Unveiling Indian Diamond Industry

The Indian State of Gujarat has one of the biggest diamond industries in the world. Every 14 out of 15 diamonds ever mined in the world are cut in Surat making it an exporter of 90 percent of the world’s diamonds. The New Diamond Bourse building in Surat has taken over the pentagon's place in being the Largest Office building in the area. We all know this, but Very Few of us know that in the 1970's India was nowhere on the diamond map. As of today India has diamond exports of about 23 Billion Dollars. This Story is about Honesty and Commitment.

Humble Beginnings

This Massive progress of the rapid of Growth in the polishing and cutting industry of diamonds is credited to the numerous Jain families of Surat. But it all started with zero, I am talking about the 1970’s. The jews of Belgium were dominant in this market. This period of Belgium diamond polishers started after the holocaust. The jews community became supportive to each other, lending credit to one and among their community so that each family could prosper. There was a judicial system in their community, a credit financial help system and business advice help credit. All of these factors led to the rapid growth of local industries in Belgium, mainly the diamond cutters in Antwerp, they could prosper and not wait for loan approval and the government to resolve disputes. The Multiple Indian families in Antwerp built their business model based on this, noticing and observing the work of people in Antwerp.

The Rise of The Diamond Market

The Indians in Antwerp understood and found the gap in the market. The Jews in Belgium only used to polish and cut big diamonds as they were most profitable considering the price of labor in Belgium was 150 dollars per carat. They used to leave the small diamonds as trash by calling them “Diamond Dust”. The Indians took these ‘diamond dust’ to India in Surat Creating the multi million dollar industry we see today. They trained and made skillful labor that could cut the smallest of the smallest diamond precisely. The people helped one and other re- making the jew community in Antwerp. Soon ‘ De Beers’ launched a campaign “Diamonds are forever” making the demand for small diamonds.

Business Lessons

>If you want to succeed in a business with international competition. Don't compete among yourself in your own country. Instead support the new players and together make a strong bond by fighting in the International Markets.

> Find the Market gap in your industry and try to be the best in that particular profit cap.