Diamonds speak louder than words, making it easier for many to express themselves with ease, suave and style.
As the world is smitten by the glitter of diamonds, here are five Indian diamond sultans who have mastered the craft and reached the paramount of success in the global diamond regime,
as reported by ET.
Mehul Choksi
Turnover Rs 13,000 crore
Chairman and MD, Gitanjali Group
The Chairman and MD of Gitanjali Group, Mehul Choksi has been running the company since 1985. At first, Gitanjali’s core business was trading in rough and polished diamonds and was one of the biggest exporters of raw diamonds worldwide. Gitanjali entered the international jewellery market and gradually expanded the business over the years. When Mehul realized that by selling diamonds as a commodity Gitanjali was not attaining its full potential, and then Gitanjali products were released.
At present, Gitanjali's product portfolio has several brands that include Nakshatra, Gili, D'damas, Asmi, Sangini, Diya and Maya. Gitanjali group acquired Samuel Jewelers Inc in U.S. in 2006. Gitanjali has direct access to the U.S. retail market with its 111 high-end stores under Samuel Jewelers Inc. Some of the popular brands sold in the U.S. are Passion Stone, Love Universe, Lune Dargent, Affiance and REVV. The company has got its grip on Italian brands too like Stefan Hafner, Valenete, IO SI, Porrati and Nouvelle Bague.
Turnover Rs 13,000 crore
Chairman and MD, Gitanjali Group
The Chairman and MD of Gitanjali Group, Mehul Choksi has been running the company since 1985. At first, Gitanjali’s core business was trading in rough and polished diamonds and was one of the biggest exporters of raw diamonds worldwide. Gitanjali entered the international jewellery market and gradually expanded the business over the years. When Mehul realized that by selling diamonds as a commodity Gitanjali was not attaining its full potential, and then Gitanjali products were released.
At present, Gitanjali's product portfolio has several brands that include Nakshatra, Gili, D'damas, Asmi, Sangini, Diya and Maya. Gitanjali group acquired Samuel Jewelers Inc in U.S. in 2006. Gitanjali has direct access to the U.S. retail market with its 111 high-end stores under Samuel Jewelers Inc. Some of the popular brands sold in the U.S. are Passion Stone, Love Universe, Lune Dargent, Affiance and REVV. The company has got its grip on Italian brands too like Stefan Hafner, Valenete, IO SI, Porrati and Nouvelle Bague.
Mavji Bhai Patel
Turnover Rs 7,700 crore
Kiran Gems Private Limited
Mavji Bhai Patel is the managing director of the family-run industry Kiran Gems Private Limited, which is the world’s largest manufacturer of small white diamonds. About the business, Mavji said, “My father was cotton farmer living in a village of 500 people in Gujarat's Bhavnagar district. We are first-generation entrepreneurs,” as reported by ET. Mavji's eldest brother and chairman, Vallabhbhai S Patel shifted to Mumbai with some start-up capital from their father in 1985 and started the company.
Today Kiran Gems is the country’s largest exporter of diamonds and jewellery. It also has the largest number of employees in the diamond industry, with the strength of 30,000 craftsmen who handle over 5 million carats in rough diamonds every year.
Mavji considers Kiran Gems getting sight holder status from DeBeers, as his most precious memory in business, he said, “It was fantastic.” He also said that the company is one of the largest suppliers of jewellery to stores in the U.S. However, there aren’t any immediate plans to enter the Indian retail market by the company. The most unique selling proposition of the company is selling diamonds of all sizes, from 1/100th of a carat to 10 carats.
Turnover Rs 7,700 crore
Kiran Gems Private Limited
Mavji Bhai Patel is the managing director of the family-run industry Kiran Gems Private Limited, which is the world’s largest manufacturer of small white diamonds. About the business, Mavji said, “My father was cotton farmer living in a village of 500 people in Gujarat's Bhavnagar district. We are first-generation entrepreneurs,” as reported by ET. Mavji's eldest brother and chairman, Vallabhbhai S Patel shifted to Mumbai with some start-up capital from their father in 1985 and started the company.
Today Kiran Gems is the country’s largest exporter of diamonds and jewellery. It also has the largest number of employees in the diamond industry, with the strength of 30,000 craftsmen who handle over 5 million carats in rough diamonds every year.
Mavji considers Kiran Gems getting sight holder status from DeBeers, as his most precious memory in business, he said, “It was fantastic.” He also said that the company is one of the largest suppliers of jewellery to stores in the U.S. However, there aren’t any immediate plans to enter the Indian retail market by the company. The most unique selling proposition of the company is selling diamonds of all sizes, from 1/100th of a carat to 10 carats.
Nirav Modi
Turnover Rs 5,000 crore
Firestar Diamonds
Being from a diamantaire family Nirav Modi stepped out in 1999, in the search of world’s finest and rarest diamonds. Modi started buying white stones from Russia, yellow diamonds from Sierra Leone and pink diamonds from Argyle. By 2005, Firestar Diamonds acquired a company with a network of jewellery sales in New York. It also acquired Sandberg & Sikorski in 2007 and became the sole jewellery supplier in all defence bases in U.S. Modi took his biggest chance in 2009, in spite of the market slowdown, he set up seven manufacturing units in six countries, including Russia and Armenia, where he is the only Indian contender.
He started his ‘Nirav Modi’ brand after by chance discovering the artist in him when he designed a pair of earrings for a friend.
Sourcing rare diamonds like the renowned Golconda diamonds is Firestar’s unique selling proposition.
As a mark of achievement, in 2010 Modi’s Golconda Lotus necklace in a cut, patented by him was auctioned at Christies's for Rs 16 crore.
Turnover Rs 5,000 crore
Firestar Diamonds
Being from a diamantaire family Nirav Modi stepped out in 1999, in the search of world’s finest and rarest diamonds. Modi started buying white stones from Russia, yellow diamonds from Sierra Leone and pink diamonds from Argyle. By 2005, Firestar Diamonds acquired a company with a network of jewellery sales in New York. It also acquired Sandberg & Sikorski in 2007 and became the sole jewellery supplier in all defence bases in U.S. Modi took his biggest chance in 2009, in spite of the market slowdown, he set up seven manufacturing units in six countries, including Russia and Armenia, where he is the only Indian contender.
He started his ‘Nirav Modi’ brand after by chance discovering the artist in him when he designed a pair of earrings for a friend.
Sourcing rare diamonds like the renowned Golconda diamonds is Firestar’s unique selling proposition.
As a mark of achievement, in 2010 Modi’s Golconda Lotus necklace in a cut, patented by him was auctioned at Christies's for Rs 16 crore.
Dharmesh Shah
Turnover Rs 1,835 crore
Joint MD & CFO, Asian Star Company
In 1971 the Asian Star Company was kick started in partnership by three cousins Arvind Shah, Dinesh Shah and late Prabodh Shah, a firm set-up for diamond processing with a small diamond processing unit in Surat.
In 1990 the second generation of the Shahs took up the business and ventured further. Dharmesh Shah is the firms joint MD and CFO with his brother Vipul Shah of Gem & Jewellery Export Promot Council.
When Dharmesh took the reins, the turnover of the company was around Rs 350 crore. In the 2012 financial year the company’s turnover figure stood at Rs 1,835 crore. Asian Star has plans to merge its position in the core business of diamond processing, with further exploring in the jewellery manufacturing business in future. The company does not promote consumer brands as it is a B2B company. The expansion of the business in the emerging markets is the company’s key element of success and the unique selling proposition is its fine craftsmanship.
Turnover Rs 1,835 crore
Joint MD & CFO, Asian Star Company
In 1971 the Asian Star Company was kick started in partnership by three cousins Arvind Shah, Dinesh Shah and late Prabodh Shah, a firm set-up for diamond processing with a small diamond processing unit in Surat.
In 1990 the second generation of the Shahs took up the business and ventured further. Dharmesh Shah is the firms joint MD and CFO with his brother Vipul Shah of Gem & Jewellery Export Promot Council.
When Dharmesh took the reins, the turnover of the company was around Rs 350 crore. In the 2012 financial year the company’s turnover figure stood at Rs 1,835 crore. Asian Star has plans to merge its position in the core business of diamond processing, with further exploring in the jewellery manufacturing business in future. The company does not promote consumer brands as it is a B2B company. The expansion of the business in the emerging markets is the company’s key element of success and the unique selling proposition is its fine craftsmanship.
Russell Mehta
Turnover Rs 4,000 crore
Rosy Blue (India)
Belgium-based Rosy Blue is among the world's largest diamond jewellery companies which own the retail brand Orra. Run by the Mehta family Rosy Blue is a privately-owned company which today owns two legal entities, one operating in India labeled as Rosy Blue (India) and the other is branched out in the rest of the world, which shares the Rosy Blue trade name. The head of the company, Russell Mehta said, “Rosy Blue is a 'family corporation'. We have evolved differently from most diamond companies, which are managed by the core family. We have trained and groomed professionals to take over key job of trading diamonds which I don't think many other companies have done. This allowed us to scale up,” as reported by ET.
Orra is the Indian retail chain of Rosy Blue, it has over 30 shops in the country. Rosy Blue is a grand veteran in the industry and stays at the top with sustainability integrated into heart of business.
Turnover Rs 4,000 crore
Rosy Blue (India)
Belgium-based Rosy Blue is among the world's largest diamond jewellery companies which own the retail brand Orra. Run by the Mehta family Rosy Blue is a privately-owned company which today owns two legal entities, one operating in India labeled as Rosy Blue (India) and the other is branched out in the rest of the world, which shares the Rosy Blue trade name. The head of the company, Russell Mehta said, “Rosy Blue is a 'family corporation'. We have evolved differently from most diamond companies, which are managed by the core family. We have trained and groomed professionals to take over key job of trading diamonds which I don't think many other companies have done. This allowed us to scale up,” as reported by ET.
Orra is the Indian retail chain of Rosy Blue, it has over 30 shops in the country. Rosy Blue is a grand veteran in the industry and stays at the top with sustainability integrated into heart of business.
The sale of global diamond jewellery continues to grow and has shown a threefold increase in the past 25 years, which has a current worth in excess of $72 billion per year. Icing the world with the most amazing selection of diamonds these men know how to play with the rock and stay on top.
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