CHENNAI: He is a fourth-generation diamond merchant, but life was not handed over on a silver platter to 45-year-old Amarendran Vummidi, managing partner of Vummidi Bangaru Jewellers (VBJ). It was after years of extensive research in several countries, including Belgium — the capital of the diamond industry — that he took over the heirloom brand. In a conversation with CE, he tells us about his journey.
When did your family step into this business?
My great grandfather, Vummidi Bangaru Chetty started selling diamonds in a small village called Pallikonda, back in 1890. Later in the 1900s, he set up a store at Govindappa Naicken street in Chennai. It was called Vummidi Bangaru Chetty as, during those days, the name was synonymous with the job they do. Nobody had to mention the work they did. It was later renamed as Vummidi Bangaru Jewellers in 1980 when the shop was shifted to Anna Salai, parallel to Gemini flyover.
What were you doing before you got into the diamond business?
I finished my MBA in Belgium, which is one of the largest diamond markets in the world, and also finished a gemology course in 1996. I worked in one of the Indian companies there and gained a lot of exposure about how different people from different countries look at diamonds. It was interesting. I later came back to Chennai in 1997 and joined the family business.
How do people from across the globe relate to diamonds?
Americans look at diamonds as an emotion. They don’t care about its quality. Europeans want the rock to be lustrous whereas Indians go for diamonds that are perfectly cut and spotless. This knowledge helped me a lot in my business.
How was the demand for diamonds when you joined VBJ?
From 1999 till 2008, the market grew by two digits every year. That was when the economy also boomed. Diamond was the only luxury which gave one the same value for money at that point in time. So, all metropolitan cities were ready to spend. Though the demand has reduced today, it is still good.
What is the specialty of VBJ?
All the jewels here are our own creation. Currently, we have our own creative and productivity centre. So, a complete guarantee of the products is provided in terms of the finish, 22-carat and hygiene. Also, from a long time, we have been doing adornments and have catered to different countries including Singapore, the US and Australia.
After joining the firm as a fourth-generation entrepreneur, what changes did you bring about?
Everything evolves naturally. All you should do is not resist change. Previously, there was no concept of customer satisfaction. But now, it is one of the most crucial aspects of business. So, we trained the salesmen and modernised the designs. Also, we are now on the digital platform.
What are your future plans?
Time is running much faster than we assume it is. We have three branches including the ones in Anna Nagar and Bengaluru. So, we want to continue adapting to changing trends and take steps towards the betterment of our service.