A medical professional-turned-entrepreneur, Dr Snehal Patel is the CEO of Bhanderi Lab Grown Diamond. Earlier, Dr Snehal Patel was instrumental in establishing and managing Health Institutes in Surat, including the Kiran Hospital.
An entrepreneur at heart, Dr Snehal Patel joined the lab-grown diamond (LGD) sector that grew enormously with many LGD units in Surat. Finding the industry very promising, Dr Snehal Patel turned entrepreneur to become the CEO of Bhanderi Lab Grown Diamond. The rest, as they say, is history.
Here, in an Exclusive Interview with Rough & Polished, Dr Snehal Patel aspires to take the company, Bhanderi Lab Grown Diamond, to greater heights!
Some excerpts...
Your transformation from a Medical Professional to an Entrepreneur is rather interesting. How did this come about? It's been almost 3 years now since you became the CEO of Bhanderi Lab Grown Diamond! Tell us your story Doctor!
It was just incidental for me, after my successful journey of establishing and managing reputed health institutes in Surat ...and one of them was Kiran Hospital, which was fortunately inaugurated by Hon. Prime Minister of India Shri Narendra Modi in 2017.
However, I was very interested in entrepreneurship, and got an opportunity to join the LGD business, which incidentally is a promising industry.
Did the recent spurt in growth of the LGD sector globally get you interested or do you belong to a family in the G&J industry? Turning Entrepreneur is fine, but why LGD? You think LGDs are the future? Your views please...
I do not belong to the Gem & Jewellery industry, but being very familiar and close to all diamond merchants in Surat, the city of Diamond, I was very well aware about the industry. The LGDs are the future of the diamond industry for sure because of its affordability... but with characteristics that are the same as natural diamonds.
Contradictory views are expressed by analysts, but according to you, what is the growth potential of the LGD market globally? Going forward, do you see enormous opportunities that might emerge for this sector? Your thoughts?
We, in the Bhanderi Group, see numerous opportunities might emerge in the future in the Gem sector, Fashion industry and also in the industrial and semiconductor industry.
Natural diamond mining has always been a source of contention due to its unscrupulous business practices. The process of mining and extraction also puts unnecessary pressure on the earth as well as on physical labour involved...
In such a scenario, it is quite natural that LGDs will capture people’s attention due to their sustainability and eco- friendliness. The ever-growing problem of climatic change and eminent disasters has forced us to focus on environmentally friendly goods in all aspects of our lives.
With the rise in the trend of sustainability and environmentally friendly products, LGDs are the future of the diamond industry.
Here are a few reasons why we can see that the trend of LGDs will become more popular in the coming years:
Naturally, mined diamonds take millions and millions of years to form. They are limited in number and are brought to the earth's surface under very special circumstances. Additionally, the earth must be mined in order to obtain natural diamonds.
However, LGDs are made in a few days depending on the color and carat of the diamond. They are made in an extremely controlled environment and do not harm the environment.
Mining diamonds cause a lot of noise, air, and soil pollution. Apart from disrupting hundreds of square feet of land, it also produces mineral waste. However, lab diamonds do not produce any waste. They are very eco-friendly and non-polluting. Crafting diamonds in labs leaves no trail of pollution and avoids any disruption to the land, making them an environmentally sound choice. Natural diamonds break into toxic chemicals such as cyanide. However, this is not true with lab-created diamonds. These diamonds are 100% authentic and 100% safe for human use.
LGDs can be made in labs in a very short period and can be made in unlimited quantities. But natural diamonds are brought to earth only under very special circumstances. Therefore, lab-made diamonds are 20-30% cost-effective than natural diamonds. It won't break the bank and will be within your means to purchase man-made diamonds.
One can customize diamonds made in labs according to one's needs and preferences. Every individual has their taste and diamonds. With the rising population and the introduction of new fashion every day, people' s desires are also changing. Thus, man-made diamonds are more flexible in comparison to mined diamonds.
LGDs will add a touch of class and sophistication to your outlook. They are unique and perfect. CVD diamonds are transparent and colorless. They do not contain any imperfections and appear pure and authentic to the naked eye. Its beauty will shine on whatever outfit you decide to pair it with. The purity and perfectness of man-made diamonds will make you feel like a thousand bucks!
Walk us through your company Bhanderi Lab Grown Diamonds from inception to date, giving details of the products like size, colour etc. Are you a grower and manufacturer of LGDs; and into jewellery as well?
Our company, Bhanderi Lab Grown Diamonds, under the leadership of Mr Ghanshyam Bhanderi is one of the largest grower of LGDs globally. We produce LGD of all Size, Shape, Clarity & Quantity.
Bhanderi produces top-notch lab-grown diamonds using cutting-edge technology. For optimal effectiveness and precision, our state-of-the-art facilities employ the best technology and machinery. We uphold strict quality and consistency requirements throughout the whole manufacturing cycle, from seed to final grading. Our elaborate and thought-through infrastructure is a testament to innovation and perfection.
Our vision is to transform the diamond industry by becoming the leading provider of lab created diamonds that meet the highest standards of quality, beauty, and ethical integrity to create a better future for our valuable customers and the planet too.
The Bhanderi team is comprised of highly skilled engineers and diamond experts who are committed to producing high-quality diamonds in a sustainable and socially responsible manner.
Our culture values innovation, collaboration, and creativity, creating a work environment that fosters growth and learning. We also recognize the importance of work-life balance, offering flexible work arrangements and employee wellness programs.
Additionally, the company is committed to supporting the local community and promoting sustainability through various initiatives. With a focus on environmental consciousness, social responsibility, and employee well-being, we are creating the epitome of a work culture that prioritizes both people and the planet.
Please provide details about the markets the company Bhanderi caters to ... globally as well as domestic! Which consuming markets besides USA & EU do you think shows greater potential to grow in terms of demand for LGDs?
Besides USA & EU, India itself would be a promising market for LGD in the near future. We have our presence across the globe Surat, Mumbai, Dubai, Belgium, New York & Hong Kong
What's your opinion regarding over production of LGDs resulting in prices dipping drastically? Will this negatively affect the LGD sector? People in the know are suggesting 'branding and marketing' to be given more impetus. Your thoughts, please?
Definitely, proper 'branding and marketing', as well as creating 'awareness' in the consumer will help LGD industry to grow exponentially.
What is your marketing Mantra in dealing with export markets as well as locally? LGDs were enthusiastically accepted in India during the earlier days, especially by Gen Z. What' s the situation now?
Millennials, those roughly born between the 1980s–2000s, and the potential target audience of every growing industry, are increasingly leaning towards spending less on high-value luxury items and are more willing to spend on experiences. Moreover, they remain extremely brand conscious and support brands not just for the product but also for the philosophies and values that the brand stands for.
This trend has not gone unnoticed in the diamond industry. As a result, consumers are now exploring real diamonds that are grown in laboratories as the new alternative for engagement rings as well as everyday wear, as it comes with the added benefit of being an affordable, sustainable and more environment-friendly product.
These diamonds have the highest demand from the millennials, with a huge potential to increase internal consumption, with India having the largest millennial population. Owing to the factors such as the depletion of diamond mines, increasing environmental threats due to mining, and the lack of ethical policies in the diamond industry, consumers have been wary of purchasing diamonds, and they now focus not only on aesthetics and rarity in their jewels, but they also seek assurance that they are sourced responsibly. These values have led to an increased demand for non-mined diamonds among millennials.
Diamonds grown above the earth have gained immense importance in the US, where there have been clear awareness campaigns on the product. Once understood, millennials prefer to purchase lab-grown diamonds (a survey done showed 70% of millennials opting for a lab-grown diamond) mainly because they get a bigger size in the same amount and secondly, but most importantly, as the source is known of the lab-grown diamond and doesn’t involve complications associated with the natural mining process.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough & Polished
