A Shining Success Story-Finestar Jewellery & Diamonds Pvt Ltd

I am proud to say that the industry has been united in dealing with this calamity together. The global economic uncertainty is of the highest concern and at a personal level the losses we are facing- not just financially but the lives and livelihoods is what is most distressing. With continuously changing government regulations as per the developing Covid-19 situations around the country, we have to adjust our manufacturing schedules and manage our staff accordingly Nilesh Chhabria, COO, Finestar Jewellery and Diamonds Pvt LtdIncorporated in Mumbai as Finestar Jewellery & Diamonds Pvt Ltd, the company started its diamond and jewellery trading activities in 2002. The founder and promoter Vinod Jain leads the organization with a rich experience of over four decades in the gems and jewellery industry.Initially the business was begun as wholesalers by supplying merchandise to their respective clientele across the globe. They soon realised that until they do not have a direct flow from the miners and don’t manufacture in their own facility it would be difficult to create a supply for their business model. So they set up their own manufacturing unit.

Leading Sightholder
In 2009, Finestar Diamonds established its own diamond manufacturing unit in Surat. Over the next five years, the manufacturing unit was upgraded to a larger space with increased capacity and addition of state-of-the-art machinery and advanced technology.

Finestar Diamonds enrolled as a client with ODC, ALROSA, De Beers Auction Sales, Rio Tinto, Dominion Diamonds and Gem Diamonds for direct sourcing of rough diamonds in 2014 and as of today they have 100 per cent sourcing directly from mining companies, which enables them to give complete traceability for every diamond purchased by them. They have an inventory of 1 CT+ to over 25 CTS+ and larger exceptional diamonds in the colour range from D to H and clarity majorly in VVS to VS.

In 2018, Finestar Diamonds became a Sightholder of De Beers Group of Companies. Their subsidiary in Botswana which commenced business operations in 2018 became De Beers Sightholder in 2019 and their subsidiary in Namibia which commenced business operations thereafter became a De Beers Sightholder in 2021. In addition to that, Finestar Diamonds became Forevermark Diamantaire in 2019, a Rio Tinto Select Diamantaire in 2020 and is one of the largest manufacturers and distributors of the CanadaMark Program. They are also one of the biggest users of GIA Mines to Market program with its DOR report. Finestar is also among the few early adopters of Tracr - the Diamond Industry’s Blockchain Traceability platform.

Under Mr. Jain’s guidance, leadership and exceptional business acumen, Finestar has earned the reputation of a uniquely trusted and distinguished manufacturer of cut and polished diamonds in the international diamond industry.

On an Ascent At present, Finestar Diamonds has a combined strength of 700+ employees in its manufacturing facilities in Surat (India), Gaborone (Botswana) and Windhoek (Namibia) and sales office in Mumbai.

The company is in the process of setting up a new manufacturing factory in Icchapore - Surat (India) which will have the capacity to increase the production by 50 per cent and is estimated to be ready in the fourth quarter of 2021. This state of the art facility will have dedicated units for specialised operations and is spread across 30,500 sq. mts.

They are also working towards increasing the roles of Botswana and Namibia in the diamond industry value chain by setting up subsidiaries in these countries and transferring skill sets to the local communities for manufacturing and sales. An effort is made to employ more women so as to empower them. Finestar Diamonds is continuously developing its Global Manufacturing, Marketing and Distribution Network as its complete inventory is available in Mumbai. It manages its sales digitally through different online mediums along with their website. Their clientele is across all important markets across the globe, including U.S., China, Hong Kong and India.

What puts Finestar Ahead of the Curve
Finestar sees itself as a technologydriven, customer-centric organization, delivering outstanding value and exceptional customer experience through transparency and continuous innovation. On the product front, they upgrade their manufacturing processes with better technology and machinery so that their highly skilled and experienced artisans can further enhance the properties of the polished diamond. The refined fancy shape cuts are among their fastest selling diamonds.

Manufacturing high quality cuts not just in round but fancy shapes has given them the edge for customers to stick to them. The company offers value added services that improve their overall customer experience. Finestar X-Ray assists buyers in making online purchases by showing the internal framework of the diamond. The digital image overlapping the GIA plotting image with adjustable opacity is used to accurately show where exactly the inclusions are in the diamond.

The Finestar Traceability Certificate (FTC) is a document listing the stages and processes a diamond goes through on its journey from the Mine to the Market. On purchase of a diamond, the certificate link will be generated to the buyer’s account to view online, print and download. A customized version can be created with the retailer’s branding, on request.

Finestar has also introduced ‘The Artisan Initiative’ for its diamonds being manufactured in Botswana & Namibia to During the inauguration of the Gaborone, Botswana factory - (L-R) Mmetla Masire, Bruce Cleaver, Vinod Jain, Rajesh Ranjan & Lefoko Moagi create an emotional connection between the artisans and the buyers. Every diamond that has been manufactured by Finestar in Botswana and Namibia will carry a ‘Know Your Artisan’ card which is a note from the local artisans to the buyers, letting them know how they are positively impacting their lives. These marketing tools have done great assurance to make Finestar Diamonds unique and create their own identity. They have assigned client relationship managers who have a good understanding of their clients’ requirements and stay connected to them on a regular basis. Their teams are always happy to go the extra mile which makes them a preferred company to work with.

A Tech-Driven Company
Finestar Diamonds is utilizing advanced technology to the fullest during the pandemic. It has enabled them to stay connected and carry out operations remotely as seamlessly as possible. Even prior to Covid-19, the company’s model included doing business digitally. They have always been providing personalised customer care through their sales teams, however, their new client acquisitions are more a result of a combination of factors rather than one - their upgraded manufacturing process as well as their digital value added services mentioned above (X-Ray, FTC). They also use AI and data mining across all divisions to ensure the right product reaches the right clientele efficiently using minimal time and resources.

Facing Challenges
At present, for the first time probably, the world is collectively facing its biggest ever challenge.“I am proud to say that the industry has been united in dealing with this calamity together. The global economic uncertainty is of the highest concern and at a personal level the losses we are facing- not just financially but the lives and livelihoods is what is most distressing. With continuously changing government regulations as per the developing Covid-19 situations around the country, we have to adjust our manufacturing schedules and manage our staff accordingly,” explains Nilesh Chhabria, COO, Finestar Jewellery and Diamonds Pvt Ltd.

At this point it is difficult to gauge the severity of the impact on the industry but it is definitely going to be a tough road ahead. “The situation is evolving continuously and we are strengthening our online presence and relationships but humans by nature are resilient and we will get through this together. As an industry we will stand by each other till better times return,” sums up Chhabria.