Key speakers at the Young Diamantaires Meet in Mumbai organised by World Federation of Diamond Bourses and Bharat Diamond Bourse to coincide with the conclusion of the World Diamond Congress 2018 called on the next generation which is now assuming leadership positions within their individual companies to also play an active role in trade bodies.

Rami Baron, President of the Diamond Dealers Club of Australia, and head of the Trade Promotion Committee of the WFDB, told the sizable number of diamantaires below the age of 40 that had assembled for the meet that it was necessary for them to become a part of the process of shaping the future of the diamond industry and to actively work for change.

“Being challenged in life is inevitable, being defeated is optional,” Baron said as he explained how and why the Young Diamantaires initiative had started and some of the steps it had taken in the last few years. What began over a casual conversation at a trade event some years ago has now emerged as an active discussion forum and WhatsApp group which has ongoing conversations on important themes and topics for the industry.

“We have 180 members from 18 different countries, and at key moments, like when the new FTC guidelines were announced in USA, the conversations through the forum continue round the clock,” he said. Baron also pointed out that the dissemination of information and the sharing of opinions was enriching for all the participants.

Sharing some of the results of a recent survey he conducted among the group, Baron said that 87.5% were in favour of the WFDB allocating resources to deal with the issue of synthetic diamonds and the FTC guidelines; 82% felt that an online forum could be useful in reviewing creditworthiness of a potential trade partner; and while 88% do attend trade fairs, a significant number are expressing that these no longer are as important for trade and business as they once were.

In conclusion, Baron urged more members from India to join the international group, as well as to set up similar forums within the BDB itself.

The event also included a panel discussion on ‘Continuing the Legacy, Changing with Time’ where a host of speakers with impressive credentials, looked at the past as well as the future of the industry from different perspectives.

Among the panellists were Ramnikbhai Shah of Venus Jewel, Rajiv Mehta of Dimexon, Richa Singh of DPA, Ashraf Motiwala of AS Motiwala Fine Jewellery and Pranay Narvekar of Pharos Beam, who also moderated the discussion.

The first two speakers represented the older generations i.e. the founding generation and the next one respectively. Shah discussed some of the differences in the ways of doing business and the changes brought about as a result of new technologies, particularly in the field of communications. He however stressed that even in today’s fast-paced world, every individual should be firmly rooted in values and ethics, should strive for perfection as even small mistakes could prove costly, and should seek to be perfect in all that they do.

Mehta said that particular attention must be paid to the ‘succession moments’ when the baton of a business is passing from one generation to the next. Both sides should work together, he stressed, because though they may have different ideas and methodologies, it was important that they shared a common goal. The aim should be to become the best in one’s chosen field.

Contrasting herself to the earlier speakers who had a legacy of association with the trade, Singh said that she had entered the business just 10 months ago. She spoke about the new consumer, based on findings of an in-depth research study conducted recently by the DPA in India and pointed out that young buyers tended to be ‘schizophrenic’ – they want change, but they also want roots; they shop online, but they also visit the same family jeweller that the earlier generations did. She urged the industry to understand both aspects and develop products and strategies keeping this in mind.

Motiwala spoke about how he, despite being the 5th generation in a family of jewellers, had continued in the same business but brought an entirely new perspective to it as well. It took some years to convince the older generations, he said, but finally it was decided that he would embrace a new retail strategy under the banner of a new company that built on the legacy too. Transparency, honesty and innovation, particularly in design, were the conrnerstones of the new business, he said, adding that it had achieved significant success in a short period.

Prior to conducting an Open House with audience participation, Narvekar said that many different government regulations with regard to preventing money laundering (such as FATF, PMLA etc) had made it imperative for businesses to not only be transparent in their own dealings, but also ensure that the other players in the chain, particularly the suppliers were also doing legitimate business. He said that the MyKYC project of the GJEPC, which he headed, was seeking to use social networks and net-based technologies to simplify such processes.

Pic caption: Rami Baron of WFDB addressing the meeting. Also seen (l to r) Pranay Narvekar, RIcha Singh, Ashraf Motiwala and Rajiv Mehta