. While I was studying an started thinking about what I would do in life, I was already taking lot of inspiration from my dad and all that I knew about diamond market. I think quite early in life I was determined to become diamond trader and be good at it.

Do you consider any person as your Mentor?
Absolutely! My mentor is Priteshbhai Shah from Monarch Gems. I have learned lot of things from him. In-fact I wont mind to say that whatever I have achieved in my career has lot of contribution Priteshbhai.

I remember when I my Dad took me to Priteshbhai’s office for the first time, Priteshbhai told my dad that he will make sure that I get to learn lot of things and in 4 – 5 years I will be in in position to do good work in industry. I can never forget all the help I got from Priteshbhai.

How was your experience during 2008 slowdown?
I was still working at Monarch Gems. I was taken care of by my Monarch Gems. I was taking part in marketing activities around that time and got exposed to various things in market. First we started seeing price cut of 5% – 10% . Many took small loss and sold their goods. Others kept holding it only to sell it later for bigger losses in panic. People who were financially in good position kept holding their diamonds for long time and were able to escape slowdown to great extent. Some of the rich and smart people also did lot of buying when prices were at bottom. They made huge profit year later.

Can you think of any good or bad aspect about our Diamond market?
One distinct aspect in our industry is of ‘Referral’ or ‘relations’. This you can take it as positive or negative. For every task – small or big – if you have good network and support from people  – things move smoothly. Any diamond brokerage deal or any small office paper work – if you know people – your work gets completed.

Its common to hear from people in market something like ‘I would never do this trade for such a low price but since it is for you – I will do the business anyways‘.

What do you think about Indian Diamond market when we talk about it globally?
It is promising place. Day by day it is growing.  Just find information about how many Clients/buyers use to come to market 5 years back. Compare that record with today’s situation. There is a huge progress. Previously few selected buyers use to visit markets in Mumbai and they had fix partners from whom they would do all business. Now you see many buyers and they confidently do business with several companies. They don’t limit them-self to selected few companies and look for good opportunities through out the market. It is so inspiring to see a big base Diamond manufacturing out of places like Surat and Bhavnagar.

What kind of changes do you see coming to our market in next 3 – 5 years?
Not sure what will happen. Up and down cycle is part of our industry. Many a times markets sentiments are manipulated artificially.  But one thing will never change – work hard, make smart decisions and strengthen your relationships in business network – do this – and you will grow in diamond market.

It is very important to stay honest – else in long run it will become difficult to survive in business. By outsmarting people and making short term gains will only bring loss-making surprises to you someday in future. Trust plays vital role in our industry.

When you are not working – what do you do? Any hobbies?
Not really! I think I spent most of my day at work. I enjoy talking to people in market – again about business and stuff happening in market. You learn amazing things when you talk 10 new people in market. Keep your eyes and hears open – there are lot of business ideas and tips in people’s discussions.

Any message for readers? Specifically for new comers in our industry?
Keep yourself prepared for first 3 – 5 years for struggle phase. It takes hard work and patience to grow in market. be open for all kind of work. Don’t discriminate work as small or big.

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