Interview with Bharatbhai Doshi
How did you start your journey in Diamond industry?
I Started in 1976 in Diamond market as a Diamond cleaving at private office of Sureshbhai Parikh. Worked for 4 years, than at Gitanjali handling department of Diamond Cleaving for 8 years & after 8 years at Gitanjali only for next 5 years have done job work of diamond manufacturing.
After this started working Next Diamond, its been years handling accounts here.
What was your observation during 2008 slow down ?
2008 slowdown was bad but we had some early preparation done. We were positive that slowdown will last for some time after which market will pick up again.
Let me share scenario from 1977, I think you were not born then 🙂 . In 1977 market was very good. For some reason Indian government banned 1000 rupee notes/currency. It had set whole market on panic. There were so many stories floating in market about how people were discarding 100 rupee notes like waste paper. Many had had lost part of their wealth but still people were OK because market was growing, business was booming.I also heard a story where someone rolled a 100 rupee note to burn and make Cigarette out of it. In short people confidently moved on.
But in 2008 businesses in Diamond Manufacturing had to reduce staff as Rough Diamond was at high price. It was difficult to keep staff on payroll.It hurt market so badly that lot of people who lost job during 2008 have gone back to other profession and don’t want to come back to Diamond market. I know of people who were farmer before getting in to Diamond Manufacturing, they have gone back to farming and not returning to Diamond Industry. Its strange that today there is high demand of skilled Diamond cutter and others, but there is shortage of people to take up all the work.
What do you think of Indian Diamond Market compared to markets in various other part of World?
Although most of the manufacturing of diamonds is done in India, that’s not true for consumption. China has entered in diamond cutting few years but we still have upper hand because of years and years of experience and reliable skilled force.
What do you think about shifting of Mumbai Diamond Market from Opera House to Bharat Diamond Bourse?
I think so diamond market will have to shift to BDB as many big company have shifted already. Export house is shifted and all the facility are provided so sooner or later, people will move. This is similar to what happened when market shifted to Opera House from Zaveri Bazar few years back.
How important is Accounting for businesses in Diamond market?
I would say top priority. People who understand accounts have advantage in growing business. A good accounting is lifeline of a strong business. All buying and selling and each and every transaction should be recorded to understand health of your business. If one does not know how much he is in profit & loss he cannot run business for long time. Small or big doesn’t matter, accounting is crucial.
Any good or not so good aspect fo market you want to talk about?
Many people have lost their jobs and business ever since GIA & IGI entered the market. Not really sure if that is good or bad;
I would say, people from any end of world can do the buying of diamond through GIA or IGI report; Competition has increased; However people have to do business within limited margin only because it is an open market now.