Diamond Industry - Indians.
During my stay in Belgium, I came to know about the flourishing diamond business in Belgium, especially, in Antwerp, the hub of Diamong cutting & Polishing. Historically, Belgium and Isreal are considered the kings of the “Large stones processing”. But In the last two decades, Indians are dominating the business. When I visited Antwerp, I happened to see how Indians are dominating the business [especially gujarathi’s or ‘gujjus’]. I was curious how Indians are so dominating in a country like Belgium that too in Diamond processing and how they overcame the dominant Jews? I had insightful discussions with my Indian colleagues here and got some viewpoints then. I am also presenting the link which will prove the ‘might’ of Indian diamond processing industry.[Dazzling Success]. No wonder Diamond merchants are called “Dream Merchants”!!
A very interesting analogy between Indian software industry and Indian diamond industry:
“India’s diamond industry handles 80 per cent of the global polished diamond market, and earned $8 billion last year (compared to software’s $ 10 billion.) So why do we hear so much about IT and so little about the diamond business? Well, try talking to someone in the diamond industry. It’s like pulling teeth.
India ’s diamond adventure took off in the 1970s when a small group of intrepid merchants, mostly Jains from Palanpur on the Gujarat-Rajasthan border, began invading the Belgian city of Antwerp , where 90 percent of the world’s uncut diamonds were traded each year.
In time, they would challenge another legendary clan, the Hasidic Jews, who had dominated the trade from the time they arrived from Spain and Portugal in the 1500s.
What took the Hasidim centuries to accomplish was overturned by the Jains in only two decades. They did so using tactics that the software industry replicated some years later.
First, they worked at the bottom end of the spectrum, taking up the smaller uncut diamonds that the Jews ignored as low-value.
Next, they ‘outsourced’ the finishing jobs to India (where incidentally, the diamond industry employs more people than the IT industry), while working their way up the value chain…
The remarkable thing is, like with the software industry, India does not produce much original or branded diamond products. [Times of India] “
In fact, the curiosity reached it’s height when we witnessed one of the costliest marriages held in the planet,[ before Lakshmi Mittal toppled it with 30 million pound marriage of his son] by certain Vijay Shah, a diamond merchant in Antwerp. He spent roughtly 10 million pounds for the marriages of his children. He literally transformed a building into Rajasthani palace. Some of my colleagues, who stay in Antwerp, were awe-struck & dumb-struck and they explained how lavish the Indians spent and how rich their dresses, so on and on…It was a good feeling..
Each time, I go to India, my mom asks about diamond very curiously. How much does it cost? Do you have learnt to identify good diamonds (No way!!]? How is the finish? etc., So I went around some shops just for seeing the prices and pieces. I went in atleast 5-6 shops and no body cared to ask me why I am there? [I was the only customer in the shop..may be the owners knew that even If I buy, I won’t buy more than a ‘dirt’ sized diamond !]. Well, it was a different experience. I asked my boss (who is an Indian) about diamonds. And he mentioned to me that it’s always best to buy diamonds from India and we can pick and choose at ease and comfort…
