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Laxmi Diamond Opens New Office in BDB

Oct 23, 2012 10:40 PM   By Laxmi Diamond
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Press Release: Laxmi Diamond Pvt. Ltd., a Diamond Trading Company (DTC) sightholder and one of the largest diamond manufacturers in India, opened its new corporate office in Mumbai’s Bharat Diamond Bourse (BDB) in EW-2200 on October 24, 2012.
 
For 40 years, Laxmi Diamond built its diamond business on four principles: Trust, innovation, value and vision. These principles combined with a passionate commitment to maximize the value of diamonds, define the Laxmi culture and mission. This means that the entire Laxmi enterprise operates from rough to retail, with a focus on maximizing the value of this rare, limited, natural resource throughout the entire diamond pipeline.

The journey started in 1972 when our chairman, Vasantbhai Gajera, at the age of 16, started a small diamond manufacturing unit with just four polishing wheels with his young brothers in Surat. With a strong vision and dedicated hard workmanship, they established three more manufacturing units by 1978 -- two in Surat and one in their hometown Amreli. Gajera believed that the ability to enhance and maximize the value of this limited resource lies in diamond manufacturing. It’s been 40 years, and still the company’s core strength is diamond manufacturing.

Laxmi Diamond concentrated only on the manufacturing of rough diamonds as contractors, until 1981. Then, it was time to take the next step in the pipeline and setup its own sourcing and distribution channel. It was then, Gajera decided to source rough diamonds from Belgium. In 1984, Laxmi Diamond started its first sales and distribution office in Mumbai, which became the headquarters of Laxmi Diamond. This laid the foundation for a dynamic organization and impressive distribution network. With a steady growth in coming years, the company opened its first overseas office under Komal Gems in Belgium in 1989. This strengthened their sourcing of rough diamonds with mining companies and in the open market.

Laxmi Diamond realized that their ability to maximize the value of diamonds and efficiently utilize its resources required a global reach that could serve customers in the major markets around the world. So, from 1990 to 1992, it expanded its distribution network with offices in Bangkok, Hong Kong and New York. Through this expanded distribution network, Laxmi Diamond’s customer base for polished goods, grew exponentially. The company’s commitment to innovation supported constant improvements that enhanced its manufacturing capabilities and its ability to serve and satisfy its growing customer demands and needs. Concurrently, it developed a highly skilled and experienced management team and workforce. Major milestone was attained in the year 1994 when the company opened its state of the art flagship factory in Surat, employing more than 2,500 employees.

De Beers Group appointed Laxmi Diamond a DTC sightholder in 1995. This was a remarkable and proud achievement in the journey of Laxmi Diamond. This ensured a constant supply of rough diamonds to benefit our customers worldwide. At this juncture, we would like to draw your attention to the fact that the complete Laxmi Diamond family sincerely appreciates its association with DTC, and this relationship will remain deeply valued always, with a hope of a very long association ahead.

Laxmi Diamond’s growing global reputation combined with exemplary customer care and family values helped to build and continues to sustain a large group of long-term customers throughout Asia, the Middle East US, Europe and India. In today’s environment, however, as prices and the global marketplace change, we view our customers as important partners. With a partnership mind-set, we view our customers as deserving our transparency and collaboration as well as our support.

In 1996, Laxmi Diamond ventured into jewelry manufacturing. This was a jewelry wholesale manufacturing unit working on the concept of business to business (B2B). This expanded its supply channel, which again allowed the company to continue maximizing the value of diamonds. In 2000, it opened an additional factory for jewelry manufacturing, employing 300 workers for overseas markets. In 2004, Laxmi Diamond entered into a joint-venture with a 60 year old company, Suberi Brothers, whose founder remains a US industry icon. This major shareholder provided Laxmi Diamond access for jewelry distribution to major retailers in U.S. Today, Laxmi Diamond has four state of the art jewelry manufacturing facilities, which produce the finest jewelry products and innovative designs that cater to major markets throughout the world. Laxmi Diamond is globally recognized as one of the major and most reliable jewelry manufacturers and suppliers in the U.S and India.

Laxmi Diamond launched its first diamond jewelry brand in 2003. Launched in India, Cygnus Fine Jewelry was the company’s entrance into the retailing of diamond jewelry. This milestone positioned the company into the full cycle of distribution, from rough to retail. Laxmi Diamond, which, until now, had remained as B2B business, progressed to business to consumer (B2C) as well. The company’s Cygnus brand is now firmly established as one of the major brands in India, with a distribution of more than 200 outlets and 12 stand-alone stores in 45 cities. Laxmi Diamond has also developed additional brands: Gabrielle Diamonds, a 105 facet special cut launched in 2005, Noor launched in 2004 and Linked in Love launched in 2012.

In the last 20 years, Laxmi Diamond has won many prestigious awards for exports from India by the Gem and jewellery Export Promotion Council (GJEPC). In 2011, our chairman, Vasantbhai Gajera, was awarded lifetime achievement award in manufacturing by retail jewelers.

Along with the business foresight, prestige and status, Gajera and his brothers firmly believe in spending part of their earnings for the benefit of the society and the community and with this goal in mind, a trust namely, “Smt. Shantaben Haribhai Gajera Charitable Trust’ was established in 1993.This trust runs five educational Institutions, ranging from primary schools to colleges, which impart a well rounded, comprehensive education to more than 40,000 students.

The trust also runs under its banner, Vatsalyadham, which is a shelter to over 600 destitute children. The shelter spread over 40 acres of land and houses, lodging, boarding, schooling and sports facilities for the children. The shelter holds a capacity to add yet another 500 children, which is the target to be achieved in the coming years.

Gajera attributes this resounding success of the company to the strength of people, business associates and above all the dedicated workforce who are part of our family, without which the success of Laxmi Diamond would have been just another dream. And the journey continues...

Rapaport News is not responsible for, and does not endorse, the content of any third party press release. This is not a Rapaport Press Release. It has been provided as additional information for our clients.
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Tags: BDB, Bharat Diamond Bourse, diamond, India, Laxmi Diamond, mumbai
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