For almost 40 years now, Ankit Gems has pioneered in manufacturing some of the world’s finest diamonds. The company was established by Arvind Shah, Arun Shah and Dilip Shah with a vision to be a global player distinguished for value creation, enabled by an extensively developed supply chain, right from sourcing of rough to manufacturing to distribution of quality polished diamonds. With that vision and a steadfast approach to achieving the same, today Ankit Gems has grown into an empire that employs thousands of employees world over.
The leadership is now being held by a set of highly qualified youngsters who are steering the company based on the strong founding principles. Ankit Shah, is a young thought leader, who not only leads the company with what he has learnt from his predecessors but also his own vision for the company. “At the start, like all industries, the diamond industry was badly affected. We belong to luxury segment and during crisis, luxury spending is something not many people want to undertake. The only silver lining was that – the two biggest markets, China and America had Covid at different times. So demand was coming from markets where Covid numbers were receding,” says Ankit Shah.
Cling on to the silver lining
Many exporters bounced back as strong demand came from China and U.S. “Indian diamond traders who are only into domestic business – are yet to recover their losses. The crisis has taught us to be cautious and take calculated risks. One has to check leverage ratio. Opportunities also turn up, but you need to have the means to grab such opportunities and be patient and take adequate caution in managing finances,” he adds
The power of human resource
However hard the situation was going to be, the company right from the beginning decided not to lay off workers, as staff is always considered family at Ankit Gems. Providing the best work atmosphere and taking care of their employees have been the cornerstones of the company. “During March we paid two months’ salary together – because we thought they will need the money when they are facing lockdown. Today, our employees feel more motivated and put in the best efforts when required. Our staff has always turned up for work whenever required and we too ensured that we follow all the Covid-specific norms suggested by the government.”
Unlike many diamond companies that have been in the business for generations, Oopal Diamond is relatively a new entrant. The company began its journey in 1999 under the leadership of Shashikant Doshi. Since then, over the last 2 decades the company has become one of the foremost leaders in diamond manufacturing. Today, Ashish Doshi, a completely self taught second generation entrepreneur is leading the company in the direction of success. About the current situation, Asish Doshi says, “Covid for sure has woken us up to know that one cannot take anything for granted.Practically nothing works at our will – despite all meticulous planning and vision, the world was caught off guard.We too have taken one day at a time.”
Safety first
Rising above this challenge, putting safety of its staff is the topmost concern for Oopal. “We have striven harder to sustain, hold on and sail through to our eventual destination. It’s beyond business for us, 20 years and counting – my father sowed, toiled endlessly two decades back, persevered for perfection and of course we have achieved the impossible – now, it’s time to sow again,” says Ashish.
Starting over again
The pandemic has pushed diamond business back to the time, where each one is working hard to find newer solutions and rise above this adversity. “One day at a time, identify and resolve -- everyday is a new challenge arising from this pandemic, yet thankfully we have risen above it gradually. It is a consolidated effort. We have held on to all our staff with zero pay cuts or job cuts – we need them and they need us, without them we are nothing ,” says Ashish.
Staff matters
For its artisans and workers, the company has provided accommodation, so as to eliminate unnecessary travel and safety. “For managers who have their own vehicles they have been permitted to travel to work. For people who cannot work from home, conveyance has been provided. We have put advertising and marketing on hold for now. For businesses we are shipping goods across on memo to adhere to contactless work at least between companies. Designers, creative heads and all those who need not be in factories or offices have been permitted to work from home, ever since.”
Overcoming new challenges
“I have been actively paying attention to all areas.One is in for a challenge every hour and we have to be ready for all of it.It’s not about me anymore.It’s about us. It was tough to accept the inevitable.” The change of style, thought and compassion was much required to accept each and everyone’s situation which may not be the case for our own self at that moment. “Putting away our own personal and business gains, we have placed customer first next the staff.”
With a humble beginning in the late 60s, Venus Jewel has set an example when it comes to crafting the finest of diamonds in the world, each of them known for their brilliance. The company under the guidance of its founders Sevantilal and Ramniklal Shah, has set a remarkable standard for quality, service and transparency. Carrying forward the baton with the same principles is a third generation partner, Samveg Shah, an alumnus of Gurukulam – an unparalleled education system of India that is valued for its unique approach throughout the world.
At the tender age of 20, he joined the business and learnt the art of crafting diamonds with his own hands. Today, under the guidance of his uncle he looks after the Sales & Marketing Department in Mumbai. He brings in fresh & innovative ideas along-with sales strategies that benefit not only the company and its customers but also the stakeholders.
Time, manpower, finance and all the factors of production need to be managed well in order to overcome any challenging scenario – and the pandemic has undoubtedly presented many such instances. “As far as resource management is concerned; we created a careful roaster for presence in office on a rotational basis. The rest of our staff was working and coordinating from home. Apart from this, we maintained a seamless customer service throughout this period as 60 per cent of our business was always online. Transparent business practices help us maintain and enhance online sales. Hidden in every adversity lies an opportunity, astute businessmen tap such opportunities quickly and act upon them,” says Samveg Shah. Social distancing norms were maintained across the organisation.
Owning up to tough times
For marketing and advertising, there was a shift to virtual platforms like social media and digital marketing. Adaptability is a virtue which the diamond industry has understood well in this pandemic. “The focus in these unprecedented times has been to serve customers across the globe through even better technology. We have always had an online presence and our customers buy from us online at www.venusjewel. com and our mobile app. Additionally, during this time we also learned how to virtually portray a diamond to the end consumer who needs a reputable company to trust online. ”
Venus Jewel decided to offer additional flexibility in serving customer’s needs. The company offered extensions in its loyalty schemes to not let customers be affected by the reduction in their business volumes. It is this “customer first” policy that has made Venus Jewel one of top diamond manufacturing companies in the world.
The company was established in 1973 and has been a sightholder for the past 6-7 years. Simoni joined the company about five years ago. She started giving her inputs to sales, marketing and overall management of the unit, along with other members of her family. The company was established by her father’s elder brother Jitubhai Shah and later, her uncles Shailesh Shah and Vijay Shah and father Sanjay Shah joined the business. “My elder uncle had a fair share of struggle during the initial days when he had founded the business, later his brothers joined in and all together they brought business up to current level. It has been the result of dedicated effort and team-spirit shown by all members of the family,” Simoni informs.
She joined the business after completion of her Masters in Commerce and Finance and felt that diamond business was her calling in life. She had been brought up in an environment dedicated to diamond business and the aesthetics, and the whole business structure and its challenges intrigued her greatly. She knew she could make a good contribution to the family business and therefore chose to join it. Simoni takes inspiration from her uncle Shri Jitendrabhai Shah for business and is inspired by her mother’s compassion when it comes to day to day conduct During this pandemic a lot of digitalization happened within the company. “Our industry has understood the importance of online medium and ecommerce. We have learnt that sustainable business model has to be adopted. We had to train our staff how to approach customers online, and taught them to deal via the digital mode,” informs Simoni.
Proffering Togetherness
“We paid attention to difficulties of our staff and motivated them to stay positive and overcome business challenges well. We believe in coordinating with our staff, even they understand the challenges involved and together we resolve every situation ,” she explains.
Financial resources need to be managed with a lot of caution and cognizance. “We have always paid attention to this fact. Those businesses which have taken excess loans and overdrafts will find it difficult to book profits despite the rise in diamond prices and good business – because a lot of their revenues will be spent in repaying loans,” informs this astute young businesswoman. Government has laid down strict norms when it comes to human resource management. “We have to take to be take responsibility of their health and wellbeing in addition to doing business. So we adhered to all of the norms meticulously and did not face any difficulty on that front,” she adds.
Priyal Shankar heads the IT and marketing side of Shivam Jewels, for the last five years. Ashwin Shankar his older cousin looks after sales and marketing for the company. The company is an offshoot of Shivam Exports started by Ghanshyam Shankar in 1995, Priyal’s father, who worked as a bank accountant before venturing into this line of business. “My grandfather was a farmer, and so my father worked hard to start his own business – he initially worked with similar companies and picked up the nuances of diamond export business during these stints.” Consistency and commitment to excellence are the constants with which Shivam Jewels operates – often as companies and their clientele diversifies, older clients, brokers tend to get sidelined. The company pays attention to the fact that none of its long standing associates feel that way. “We are committed to our work and our clients. Each person is important for business.” explains Priyal.
Tech Savvy
Speaking about digital interface, “The pandemic we have gone that extra mile to ensure that customers get what they see on their screens – in terms of quality, this has helped us retain existing clientele and increase it as well,” informs Priyal. Leadership, team-spirit and customer relations come easily to Priyal as he has done his Masters in International Business with a specialization in Data analysis and therefore brings in both technological prowess and effective New Age business management principles to make Shivam Jewels shine forth amidst a gamut of diamond exporters in India.
Maneuvering Challenges
In the first month when restrictions in Mumbai were strict – Shivam Jewels had begun its operations already from its unit in Surat, and later on slowly as the restrictions were lifted they started their manufacturing operations. “There we observed all social distancing norms and adequate sanitization, etc. and started production full-fledged – just as we used to work in Mumbai. This helped us save time,” recalls Priyal.
“Customers had started demanding goods – thereafter we balanced operations in Surat and Mumbai. The restrictions in Surat also were high later. In their Mumbai office they ensured that all diamonds that they displayed on their website had all the minute details and were dispatched to the customers on time and accurate as per their demand by this we established a lot of trust – “we made our working much more transparent so our customers were very happy,” beams Priyal.
Digital Transformation
“I am heading digital transformation totally and we ensured that the speed at which this transformation was brought about smoothly and effectively. We invested good amount in digital infrastructure and boosted our marketing efforts. We developed many new features on our Digital infrastructure to make our virtual presence user-friendly . Our focus while in the lockdown was to build all over digital platform which would connect our Online and Offline operations, to make sure our customers find it seamless to buy diamonds from Shivam Jewels,” informs the young diamantaire.
Laxmi Diamond was established in 1972. Its business operations span the world of diamonds from rough to retail. Laxmi Diamond is the flagship company of the Laxmi Diamond Group. Headquartered in Mumbai, the company has its presence around the world including customers in United States, Europe, Middle-east and Far-east. The company’s continued emphasis on state-of-the-art factories, highly skilled personnel operating the very latest technology and implementation of quality control systems has resulted in efficient production. These high standards have been intrinsic to achieving the quality reputation now expected of Laxmi the world over.
Customer-centric Philosophy
“The success of Laxmi Diamond can be attributed to our customer-centric philosophy, the quality standards we maintain, the meticulous manufacturing skills of our employees and fair trading practices which we actualize throughout the world. This in combination with our core family values ensures a loyal customer base all over the globe,” informs Urmil Gajera who joined the business in 2018. He has completed his Bachelors in Mass Media and Communications from the University of Washington and Masters in Management from Imperial College, London. He also worked with an advertising company – in order to hone his skills in branding and advertising before joining his family business. Currently he heads the Diamond Jewellery Wholesale business for Laxmi Diamond.
“Our journey began in Surat back in 1972 with just four polishing wheels. Today, we are a global company that employs over 5000 people and operates throughout the entire diamond pipeline, from rough to retail,” maintains the young diamantaire.
Embracing New Normal
Covid has made the diamond industry rethink its strategy for revenue stream. For marketing and advertising, there was a shift to virtual platforms like Social Media and digital marketing. The focus in these unprecedented times has been to serve customers across the globe through even better technology. “The industry knew that if it had to remain connected with the industry, it had to discover accurate, speedy and effective means of communication across the globe. People are now investing more on digital platforms to sell, advertise and reach new customers,” opines Urmil, who draws inspiration from his father Ashok Gajera when it comes to business acumen.
“During Covid crisis our biggest challenge was getting our staff to come to work. Our industry requires manual labour but we had to ensure safety of our staff. For this, we created two shifts of work, we relocated back end staff to a new office space and installed safety equipment to avoid Covid-19 infection. With all precautionary measures we began work and situation improved day by day,” he recalls.
For over 55 years, Shree Ramkrishna Exports, with its able leaders, staff and sound principles, has reached the pinnacle of the diamond industry. Shreyans Dholakia, a second generation entrepreneur, has been a custodian of the brand that stands for Honesty, Transparency and Integrity. He leads the Marketing and Technology team with his fresh vision and approach. In 2010, when he began his stint at the company, he wanted SRK to be completely digitally enabled and today, a majority of the business is garnered online.
It has been one of the slowest periods for the industry. Business uncertainty is much more as compared to the previous years. “Diamond is a luxurious product, people spend on diamonds when they are really happy and when they have a lot of money at their disposal. If the stock market is on an upward trend and there is an occasion coming up – people invest in diamond jewellery. Economic volatility can’t be the only reason for this downfall in business. It’s the shift in the mindset of consumers that is also affecting the business,” says Shreyans.
“Problem is Progress”
Whenever there is a challenge, SRK has always believed in looking at it as an opportunity for growth. “We strive to overcome every problem with sheer determination. We hold onto our positivity. We do not allow negative feedback to affect our mindset. We have to train our mind to focus on the solution and not on the problem. Generic marketing is missing the target. All this while De Beers was spending a lot of money on marketing because they had a majority share in the market, now times have changed,” says Shreyans.
Rooted in Tradition & Technology
One of the main reasons for SRK’s success is its ability to evolve with time and constantly adapt to the changing scenarios. In the same spirit, Shreyans firmly believes in sticking to the roots. SRK is a very traditional company in that sense. “We have developed our business from B2B to B2C with ecommerce. Our B2B customers, if they are not buying diamonds, they are buying something from Amazon. We thought why not bring the same features to our business. So our B2B portal has all the features that a B2C portal has. For the last 100 years, diamond as a product has been the same, so the only way we can bring about change is through service,” adds Shreyans. The diamond industry thrives on Transparency and Honesty. “Our integrity and effective communication works best. I have been a part of this industry since childhood. We are always learning. We believe in being honest and rest is up to God. If you have to grow your business from one generation to another, you have to stick to your words.” Embracing Challenges with Grace
Natural diamond industry will rise above challenges posed by all kinds of artificial or lab-grown diamonds. But it is a wakeup call for the natural diamond industry. “Lab-grown diamonds are a reality of the day, we need to accept it as another category. It is not a challenge for the diamond industry, but it probably will compete with Swarovski. We need these kinds of challenges for us to grow and learn to fight all kinds of odds. Only because of such categories, we are looking at a more robust marketing strategy.”
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