Interview with Mukesh Chaudary
Mukeshbhai, how did you start your career in Diamond Market?
Started my career in 1995, I was still in college then. Started working with my father (Laxmanbhai), who had Diamond Manufacturing business. I have worked with my father from 1995 till 2005.
I completed Bcom and MBA. Later I went to work for Solitaire department of J.B Brothers. At J.B Brothers, I use to take care of Marketing activities, International Marketing, participate in Shows and events, etc.
Now I work at Kama, mainly in to Manufacturing related work. There is lot of action happening here which keeps everyone excited and busy. We are planning to come up with new manufacturing setup soon. We already have manufacturing setup for small diamonds, -2, Star & Mele in Palanpur. We take lot of help from hired contractors, we provide rough diamonds to them.
At present our factory takes care of re-cutting diamond before setting it in Jewelry. We also have plans to set up of manufacturing of bigger size above 0.30 carats & above sometime in near future.
So far we were mainly in to Diamond jewelery but we are executing our plans in newer areas, 0.30 carats etc . Also working on marketing plans for USA, Hong Kong and many more country..
If not Diamond/Jewelry Industry, what other profession you could have got in to?
I really don’t have answer. My father was in to Diamond business since early 70s, I grew up listening to tricks and trades of the business. I guess it was in blood. My forefathers were farmers.
What do you think about position of Indian Diamond Industry in globalised world?
We are strong manufacturing partner for International Diamond Industry. In addition now Indian Retail sector is also a strong element. Almost all analysis speak about how India and China consumer base becomes the important factor in all International businesses. We do not have many Big Indian Brands like some of the International players, but Indian Diamond Industry is making progress.
I am very bullish on potential of Indian Economy in general. Not very excited about American story.
Do you consider anyone as your Mentor?
Without any doubts, it would be my father. He taught me all early lessons. Not just technical details of the business but also people skills and essential values.
Any Not-so-good thing you see in our market?
In Recent times we have had very little Price certainty in market. Speculation and price volatility are in air. I don’t think this was the case when I started my career. The price variation we have seen in just last 12 months was much bigger then my father would have seen in decades. hence times have changed and people should be more business cautious.
Any good thing?
As I mentioned, India and China are now strong consumer base. Volumes are consistently increasing even though American consumption has gone down, it only proves that local markets inside India are growing. This is very good news for our Industry. Else previously we were heavily dependent on International situation.
Move to Bharat Diamond Bourse, what do you think about it?
I think it is a good change. All facilities like Bank Custom offices are within same premises. Safety aspect will get boost. Only negative point is Commute to the place, people have feeling that its not really safe to travel upto location.
Any favourite past time activities?
Shopping. Nature trails. I spend lot of free time in studying Diamond related history, culture and important events.
Any message for DiamondBhai.com readers?
There is a famous incident in History of Sony Electronics, Japan. It’s Pocket Transistor(radio) was selling in market like hot cake. In early days, once it got a very huge order for which Sony would need to hire lot of new people. Sony’s founder did not take the order. He use to treat his company like a family. He was not sure how he would manage all the employees once the big order is fulfilled. This shows a value of one business legend. He made decision which was in favour of his people even if it meant losing some new business.
Our market needs to learn something from the story. Companies should keep long term perspective and risks in mind. We have seen so many layoffs in last 3 years, it was all due to lack of long term planning.
In general this principle applies in all kind of resource. Banks are always hesitating to lend money because many companies in our market planned for 6 months vision and could not repay back on time.
So it will much better if people make investments and hiring keeping few years in mind. this will create wealth for all over period of time, instead of some immediate profits which puts your employee and resource on greater risks.
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