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India's six diamond kings who rule global empire

Last updated on: February 6, 2013 07:47 IST

India's six diamond kings who rule global empire

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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.

Source: Economic Times

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Image: 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.
Photographs: Stepehn Hird/Reuters

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Nirav Modi

Firestar Diamonds

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

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Image: Diamonds on the trading floor of Israel's exchange in Ramat Gan near Tel Aviv. Nirav Modi, inset.
Photographs: Nir Elias/Reuters

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India's six diamond kings who rule global empire

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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

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Image: Arch Duke Joseph diamond sits on display at Christie's auction house in New York. Mavji Bhai Patel, inset.
Photographs: Keith Bedford/Reuters

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Mehul Choksi

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

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Image: Octagonal Star of America, a 100.57-carats, flawless D colour necklace, is displayed in Hong Kong. Mehul Choksi, inset.
Photographs: Tyrone Siu/Reuters

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Dharmesh Shah

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

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Image: 'Martian Pink', a 12.04-carat Fancy Intense pink (Type IIa) diamond, is shown during a media preview at Christie's in Hong Kong. Dharmesh Shah, inset.
Photographs: Tyrone Siu/Reuters

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Ashok Gajera

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

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Image: An employee of Sotheby's auctioneers displays the Beau Sancy diamond in Zurich, Switzerland. Ashok Gajera, inset.
Photographs: Arnd Wiegmann/Reuters

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Russell Mehta

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


Image: A vendor inspects 0.20 carat diamonds during the Antwerp Diamond Trade Fair in Belgium. Russell Mehta, inset.
Photographs: Francois Lenoir/Reuters

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