Interview with Pranavbhai Parikh

Internet enalbles search – Allowing customers to locate products, suppliers and prices. It can help businesses to generate profits in new ways by adding extra value to existing products and services. Let’s meet Pranav Parekh who believes Internet is shaping future of Indian Diamond market.

Pranav Parikh Diamond Broker

Pranav Parikh Diamond Broker

Pranavbhai, Please tell us about your journey in Diamond Industry so far?

I started working in Diamond industry about 6 years back, this was right after I completed my SY BCom studies. Started

working for a company named ‘Kanchi & Sons‘. I travelled to Indonesia and Malaysia to work on Sales assignments. Later I decided to work independently, started Diamond Broking in Mumbai market. I got lot of support from my Uncle who was already doing good business inside our market for long time.

Do you consider any person inside Diamond market as your Mentor?
I consider ‘Hemant Thaker‘ from AllYours as my mentor. It is inspiring to see how he has carried his career from being a Diamond Assorter few years back to present level as a Entrepreneur. It is faschinating to see how – today he runs his business with team of 6 people. Lot of learning from him.

If you were not in Diamond industry, which field would you choose?
Very difficult to say. I was just BCom Grade back then. In whatsover case I doubt any other profession would have been as rewarding as present work in Diamond Industry. I am enjoying present progress in financial gains and work satisfaction.

How was your experience in 2008 Economy slowdown?
It was tough time for everyone in market. Fortunately, as part of Diamond Brokerage business, partners i was dealing with were carrying their business well. I was able to work with them and keep my business intact. Companies like K B Shah gave me lot of business during 2008 period.

If you get to change one thing in Diamond market, what would you like to change or see getting changed?
I would like to see change in percentage of Diamond Broker. Increase from 0.5% to 1% on whole business would be very rewarding.

Any good or not-so-good thigns you have noticed in our market?
Some of things you will come across in market is – person who is alert and on toes gets business. There are no fix rules about hwo gets business. Market is full of Diamond Brokers. When you Enter market you have no Idea how much business you are going to get today. How much money you are goign to make today? If you are present were opprtunity is – you make money else you loose.

What changes do you see coming in market in next few years?
The way business is done inside market is changing at rapid speed. It will become more and more difficult for Diamond Brokers to do business as new ways of doing business, like Internet services, become more wide-spread. Diamond Brokers play a crucial role but at times it is possible to skip them and handover diamonds to end partner. Companies who are in to Diamond manufacturing will love business that comes this way without paying fees/commision to middle-business-provider. Hence Diamond Brokers and Adad will face challenges as time passes. Diamond Brokers fill the gap by helping a transaction to get completed in reliable and trustworthy way. It will be interesting to see how things change in future.

If all the companies doing business in Indian Diamond market are listed in Stock market and you given 5 Lakh rupees, which company would you liek to invest money in to?
I would like to invest in Kathiyawadi group. They seem to be doing very well in diamond market in next few years. Companies like Shree Ram Krishna Exports, Rosy blue and other top companies.

What is your favorite leisure thing?
I like watching movies. If I have free time, I like to spend it in thinking and planning about how I would make money next day [smiles]

Any quick message for readers?
Indian Diamond market is challenging and fun place to be. You have to present inside to see how things work here. Market is full of all soughts of people. Experience it and learn from it.

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