Diamond in a Rose (Blue Diamond)

Paradise Papers: on all black money lists, leading diamond firm Rosy Blue is back

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Designing a pair of earrings for a friend helped Modi discover the artist in him and 'Nirav Modi' the brand was born. Modi, who says he can't hold a pen, shares his ideas with an in-house design team who work on them till he is satisfied. Rs 7, crore Key business facts: We are first-generation entrepreneurs," he says. With some seed capital from his father, Mavji's eldest brother and chairman, Vallabhbhai S Patel, shifted to Mumbai and set up the company in where he was soon joined by Mavji, a fresh commerce graduate.

Rosy Blue Diamonds

Despite such humble beginnings, Kiran Gems today is India's largest exporter of diamonds and jewellery. It is also the diamond industry's largest employer, with an army of 30, craftsmen handling over 5 million carats in rough diamonds each year.

How did an 'outsider' make it so big so fast? His most precious memory in business is of the day Kiran Gems gotsightholder status from DeBeers.

The company is among the largest suppliers of jewellery to stores in the USA, as well as Indian brands like Tanishq, he says. There are no immediate plans to enter the Indian retail market.

Rs 13, crore Key business facts: Mass market branded diamond jewellery The year old had a crystalclear goal even in his teens: Mehul joined the business in and took over the reins of a Rs 50 crore firm in after his father Chinubhai Choksi died. Chinhubhai had laid the foundation of the company, which he named Gitanjali after his two daughter—ita and Anjali. Initially, trading in rough and polished diamonds formed the core business for Gitanjali, and it was considered one of the biggest exporters of raw diamonds worldwide.

This led to Gitanjali entering the international jewellery arena and it gradually started expanding the business. Mehul, who loves yachting on weekends, realised that by selling diamonds as a commodity Gitanjai was not realising its full potential. Today Gitanjali's product portfolio consists of several brands, including Gili, Nakshatra, Asmi, D'damas, Maya, Diya and Sangini; they are sold through over 4, points of sale in multiple retail formats.

Russell Mehta

Gitanjali enjoys direct access to the US retail market through high-end stores under Samuel Jewelers Inc, acquired by the group in Rs 1, crore FY12 Key business facts: Expanding business in emerging markets USP: Fine craftsmanship Asian Star Company started its journey in when three cousins Dinesh Shah, Arvind Shah and late Prabodh Shah floated a partnership firm for diamond processing; the compan had a small diamond processing unit in Surat. The second generation of the Shahs took up the business in Dharmesh took up the business when the turnover was around Rs crore; In FY12, that figure stood at Rs 1, crore.

Asian Star plans to consolidate its position in the core business of diamond processing, while exploring further in the jewellery manufacturing business. Asian Star is a B2B company and hence does not promote consumer brands.

Learn more about the Rosy Blue Business Alliance | Rosy Blue

Rs 2, crore key business facts: Strong focus on customer care Laxmi Diamond was started 40 years ago by Vasant Gajera, the elder brother of Ashok Gajera. While Vasant stays in Surat, Ashok is based in Mumbai and looks after the sales and marketing. Ashok, who joined the company in after the opening of the firm's office in Mumbai, emphasises that sourcing is the most important thing to become a major player in the industry.

The legendary diamond cutter Sir Gabi Tolkowsky is the training consultant of Laxmi Diamond and has trained and sharpened the skills of its workers The company sells diamond jewellery under the brand name Cygnus and has outlets in India. Rs 4, crore in Key business facts: Sustainability integrated into heart of business model USP: Dilip Mehta, the youngest of three brothers, was chosen by his father Arun Mehta to launch the Antwerp unit of Rosy Blue and divides his time between Belgium and Dubai.

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The allegation is that a senior UBS employee, identified in Appleby records as Kale Jagdish Purushottam, indulged in illegal transfers, causing losses to the account. The final legal settlement states: The records also include a second legal dispute between Jagdish Kale and Dilip Mehta, who is named as defendant along with Red Oak, with Barclays Bank listed as the claimant. In this case, according to an order of the of the Eastern Caribbean Supreme Court, Virgin Islands, Kale faced the allegation of forging some documents for bank transfers done in Earlier, several members of the Mehta family had figured on the Liechtenstein list, in which they were found to have made deposits in two trusts in the LGT Bank.

Why the Paradise Papers matter. In the Panama Papers — The Indian Express published a series of investigative reports in based on data of offshore entities set up by Panamanian law firm Mossack Fonseca for over Indian nationals — 24 entities linked to Rosy Blue were registered in Seychelles, British Anguilla and Mauritius.

I am not an Indian national and have been a non-resident since 45 years. Red Oak Operations Ltd is a non-Indian company.

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