Mumbai is not just India’s financial capital but also the heart of the country’s flourishing diamond industry. Among the many players that contribute to Mumbai’s prominence in the global diamond market, a handful of family-run businesses stand out as the empire builders. These families have built vast legacies, blending tradition with modern business acumen, turning rough stones into billions of dollars worth of polished diamonds. This article explores the top 10 diamond business families that shape Mumbai’s diamond trade landscape.
Table of Contents
1. The Mehta Family – Rosy Blue
The Mehta family, with Arunkumar Mehta as the prominent patriarch until his passing in 2020, spearheaded Rosy Blue, a global giant in diamond manufacturing and exports. Founded in Mumbai in 1960, Rosy Blue ranks among India’s top five diamond companies. The business, centered around family members, operates internationally, with a strong base in Mumbai and Belgium. Arunkumar’s legacy lives on through his son Russell Mehta, who now leads the company. Rosy Blue is notable for its blend of cutting-edge technology and deep-rooted family trust, making it a cornerstone of Mumbai’s diamond industry.
2. The Patel Family – Kiran Gems
Starting as first-generation entrepreneurs from Gujarat, the Patel family established Kiran Gems in 1985. Mavji Bhai Patel, managing director, and his family operate one of the world’s largest diamond polishing and exporting businesses from Mumbai. Kiran Gems employs over 30,000 craftsmen handling over 5 million carats annually, a massive family-run operation where trust and shared responsibility define governance. Their success showcases the potency of family collaboration in an industry built on credibility.
3. The Dholakia Family – Hari Krishna Exports
Savji Dhanji Dholakia and his brothers founded Hari Krishna Exports in 1992. With headquarters in Surat but crucial export operations based in Mumbai, Hari Krishna evolved into India’s largest diamond jewelry brand, Kisna. The Dholakias have a reputation not only for business success but also for remarkable employee welfare, including lavish Diwali bonuses. Their family ethos extends deeply into their business culture and industry influence.
4. The Mehta Brothers – Dimexon
Dimexon, a family-run enterprise founded by Pankaj Mehta, is a leader in ethical diamond manufacturing. The company features an almost entirely female workforce within its polishing units and adheres strictly to transparent, sustainable business practices. Vishal and Rajiv Mehta have continued the legacy of integrating governance and growth while keeping true to family values. Dimexon’s presence in Mumbai is part of its broader global footprint, serving high-profile international clients.
5. Jayantilal & Co.
A family of long-standing traders in Mumbai, Jayantilal & Co has made its mark with a focus on high-quality diamond trading and export. Though not as widely publicized as some others, their steady reputation and participation in Mumbai’s diamond district make them a notable mention among family-led enterprises.
6. Vajra Diamonds
Founded in 2009, Vajra Diamonds is one of India’s largest diamond cutting and polishing factories. Led by a family keen on adopting modern technology, their Mumbai presence is strategically vital in polishing and trading diamonds globally, employing over a thousand craftsmen.
7. Blue Star Diamonds
Based in Bandra East, Mumbai, Blue Star Diamonds has made a mark as one of India’s top 500 companies in the gems and jewelry space. It remains family-founded and operated, blending traditional values with corporate efficiency.
8. Swet Gems
Established in 1983, Swet Gems is a fully vertically integrated business in the diamond sector. Located in Mumbai, it covers the spectrum from mining to retail. The family at its helm is known for ethical practices and adherence to standards promoted by the Responsible Jewellery Council.
9. Gitanjali Gems (now part of larger conglomerates)
Originally a family-founded company, Gitanjali Gems was once a leading name in Mumbai’s diamond and jewelry trade. Despite ownership restructuring, family members were integral to its rise and influence in the industry.
10. Suashish Diamonds
Another family business with roots in Mumbai’s bustling diamond district, Suashish Diamonds is respected for trading and manufacturing polished diamonds. Their commitment to quality and family-driven management anchors their standing.
FAQs
Q1: Why is Mumbai important in the diamond industry?
Mumbai serves as a key export and trading hub for India’s diamond industry due to its strategic coastal location, financial infrastructure, and presence of the Bharat Diamond Bourse, one of the largest diamond trading centers globally.
Q2: Are most diamond businesses in Mumbai family-run?
Yes, a significant number of diamond businesses in Mumbai are family-run, relying heavily on trust within family members that is critical in high-value trading industries like diamonds.
Q3: What role do family values play in diamond businesses?
Family values underpin trust, ethical practices, and long-term business planning in diamond companies. These values foster loyalty among employees and partners and often translate into exceptional corporate cultures.
Q4: How have these families adapted to modern diamond trading challenges?
They have embraced technology for cutting and polishing, established robust global networks, adopted corporate governance, and committed to ethical sourcing practices to stay competitive.
Q5: Can outsiders enter the Mumbai diamond business?
While challenging due to the high reliance on trust-based relationships, new entrants with transparent business models and strong networks can succeed, especially with government and industry support.