“Our core values serve as guardrails, ensuring that even when we’re caught up in the day-to-day, we never lose sight of what matters most.”
How has your family’s 27-generation legacy as goldsmiths shaped your approach to leadership?
When you’re young, you don’t fully grasp the significance of legacy. I remember when I was a kid, our grandfather would have us memorize the names of our forefathers from eight generations back. At the time, it felt like reciting math tables, something we did to avoid upsetting him, without understanding its true importance. But now, in my 40s, it has all sunk in. Reflecting on it, I realize that 27 generations of goldsmiths is no small feat.
As I’ve grown older, I’ve come to see this legacy as a responsibility. It changes how I approach both life and work, adding a deeper sense of purpose. I often ask myself, how can I live up to this 27-generation legacy? It’s a powerful motivator, and whenever I reflect on it, I am filled with immense respect and a profound sense of duty.
What core values do you believe have been crucial in preserving Manubhai Gems as a family business through generations?
At work and home, values are at the heart of everything we do. We often discuss two types of values—those passed down from my family, like from my grandfather and the generations before him, and then there are the values we’ve shaped for the organization. While they overlap, we wanted to establish a distinct set of organizational values. For us, these values act as a guiding compass, especially in situations where tough decisions need to be made. We have defined four core values for our organization:
Junoon for the Customer: In retail, the customer is truly king, but for us, it goes beyond that. Our focus is on always putting the customer first, no matter the circumstances. For instance, if a customer returns with a broken piece of jewelry purchased years ago, it may be due to normal wear and tear. However, rather than focusing on what caused it, we prioritize making the customer happy. Whether that means a repair, a replacement, or even refunding the full amount, including taxes, we make sure the customer leaves satisfied. This mindset carries over to all aspects of our business, from after-sales service to investments in technology and processes.
Dangal Spirit: Inspired by the movie Dangal, this value is about resilience and grit. In retail, as in life, there will always be challenges, roadblocks, and competition. The key is to keep pushing forward and win enough “bouts” to succeed in the long run. Like in the movie, the pursuit of the bigger goal may require sacrifices along the way, but with determination, we’ll achieve success.
We Before Me: This value is about teamwork. We don’t promote a “superstar” culture where one person outshines everyone else, especially if that person lacks respect for his colleagues. It’s a team effort from top to bottom—everyone, from the greeter to the executives, plays a vital role. Even management decisions are made as a team. The idea is that we’re stronger together.
Results Matter: While it’s easy to get caught up in the hustle, what truly counts are the results. It’s not about running around endlessly; it’s about working smart and delivering outcomes. We encourage our team to focus on efficiency—getting better results with less effort, rather than burning out without seeing tangible gains.
These values keep us aligned and help guide our decision-making process. They serve as guardrails, ensuring that even when we’re caught up in the day-to-day, we never lose sight of what matters most. Whether it’s putting the customer first, working as a team, or delivering results, these principles shape the way we operate.
What strategies have you implemented to transform Manubhai Gems from an owner-operated store into a professionally managed organization? What were the biggest challenges you faced during this scaling process, and how did you overcome them?
Last year, when we launched our second branch of Manubhai Gems in Thane, Mumbai, we found ourselves facing important questions about our growth and company culture. Over the past three to four years, we’ve expanded rapidly, growing our team by 80-100 members within just 18 months. This period of intense growth made us pause and reflect on what is essential to maintaining the core values of our company culture.
At the core of this reflection are several interrelated principles. First, we recognize that people are perceptive. While it’s easy to discuss values, employees can easily tell if those values are genuinely upheld by management and the organization as a whole. That’s why we ensure that all our values are supported by concrete policies. For instance, with our commitment to Junoon for the Customer, we have implemented a policy empowering employees to make on-the-spot decisions in favor of the customer without fear of reprimand. We invest in enhancing customer experience, ensuring that our words translate into actions.
Another important value is We Before Me, which we reinforce through a clear code of conduct. Disrespectful behavior is simply unacceptable across the organization, regardless of who it comes from. We have established a culture committee that allows employees to voice their concerns. I experienced this firsthand during a stressful ad campaign when I inadvertently lashed out at a colleague. She promptly reported the incident, and the culture committee took the necessary steps to address it with me, ensuring accountability at all levels.
Our values would lack significance if they weren’t consistently applied from top to bottom. We are committed to strong corporate governance—not just in financial matters, but in upholding high standards across all our policies. Employees can see that we do not offer special treatment to family members or preferential treatment based on community or background.
While we are not perfect, we diligently strive to uphold these values. There are times when adhering to these principles is challenging. For example, we refuse to engage in practices like bill-splitting in cash transactions, even if it means turning down business opportunities in today’s competitive environment. We uphold this commitment because it is integral to maintaining our integrity.
We also recognize that not everyone will align with our culture, which can lead to higher attrition—a reality we accept as part of our growth. As a result, one of our primary focuses has been on improving our recruitment processes to ensure we attract individuals who resonate with our values. We have made significant strides in this area compared to a few years ago. Ultimately, every time we reject unfair behavior or preferential treatment, and every time we affirm our commitment to customer support and fair practices, we reinforce our identity as an organization. This consistency shapes how people perceive us and solidifies our cultural foundation.
What key factors contribute to a successful working relationship between you and your brother Hiren? Could you share an example of a significant disagreement you had with Hiren and how you both resolved it?
I feel incredibly grateful to have an amazing brother. Growing up, we were like arch enemies (laughing), but today, working together has become an incredibly fulfilling experience. Of course, we still have our disagreements because we have very different personalities—actually, we’re completely opposite. But I believe that’s what makes our partnership work; we bring two distinct perspectives to the table, creating a yin-yang dynamic that adds balance.
There are several key principles I’ve learned, particularly from my experience in family businesses. Family businesses can be tricky because you don’t always get to choose your team. You’re working with who you have, making it crucial to be brutally honest about each person’s strengths, weaknesses, and quirks. While it can be a humbling exercise, it’s necessary for growth.
For example, Hiren and I have built a high level of trust and vulnerability between us. We provide each other with direct feedback in real-time, and yes, there are days when we don’t see eye to eye. I might sulk for a day or two, but we always return to address our differences. What’s crucial is that we understand each other’s boundaries and preferences—what works for one of us may not work for the other.
Clarity is essential in decision-making within a family business. It’s important to know how much risk or decision-making responsibility each person is comfortable with. For Hiren and me, our roles are clearly defined: I manage marketing, processes, and automation, while he oversees operations, gold, and sales. While we always consider each other’s input, it’s clear who makes the final call. There’s no resentment if one of us chooses not to take the other’s advice; it’s all part of the process.
Beyond family members, we’ve worked with individuals who have been with us for 20 to 25 years, and they are just as critical to our decision-making process. As the business has evolved, we’ve introduced new management and changed processes, which some long-time team members initially resisted. We identified their strengths and restructured their roles accordingly, such as shifting someone away from operations to focus on relationship management, where they truly excelled. It’s all about placing people where they can thrive.
In family businesses, patience and a positive attitude are essential. Disagreements will happen, but they’re not the end of the world. As long as the core values and intentions remain intact, unresolved issues can be revisited later. It’s all about maintaining balance and continuing to move forward, even when the going gets tough. Once we identify each other’s strengths, we empower each other accordingly
Could you take us through the journey of the Magraise setting from idea to impact starting from its initial concept and design through manufacturing, trademarking, and launch, all the way to customer feedback?
To drive consistent sales growth, we recognized the need to introduce fresh concepts and collections regularly. One idea that particularly resonated with us was the composite diamond design, which had been gaining traction in the diamond jewelry market. Essentially, it involves combining multiple smaller diamonds to create the illusion of a solitaire, resulting in a striking visual impact. We now refer to this design as “Magraise,” featuring four marquise-cut diamonds arranged to mimic a single solitaire.
We initially tested this concept with a select group of customers, and the feedback was overwhelmingly positive. As we expanded the designs and price ranges within this category, it quickly became a favorite among our clientele. The collection evolved from a simple idea into a comprehensive product line, complete with substantial inventory to support it.
In terms of trademarks, we learned from past experiences that once we launched collections, some in the industry would adopt and rebrand our ideas for their own campaigns. While this is not a widespread issue today, we wanted to safeguard our creations. As a precautionary measure, we decided to trademark all our designs.
Currently, having trademarks serves as a strong deterrent, even if it is not foolproof. Surprisingly even larger brands imitate designs from smaller businesses. However, we work in an industry where mutual respect still exists, and blatant copying is not as widespread. Ultimately, as legal framework becomes more robust, we will likely see better protection for original designs and brands.
How do you ensure that your family’s core values are passed down to the next generation of leaders?
My daughter is 18 and still finding her path, and we’ve raised her to be fiercely independent, so it’s really up to her where she goes from here. For Manubhai, our vision is simple—sustainable growth while staying relevant. We constantly ask ourselves why before making decisions. The focus is always on relevance, guided by strong corporate governance and values that prioritize fairness, long-term vision, and customer trust.
Operationally, we’re in a great position. Opening a new store is seamless now—our latest store in Thane was ready in just 25 days, fully staffed and stocked. But growth isn’t just about more stores it’s about ensuring the business model fits our goals. The Thane store has been a key learning experience. Despite being primarily Maharashtrian-dominated market, the store’s performance has exceeded expectations, with our team managing it independently.
Ultimately, our goal is growth with relevance, ensuring that each step forward is aligned with our long-term vision and values. The formula for success is unique to each business, and we’re focused on finding ours.
What is your favorite gemstone and why?
It has to be diamonds. In our family tradition, before joining the business, I was required to spend time working in a jewelry workshop and craft a piece of jewelry to present to my grandfather. Only then was I allowed to enter the business side. I had the option to choose any type of jewelry, and after completing this task, my brother followed the same path. Later, my father became intrigued by diamonds and arranged for me to spend six months at a diamond cutting and polishing factory. The craftsmanship involved was challenging but enlightening. Since joining the business, I’ve been deeply involved in the diamond sector, which I find fascinating and emotionally significant. While my brother has a passion for emeralds, I believe diamonds hold a unique place, especially in engagement rings, embodying emotion and beauty.