Interview with Amit Rathod, Bhavnagar
(This is our first Interview from Bhavnagar, Gujarat. Thanks to Amit Rathod for talking to us)
Tell us about your career in Diamond Industry ?
I started working with my Father in 2008. My company’s name is Santchhaya Diamonds, we do Rough Diamond Manufacturing in Bhavnagar. As you know 2008 was period fo slowdown and Manufacturing floor didn’t have much active orders. Unfortunately we had to let-go soem of our Staff(20-30%). So I decided to perseve my further studies and keep my role at my company to part-time. I completed B.Com studies and meanwhile I was back to work at my business and there was lot of work growing.
F.Y.B.COM and S.Y.B.COM I was part time at factory. Final year I dedicated completely to studies, I think I did pretty well merging both studies and work.
I am still in learning mode. Getting more expertise in Diamond Cutting in Various Shapes. Presently I take care of accounts and other important management related work.
Tell us more about your manufacturing company “Santchhaya Diamonds” ?
We are mainly in to manufacturing – Rough Diamonds to Polish as per requirements. We do lot of work in buggets, tappers, fancy shape diamonds and round.
We are based in beatiful city of Bhavnagar.
I work here fulltime and always looking for new Ideas and technology that can increase Quality and Productivity.
Do you consider someone as your Mentor in diamond market?
Absolutely! That will be my Father. His name is Nagjibhai rathod Langalawala. he is my source of Inspiration. he started from scratch, learned all technical and business skills. Started with a humble begining, working for someone and eventually ventured in to his own Business. After getting strong hold of Diamond cutting he started with a small office and grew that in to Diamond cutting factory at Bhavnagr.
He is living example of Success story. Shows that Hardwork and patience pays well. I consider him my mentor & my sister Nayana Rathod.
If you would not be in to Diamond industry which other profession would you choose?
I would have done MBA and then worked out something my way. However since we already have lot of work in our business, which is growing every single day, my choice was clear. I very clearly had my eyes on Diamond industry.
Share challenges you saw or faced during 2008 slow down in Diamond Industry?
I would like to share information on Bhavnagar city; When times are bad people become irrational; people were talking like diamonds are equal to stones; someone who say that ‘now there is no value for diamonds’;
Company’s had to reduced staff. Believe me, we work on string tight budget and in situation like 2008 you really cannot support everyone. Our work got hit badly, almost 50% of work disappeared. Many people were thinking of will this industry sustain or not.
If you get to change one thing in Diamond Industry what it would be?
[smiles] I would love to answer this question;
I think – Rules for buying and selling diamonds in whole India should be same. At present every City has its own way of dealing and doing business. Its not standard across whole country. Like in Bhavnagar or Surat buying terms are different and in Mumbai its a different game altogather.
If we sell goods in bhavnagr or surat because of terms we are facing loss as they buy in discount prices or we can say in less 2 or 3 percent on value or deal is cracked. At Mumbai most of the business are done with full value. So I would like to say term for buy and selling should be same in whole india.
What changes you see in coming years in Diamond Industry?
Market is getting more open than before. So profit margins are getting narrow down and slowly people are getting more aware about diamonds so profit is squeezing slowly. I think it is law of nature. It has happened to every other thing in this world.
Where do you see Indian diamond industry in world?
I would say China is doing ‘Not-Bad’. But India can do much better if Indian government gets more support to diamond Industry. If government wants they can help promote this Industry further, get more ex-poser in world.
As of today due to nature of our market, we don’t get to see close updates of diamond market on daily basis; we only get to hear big news or weekly updates. I wish like stock market there was some daily index for diamond market or Industry also. And even common people would put their money in to Diamonds as they do for other precious metals etc.
If all diamond company are listed on stock market which company you would invest in?
I would love to see all companies listed because that will give us access to their profit-books. Before Investing one has to look for company records – how it is growing and what are past profits, management etc. As off now none of these things are transparent for obvious reasons. So I cannot tell you which company I will invest but I am really excited to think that WHAT IF WE GET TO SEE BOOKS OF SOME OF THESE TOP COMPANIES?
What message would you like to give Diamondbhai.com readers?
First of all – I would thank diamondbhai.com to create Platform where people like me can share their views. Thank you!
“Success dose not come to you, you have to work for it” – I simply follow these line in my life and do not fear slowdowns in market. Infact one should start learning how to get best out of slow down in market.
Stick to quality rather then quantity. When there is lot of work people neglect quality and keep focusing on quantity. I would say that one should maintain quality because that will help you hold on to your work in bad times.