While everyone in India was focused on dominating the traditional diamond market. Hitesh Patel had a vision of selling his diamond products on an international level. With the help of an online established commerce store he made it all possible.
In 1959 his Father & Uncle had set-up a diamond manufacturing unit in Surat, India. As they weren’t well-aware and updated about the technology of that time, they were only focused on the creation, cutting, polishing and selling the diamonds the traditional way (In the local market).
Hitesh was studying information technology (IT) as he had a great interest for it. In his initial years, he hadn’t even given a thought about contributing to the diamond industry, as he had wished to pursue his career in the technical domain.
It was only when he realized that after his father there would be no one who could handle the family business. That he decided to step into the diamond world and carry his father’s established company consisting of 100 employees, forward.
He used to go to the manufacturing unit regularly to check out how the work is going and learn to work alongside with employees. But, due to lack of knowledge of the diamond industry, he didn’t seem to be fascinated by what the diamond business had to offer.
As he always has a craze for the IT Industry and how the online world functioned. He was always hooked to doing work online. It was one day when he was researching online he got to know that there were many individuals and companies which were selling diamonds online. He wasn’t aware that such a market even existed.
It was only after that an idea struck in his mind. Due to which he decided to combine the two elements, one of is selling diamonds and the second is e-commerce. He took his diamond business on to an online platform.
He researched for 8 months about online diamond market, and he asked questions below himself:
- How the market is working
- where buyer’s really buying diamonds from online portals
- If an order would come, what would be the procedure for shipping internationally.
- What would be the safe way and issue regarding customs
It was after gaining knowledge on all of these aspects that he decided to move forward.
One thing which he realized to be prominent was that most of the online diamond sellers were situated in the USA. The price at which they were selling diamonds was exceptionally high in comparison to the price at which he was selling his diamonds in the local market. To which Hitesh realized that the diamonds purchased from Surat weren’t directly reaching the final buyers or consumers. These diamonds were instead passing through chain of many middle-men, with each one acquiring some % of profit off the diamond product. This led to the diamond products being priced and sold at an alarmingly high rate for the final customers or consumers.
In 2017 he bought and reserved a domain (https://rrpdiamonds.com/) when he thought of selling diamonds online and he discussed the idea with his college batchmate Prashant & Dharmesh who is a Digital Marketer.
after a few months later they created an online platform where they would be selling the diamonds which are manufactured by his factory. At the beginning of his startup, he planned to sell 2-3 products and the goal was to attain up to 5 customers within 1 year.
After 1 year of his emerging online business called RRP diamonds. His company has over 400 international customers, out of which a main chunk of customers are from the USA, Europe, and China. These customers are the ones which have their own jewelry and diamond trading business in their own country. Some international customers came to his manufacturing unit which is located in Surat (India).
A whopping sale of $2million was made via RRP diamonds in a single year. This was possible because of the competitive price and quality diamonds they sold and as there wasn’t any middle-man throughout the whole process.
After seeing the huge success of RRP Diamonds, Hitesh and Prashant observed that there was genuinely equal craze for lab-grown diamonds. Few customers asked about lab grown diamonds as it’s eco-friendly.
Based on the inquiries of lab grown diamonds, they thought to give a shot to researching on the whole lab-grown diamond industry and its process. they saw the trend of these lab grown diamonds were increasing at a rapid rate. The quality of a diamond is the same as natural diamond and comparatively cheaper.
In 2018, Hitesh set up a manufacturing unit which produced man-made diamonds and named the company Loose Grown Diamonds and launch the website to display diamond products online. he planned to sell 2-3 products and goal was to attain up to 5 customers within 1 year same as RRP Diamond.
From the launching of Loose Grown Diamond website in last quarter of 2018, till now we have more than 230 international customers globally and it’s added $1million revenue.
Hitesh is a proper businessman who believes in expansion and growth. He has the vision to expand his company by attaining over 500 new customers from around the globe. His vision is to increase his company’s revenue from $1million to $10million in the next 2 years.
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