Interview with Sachin Solanki

Sachin Solanki, Mumbai Diamond Market

Tell us how you started your career in Diamond Industry?
I had experience in marketing field (Automobile Industry) prior to I got in to Diamond market. I started in 2004 I didn’t knew much about Diamonds but was good at marketing and business problem solving. I worked here for 3 & 1/2 years after which I decided to be on my own. Started my business.

How was your experience during 2008 slowdown?
I had just begin planning things for my business. Very early I got in to unexpected trouble. To grow my business network amongst supplier and manufacturer, I started working with one broker. In less then 15 days this guy turned fraud and cheated business account. He was not to be seen and everyone started questioning me. I was not connected to transaction but got dragged in to issue. I had really tough time, couldn’t enter market for next month or two. Later 3 of my well wishers who are also reputed businessman in our market came to my help. They sorted out whole problem and made things easy for me.

After this incident was over things started working out well for me. I have lot of faith in God and gradually started making progress.

If not Diamond market what oter profession you would have got in to?
I could have continued in Automobile industry. Also I have ideas about doing some business related to Food industry. Even today I keep working on my plans to have a side business in to food related industry.

Diamond Industry has seen lot of changes in last few years. Previously we use to depend completely on International buyers. However in last few years financial conditions of lot of Indians have improved. So now we have domestic buyers. Having said all that, Diamonds are luxury item whereas Food is necessity. Hence I want keep this balance in my business portfolio.

What major changes in Indian Diamond Industry you think will happen in near future?
Our market is not a local business house anymore. It is globalized now. One mouse click gives you access to products from all across the world. Hence in times to come for Brokers like me and middle business person will face more challenges to do business.

I am working as broker for last 7 years. I have seen senior Brokers who don’t have to run much to do business because they have been doing work for ages. They did pretty good as per old arrangements. Previously people use to grade by them-self. Now we have Rapaport. Not very exciting to know that we depend on Rapaport. We have almost like slave to this new trend.

Do you think Mumbai market will move from Opera House to Bharat Diamond Bourse in BKC?
Very difficult to answer. I have been hearing about it ever since I started my career. Out of all people I know, many say that lets just improve things here in Opera House and not move anywhere. Many say we should get out of old systems and move ahead.

Any message for beginners/members in market ?
My father told before in early days of my career – it takes 1000 days for any business to start showing positive results. This statement is very common amongst Gujarati community. All it means is it takes some time for things to pick up so keep working hard and have patience. Also if you get to see bull and bear phase then it adds more business skills to your profile.

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