Q. What are your current titles/functions in the diamond industry, both private and organizational?
Besides being President of Diamond Club West Coast, Inc. (DCWC), I am Past President of the Indian Diamond Colorstone Association (IDCA) USA, Inc. and a member of the Jewelry Industry Council, an esteemed group created by the Jewelers Mutual Group. I am also a member of the Image and Reputation Committee created by WFDB.
In my private business I am CEO and founder of K.R Gems and Diamond Int’l, Eighternity Diamond, K.R Ventures and am COO and Head of R&D: Sparkles Cut Technology, and CMD of Tradey Inc.
Q. Tell us about your journey in the diamond industry, how you began and where you are now.
I am the fourth generation of a diamond, gem, and jewelry industry family, and started my company in Los Angeles at the age of 20, in 1984. I received my GG in Residence in 1982 as well as became a Charter Member of its alumni in the same year. A couple of years later, I became the first President of GIAAA, India Chapter. I also have the honor of being the first President of the Forum of Indian Gemologists, an organization that now boasts a few thousand members. I represented India as a delegate at CIBJO when I was still in my 20’s.
Q. What is the current situation in the US diamond industry, and specifically on the West Coast?
The diamond industry is readjusting itself after the gains and growth of the last two years. The market is going through a correction as the economy slows down. The West Coast, under the leadership of DCWC, is moving in a positive direction. We are on an upward trend in our growth cycle. The importance of our club and its position worldwide is becoming more apparent.
Q. How has the war in Ukraine and the sanctions on Russian diamonds impacted the local diamond industry?
The war in Ukraine and ensuing sanctions have had limited impact so far on the US market. For a consuming country like the US, where half the diamonds of the world are sold, goods are available from one source or another. Having said that, there can be a shortage in qualities which are Russian-centric during this period. Currently, the economy has slowed down and hence there is a lower appetite for goods, another reason why the shortage is not felt as severely.
Q. How do you think that the US market will fare during the second half of 2023?
As compared to 2022, it will be slower, but when compared to the pre-pandemic level, at worst it may be similar numbers, in my opinion.
Q. What are the challenges and opportunities for the diamond industry?
The future looks bright for those who accept and adapt to the changes in real time versus those opposing it. As long as all diamond sellers learn to complement, work with each other and co-exist regardless of the products they sell, the consumption of diamonds, overall, will rise dramatically in the years ahead.
Q. Tell us about your interests/family and anything else you would like to add.
I will share the fact that my next generation is already in the business, thriving and will continue the legacy of the family.
Q. The DCWC has grown a lot in recent years and you’ve moved to new premises. What are your plans and goals for the club going forward?
As mentioned earlier DCWC is on an upward curve. We see ourselves being an important part of WFDB as well as the diamond industry worldwide. At the rate that we are growing, I may not be surprised if we need to expand again in the future, sooner than expected. In 2023, we also expanded our Board of Directors and we are proud to say that we now have four women on our board, as well as several members who represent the younger generation.
