Interview with Vishal Vajir

How did you start career in Diamond market?
I started my career as an Diamond Assorter in year 2000 with Nimbark Gems, located at Unity House, Mumbai. Worked here for close to 2 years then I started working in છૂટક (single cut). In 2007 I started working as Diamond Broker and on side I do small business of Single Cut.

How was your experience during 2008 slowdown?
6 months were tough. My earnings went down by almost 60-70%. (સદ્ધર હતા એ રઈ ગયા અને રોલ્લીંગ માં જે ધનદો કરતા તે બાર નીકળી ગયા) Inside market, people who were strong they stayed. Those who were running their business in rolling left the train. Once market start recovering I made up for all my losses.

If not Diamond market, what other profession you would have opt for?
Either Molding(manufacturing) business or with my Dad’s textile business. I would have done equally good in either place.

As per your view anything that should get changed in market?
I feel we should not have ઉધાર system (Credit or loan or lending ). Max 15 days should be allowed. કેશ લ્યો અને કેશ આપો . Give and take Cash and complete transaction. જે ઉઠી જાય એને ફરીથી બેસવા ન દેવો જોયયે If someone defaults on loan he should not be allowed to again do risky business in market. Our market is strange, if a Assorter needs money and asks for loan of 25 thousand rupees, owner will say NO, but that same owner will give away 10 lakhs worth of diamonds to some broker on credit.

Having said that, people in our market are smart and adaptive. Everyone tunes themselves to market situation and methods.

If all businesses in Diamond market get listed in Stock market, which company would you invest in?
I am more of a Single cut expert don’t know much about double cut. However in general I would put money in Rosy Blue, K P Sanghavi, Vasant Sanghvi . Kiran Exports.

What do you think about present slowdown in Diamond market?
I think prices went high within market because of internal rise in demand within market. At the customer end there was no sign that people were ready to give higher price. Its just our market that become over-aggressive and ended up raising prices.

What do you think about move to BKC?
If 60 out of 100 people move to BKC, remaining 40 will move automatically. Any how we already have to go to BKC for customs(Import Export) . Personally, I will save 20 minutes or so in commute time. Fro people like it doesnt really matter where market is. I love present location of Opera house but if we move I will be fine.

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