Ravi Jain, GIA GG®, Partner, Nice Diamonds and Leora Jewels
“Following my father’s advice to gain a strong education before entering the gem and jewelry industry, I visited GIA India. The experience inspired me to pursue the GIA Graduate Gemologist® (GG®) program, which became an invaluable foundation for my career.”
Rishi Jain, GIA Diamonds Graduate, Partner, Nice Diamonds and Leora Jewels
“GIA’s structured learning saved me time by providing a strong foundation in diamonds. The hands-on training and learning alongside enthusiastic peers made the experience even more rewarding.”
Coming from a family of jewellers, what inspired each of you to take up different roles with Nice Diamonds and Leora Jewels? And how has your journey evolved over the years?
Ravi: To give you some background, my grandfather started a retail jewellery showroom in 1960. In 2006, my father expanded into wholesale diamond jewellery with a showroom in Zaveri Bazar. Initially, I had no plans to join the family business—I completed my Chartered Accountancy (CA) in 2014. I decided to join the family business for a year or two to see how it worked out. From there, we could determine whether to continue or explore other opportunities. And that’s how I entered the jewellery industry. Before I stepped in, my father advised me to gain some technical knowledge since the diamond industry requires a deep understanding. He suggested I take a professional course, and at that time, GIA was the market leader in gemmological education—just as it is today. Initially, I planned to only complete the GIA Graduate Diamonds program, but after visiting the campus, I decided to pursue the comprehensive GIA Graduate Gemologist® program. Since it would have been difficult to return to studies after joining the business, I completed my GIA GG® in 2015 and have been part of the industry ever since.
Rishi: Joining the family business was never part of a set plan for me. I spent about six years away from home for my bachelor’s and master’s degrees. Between the two, I had a two-year gap during which I worked at Nice Diamonds. Before stepping into the industry, I completed my GIA Graduate Diamonds Diploma Program.
Looking back, I realise that the idea of running our own enterprise was always in the back of my mind while growing up. The desire to be independent, make our own decisions, and be responsible for our growth was something ingrained in us. The idea of building a community within the business—where employees work toward a shared vision—also inspired me to take on this role.
Also, India is a global leader in jewellery manufacturing, making the industry both competitive and full of opportunities. With effort and innovation, there’s tremendous potential for growth.
My journey began with six months in the field with the sales team, followed by six months at the production unit. After completing my master’s, I spent another year in back-office operations. Over time, my role evolved into overseeing multiple departments, ensuring seamless coordination between teams, and driving efforts toward a unified objective.
How do your complementary skill sets contribute to the growth of your businesses?
Ravi: From the start, our expertise lay in different areas—I specialised in accounts and finance, while Rishi’s strengths were in marketing and human resources. Numbers have always been my focus—whether it’s Rishi’s department or mine, I’m constantly analysing figures. I keep track of productivity, marketing expenditures, and monthly performance, ensuring every aspect is optimised.
As business owners, this focus helps us streamline operations and invest our energy where it matters most. Rishi concentrates on optimising his areas of interest, while I do the same for mine. One of the biggest advantages of having a family member involved in key roles is the trust and assurance that critical aspects of the business are being handled with dedication and accountability.
Rishi: Our interests, backgrounds, and educational qualifications are quite different, which naturally led us to focus on distinct areas within the business. We’re not exactly sure how it happened, but it has worked in our favour. Since Ravi and I handle different aspects, we’re able to cover more ground and drive efficiency in our respective departments.
One of the biggest advantages of our working dynamic is the trust we have in each other’s decisions. We don’t dwell on what should have been done or second-guess each other’s choices. Instead, our focus is always on ‘What’s Next?’ Regardless of whether the outcome is positive or not, we move forward together, taking collective responsibility for the results.
What are some key lessons you’ve learned from working in a family business, and how have they shaped your leadership style?
Ravi: Leadership is something you develop over time—it’s not an automatic title that comes with responsibility. When I joined the family business, I wasn’t a leader from day one. After nearly a decade in the industry, I’ve realised that leadership is a continuous process. It evolves through making impactful decisions that affect all stakeholders of the company.
Growing up in a joint family, my leadership and management style has been largely influenced by my mother. At work, I have a habit of checking every employee’s tasks—even reviewing reports and customer communications at the end of the day. While this attention to detail is helpful, I know it’s something I need to work on to build a more self-sufficient organisation.
Challenges are inevitable, and there are times when we’re unsure of the next step. In such moments, we turn to our ‘big boss’—our father. Having managed a retail store, a wholesale unit, and a manufacturing setup, he has seen it all. While he may not always give us direct solutions, his experiences provide valuable insights that help us navigate diverse situations. Ultimately, whatever the outcome, we take collective responsibility.
Rishi: Growing up in a large family, each person naturally develops a specialised role, whether knowingly or unknowingly. For instance, I handle anything related to car repairs, while Ravi takes care of travel bookings. Similarly, within our family business, we apply the same principle—each person takes on responsibilities that align with their strengths.
My leadership style revolves around delegation. I prefer to stay in the background, allowing others to take ownership of their work. In meetings, I encourage people to speak up and take the lead, ensuring they feel their contributions are making a real impact. Motivating the team and fostering a sense of responsibility in them is key to how I work.
Trust, respect, and support are fundamental in a family business. In an industry dealing with precious metals and gemstones, trust is non-negotiable—it must exist both ways between us and our employees. Respect is equally crucial; if we don’t value our employees, they won’t stay. A testament to this is that over 75% of our employees at Mangal Jewelers and Nice Diamonds have been with us for more than a decade. At Mangal Jewelers, we even have a team member who has now been with us for over 40 years. Building on this foundation of loyalty and teamwork is how we continue to grow across all our companies.
With Leora Jewels being a new-age company founded by both of you, what gaps in the market did you aim to fill, and how is technology playing a role in its evolution?
Rishi: The gap we identified in the market was not an absence of demand but rather the rapid expansion of corporate and chain jewellery stores across the country. Every year, these businesses announce 50 to 100 new store openings, with new outlets launching weekly in Maharashtra, Gujarat, and South India.
With the growing demand for gold and diamond jewellery, we founded Leora Jewelers to have greater control over the entire manufacturing process—from design to the final product.
Some of the key technologies I strongly believe in are Computer-Aided Design (CAD)and 3D printing. Today, we can plan almost 100% of a piece at the CAD stage. By using 3D printing with wax materials, we can create prototypes to assess size and proportions before committing to gold and diamonds. Given the ever-rising gold prices, this approach helps us optimise resources while developing new designs.
Ravi: Additionally, Enterprise Resource Planning (ERP) systems and specialised jewellery software play a crucial role in managing inventory. Many corporate clients request designs within specific weight or carat ranges. Even if we don’t have ready stock, our database allows us to provide design options quickly, ensuring a seamless response to customer demand.
Have you noticed any shifts in the way trade shows operate post-pandemic, and how are you adapting your approach to networking and business expansion?
Ravi: Trade shows provide an excellent platform for new companies seeking wider exposure and a larger reach. However, the challenge today is the sheer number of trade shows taking place across different cities—Hyderabad, Bangalore, Mumbai, Chennai, and even Dubai—every month. It is neither feasible nor financially viable for businesses to participate in all of them.
Even if our existing customers attend five to six trade shows, we cannot afford to transport inventory and set up at every event. The problem is that while we may skip certain trade shows, our customers continue attending multiple events, where they may come across similar designs at lower prices. This leads to price comparisons without considering factors like quality or craftsmanship. For example, in the VVS clarity with an E-F colour range that we specialise in, prices vary from ₹45,000 to ₹60,000. Some customers focus solely on certification, overlooking superior cuts or better fire. After visiting multiple trade shows, they use price differences as a bargaining tool, which creates a challenge for businesses that prioritise quality.
Another aspect to consider is the motivation behind organising trade shows. Today, many trade associations and even laboratories are hosting these events, merely as a revenue-generating opportunity. Additionally, regional trade shows often see participation primarily from local exhibitors. For instance, in trade shows organised by local or regional trade associations, about 80% of exhibitors are from the respective region. This gives local exhibitors an edge, as customers in those areas can access them more conveniently, benefiting from better service and pricing. In turn, this creates a challenge for businesses operating on a larger scale.
Nevertheless, trade shows remain valuable for businesses looking to connect with large corporate buyers. Many corporate clients do not easily grant office meetings unless there’s an established relationship or prior knowledge of their purchasing norms. However, at trade shows, if a product stands out due to its uniqueness or innovation, there’s a higher chance of attracting attention and securing new business opportunities.
With changing consumer preferences and newer materials (9 karat gold) and gemstones (laboratory-grown diamonds) available, how do you see jewellery design evolving in the next 5-10 years?
Rishi: The world is more connected than ever, with content flowing seamlessly across borders. This has enabled businesses to build relationships globally, but it has also led to the widespread sharing of jewellery designs online. For manufacturers like us, protecting our designs is critical. We invest millions of rupees each year in design development, CAD teams, and 3D printing. Ensuring that our designs and CAD files are securely stored, with robust IT management and data protection policies in place, is essential to safeguarding our intellectual property.
On the materials front, the rising price of gold is driving demand for 14 karat and even 9 karat jewellery, which contain a higher percentage of alloy metals. As more brands and consumers embrace lower-karat gold, the demand for innovative alloy compositions will grow. This could lead to the emergence of new gold colours beyond the traditional yellow and rose gold—such as green gold and metallic grey gold—expanding creative possibilities in jewellery design.
Regarding laboratory-grown diamonds, the conversation in India continues to evolve. While both natural and laboratory-grown diamonds share the same chemical properties, their market positioning and pricing are distinct. I believe the two serve different consumer segments rather than directly competing. Instead of replacing natural diamonds, laboratory-grown diamonds are more likely to take away market share from diamond simulants such as cubic zirconia and moissanite. The shift is not about replacing natural diamonds but about redefining the mid-range market where consumers seek affordability without compromising on appearance.
Social media has become a powerful tool for brand visibility. But is it required, given if one operates in the B2B space? What advice would you give to jewellery entrepreneurs who are looking to establish a strong social media presence?
Rishi: For manufacturers like us, social media is a ‘good-to-have’ feature rather than a core business driver. If a company is retail-facing and aims to reach consumers directly, social media plays a crucial role—even converting orders in some cases. However, for us, customer acquisition and bulk order conversions cannot happen via Instagram, WhatsApp, or digital payment apps. No one is going to place an order for 200 rings on social media, and that’s not how we want to build long-term relationships.
That said, platforms like Instagram and Facebook still serve a purpose. We maintain social media pages to showcase a glimpse of their products and company ethos. This helps potential clients get a sense of our work before a formal meeting. Even job applicants can gain insights into our product line, making the hiring process more transparent. Social media expands visibility, and one viral reel can introduce a brand to millions worldwide.
However, this also brings us back to the importance of digital infrastructure and data security. We only share generic designs online while keeping our most exclusive, high-investment pieces private. These designs are only shown in controlled environments—face-to-face meetings, office visits, or trade shows—to ensure they remain protected.
For new entrepreneurs looking to establish a social media presence, it’s important to strike a balance. Today, many measure success by social validation—likes, views, and viral content. But in business, true success is measured by scheduled appointments, pipeline leads and confirmed orders. Visibility is valuable, but it should not be mistaken for tangible business growth.
Ultimately, social media should be used strategically, with a clear understanding of what to share and how to assess success. It’s not just about being seen—it’s about ensuring that visibility translates into real business outcomes.
With online platforms becoming more prominent in jewellery sales, do you see digital marketplaces as a viable future for B2B transactions?
Ravi: An online presence plays a role in B2B transactions, but it serves primarily as a medium to showcase products and the company—almost like a business portfolio. For instance, if visitors come to our trade show booth and we’ve shared our social media page, they can get a preview of our designs. This gives them an idea of what to expect before the meeting, but the actual business discussions and transactions will only take place in person.
As Rishi mentioned, bulk orders don’t happen through social media, but they can help generate leads. This applies not only to B2B but also to retail. Even the largest e-commerce players in India today are expanding into physical retail, with over 100–150 jewellery stores This shift highlights the purchasing behaviour of the Indian consumer—while some do buy jewellery online, the majority prefer an in-person experience. Unlike clothes or accessories, jewellery is viewed as an asset rather than just a fashion purchase. Consumers want to see, feel, and experience their jewellery before deciding, reinforcing the importance of a strong offline presence alongside digital visibility.
What key qualities do you look for in long-term retailer partnerships, and how do you build trust in these relationships?
Ravi: To answer this bluntly, the B2B segment operates very differently from B2C. Unlike consumers who may have brand loyalty, in B2B, loyalty is primarily driven by price. Retailers are identified through market inquiries, industry networks, and wholesale federations, where factors like financial strength and payment reliability are assessed. The key concern is whether they honour payment terms—whether it’s two terms, one term, or any other contractual agreement.
Building long-term relationships is no longer a priority in B2B. Over the past five years, we’ve seen a shift—customers we used to do a ₹20 million monthly turnover with have completely stopped buying from us, simply because they found a cheaper alternative.
Social media has further intensified this issue. Retail jewellery showrooms are aggressively advertising per-carat diamond prices, putting up hoardings promoting the ‘lowest prices available.’ Earlier, customers focused on the overall jewellery price. Now, with increased transparency around diamond pricing, they are more aware of per-carat rates, which has created new challenges for wholesalers like us.
As a GIA alumnus, how has your GIA education influenced your career and business approach? Please share some interesting stories from your campus days.
Ravi: In my opinion, joining the industry without a professional course can be challenging. Learning on the job takes time, and initially, you may find yourself overwhelmed with terms like VVS, VS, SI, EF, G, cut, and the 4Cs. While colleagues may guide you, gaining in-depth knowledge without formal training can be difficult.
Completing a professional course gave me confidence and a solid foundation. Whether you plan to start your own business or take up a job, this structured learning significantly shortens the learning curve. Instead of spending two to three years grasping industry concepts, you can develop the required expertise within six months to a year.
Just to add, I appreciate the five-day GIA Diamond Grading Lab Class—it’s a great initiative. My wife and sister both completed this course. My father believed that as family members, we should have some basic knowledge about diamonds. Whenever someone asked my wife or sister for advice on buying jewellery, they would simply say, ‘I don’t know.’ So, he encouraged all four of us to take a GIA course. Although they didn’t pursue a career in the industry, they took the 5-day program purely for knowledge.
Rishi: My experience at GIA was truly valuable. One of the advantages was that the campus was conveniently located just 10 minutes away by a two-wheeler or auto rickshaw, making it easy for both of us to spend time there and quickly return home. Another key benefit was that GIA India’s campus is in Bandra Kurla Complex, close to Bharat Diamond Bourse (BDB), the heart of the global diamond trade. This proximity provided exposure to the industry’s business environment.
I genuinely believe that completing a course at GIA saved me a lot of time I would have otherwise spent learning on the job—asking questions, seeking mentorship, and navigating the basics of diamonds. The structured learning approach, combining theoretical knowledge with hands-on practical training, helped me understand diamonds better, including reading reports, analysing stones, and having meaningful conversations about them.
Additionally, the experience of learning alongside a group of like-minded, enthusiastic students made the journey even more rewarding. It felt like we were all starting our careers together, sharing the same excitement about entering the diamond industry!
Image commentary by Ravi: This group photo is from Star Rays. My first diamond factory visit was through GIA—an incredible experience where we saw rough diamonds, advanced technology and the meticulous polishing process.
What’s your favourite gemstone?
Ravi and Rishi: Currently, our focus is entirely on diamonds. Over 99% of our jewellery features diamonds, with only a small fraction incorporating coloured stones. Our daily discussions revolve around diamond quality, shapes, and designs, whether through reports or inspirations from Instagram and Pinterest. If we had to choose a fancy colour diamond, it would undoubtedly be blue. Beyond diamonds, we are also drawn to blue gemstones like tanzanite and aquamarine.