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How did INDIA Take Control of The DIAMOND INDUSTRY of the World? | Business Case Study
Diamond Industry | Surat – Diamond City of India | Business Case Study – Think School
Surat in the Indian state of Gujarat, known as the diamond city of India, is set to open the world’s largest diamond market. The diamond industry of India is one of the most valuable industries in the country, commanding a staggering 93% market share in the diamond mining, diamond cutting, and polishing market of the world. The Diamond trade was initially dominated by Jewish diamond dealers in Belgium, but then the Jain community of India revolutionized the industry by focusing on small diamonds, which were largely ignored by the Jewish traders. Jain traders created a high-quality, low-cost manufacturing process in Surat and built a powerful network for distributing diamonds. This enabled the Jain community to become a leading force in the global diamond industry. Moreover, the Government policies and geographical advantages further bolstered India’s domination of the diamond industry, making it an $18.6 billion market employing around 800,000 people.
So, now the question is,
How did the Jains take control of the diamond industry of the world???
How did they beat the Jews of Belgium?
What was the business strategy that made them so successful?
What business lessons can you learn from the incredible community of Jains??
Let’s find out the answers in this video. Also don’t forget to LIKE this video and SUBSCRIBE to the CHANNEL for more business case studies.