Interview with Jay Raval, Mumbai Diamond Market


Tell us about your career in Indian Diamond Industry?

Started working in diamond market in 1999 as a trainee at Sanghvi Exports. In beginning I got paid very small stipend. In next 7 years learned all about diamonds and its manufacturing. First year – did not even touch diamond. It was all about assisting in office work and maintaining records – size , wt. etc.

Year 2 and Year 3 – started diamond assortment, also started understanding price and stock management. I kept moving to different areas inside company – solitaire diamonds, white, selection rejection department etc.

Later I also got chance to work for office in overseas. I started doing well in sells.

Presently, I work with Maruti Jewels and take care of Account related year for last 6 years.

How was slowdown of 2008?

I would say It was not bad for us – I was working with Maruti Jewels. We were more in to single cut diamonds.

People who once sold diamonds at 2300 to 2500 per carat were selling at 1500 per carat and to do that, they would stop by your office personally. There was lack of demand and everyone was looking to en-cash ..

What good or bad you have seen in diamond market?

Not so good aspect – I have lived and worked out of India for sometime and that made me distinctly see the difference in people’s attitude. Problem with India is if someone tries rise high – there are 10 people to pull him down.

If an Indian goes to other Indian office with demand for some diamonds – deal doesn’t get through. Same person will sell it for lower price to a foreigner.

Good Aspect – humongous support amongst Jain community. A new comer gets lot of support. They support a new comer by giving their own good to sell.

What changes do you see in market in next 5 years?

Its difficult to predict anything. No one can correctly tell you about what will happen to prices in next 6 months. How can I talk about 5 years from now.

What do you think of shifting BKC to Bharat Diamond Brouse?

Not in favour of moving to BKC. Main problem is of safety. Commuting is not convenient. If we talk of owners and people on high post it’s possible to travel – but people who are in assortment, marketing and other it’s big problem to travel to BKC. If we people from market want security and other benefit which are implemented in BKC – we can have most of it at opera house itself.

In stock market which diamond company you would invest?

I would invest in KGK Cretions, C Mahendra, Shairu, sanghavi exports, Kiran exports.

What is your favorite pass time?

I am always looking for opportunity. Always watching for some low price goods which I can buy and trade 🙂

How was the recent Hong Kong fair?

I had word with my friends who are in international market they said market was slow for last 6 month but now we should see good response in fair – however after 10 days they said there is no change in market and it is still slow.

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