Diamonds are one of the world’s, and specifically Africa’s, major natural resources. An estimated $13 billion worth of rough diamonds are produced per year, of which about $8.5 billion are from Africa (65 per cent).
The diamond industry employs 10 million people around the world, both directly and indirectly, across a wide spectrum of roles from mining to retail.
Global diamond jewellery sales continue to grow, increasing three-fold in the past 25 years, and are currently worth in excess of $72 billion every year.
Let’s take a look at six diamond kings of India who have captured the hearts and wallets of customers around the world.
A woman looks at the Diamond Diadem Crown (1820), which belongs to Britian’s Queen Elizabeth II, at the Queen’s Gallery at Buckingham Palace in London.
Turnover: Rs 5,000 crore (Rs 50 billion)
Key business facts: Sole jewellery supplier to all armed forces bases in the United States
Unique selling proposition: Sourcing rare diamonds, for instance, the famous Golconda
Mavji Bhai Patel
Kiran Gems Private Limited
Turnover: Rs 7,700 crore (Rs 77 billion)
Key business facts: World’s largest manufacturer of small white diamonds
Unique selling proposition: Diamonds of all sizes, from 1/100th of a carat to 10 carats
Chairman and MD, Gitanjali Group
Turnover: Rs 13,000 crore (Rs 130 billion)
Key business facts: Four thousand sales points
Unique selling proposition: Mass market branded diamond jewellery
Octagonal Star of America, a 100.57-carats, flawless D colour necklace, is displayed in Hong Kong. Mehul Choksi, inset.
Joint MD & CFO, Asian Star Company
Turnover: Rs 1,835 crore (Rs 18.35 billion)
Key business facts: Expanding business in emerging markets
Unique selling proposition: Fine craftsmanship
Managing Director, Laxmi Diamond
Turnover: Rs 2,000 crore (Rs 20 billion)
Key business facts: Cygnus brand, major supplier of polished diamonds to the US and Europe
Unique selling proposition: Strong focus on customer care
Rosy Blue (India)
Turnover: Rs 4,000 crore (Rs 40 billion)
Key business facts: Sustainability integrated into heart of business model
Unique selling proposition: Grand veterans of the industry