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Family-owned diamond houses go for corporate changeover

17
Feb '07
SURAT:
To withstand the sweeping Changes taking place in global diamond business, has made Gujarati diamond dealer to source for alternatives to stay ahead in cut and polished diamond (CPD) segment.

Family-owned businesses will have to get transformed into professionally managed businesses with help of managers and need for corporate governance is being felt, said Sanjay Kothari, Chairman, Gem and Jewellery Export Promotional Council (GJEPC).

India's share in the diamond processing industry would slide from 57 percent to 49 percent by 2015, while China's share will be 21.3 percent in the global scenario, a global survey by an international agency revealed.

Earlier family business was based on faith, trust and commitment, but diamond merchants have to learn lessons from major family businesses that have disintegrated, said GJEPC Regional Convenor, Chandrakant Sanghvi.

A training centre is scheduled to be set up to create awareness about the latest technique along with marketing strategies for family-owned diamond processing houses, said Pravin Nanavati, joint secretary, Gujarat Hira Bourse.


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