07 June,2021 02:40 PM IST | Mumbai | BrandMedia
Mihir Sagar
He got his training for being a diamond merchant under his cousin's brother in Dubai. From there, he got all of his skills in the diamond business. He started working under his brother in 2010 and trained in dealing with the buyers and the customers.
Due to some conflict between him and his brother, he returned to India in 2015 with the sole motive of starting up his own business. With his five years of training, he had earned relations with the dealers and the customers. He started his business without any initial investment. Since he was working with his brother in Dubai, Mihir Sagar got no investment, and he was training there. Investment there was made by his brother only.
As in India, he was a sole proprietor with no initial investment to start the business. As engaged in diamond business requires a vast full-size amount of capital to be invest. Here comes out the relations with the dealers and customers helpful. He started his business on credit and zero investment. He took on a guaranteed credit from his dealers, sold it to his customers, and gradually recovered his loan amount. Later on, slowly, his business started growing very well.
His hard work and working skill got him through, but one most important reason he helped him grow his business was the scheme he offered. He planned an offer that no diamond merchant has yet made, and that is that anyone who purchased diamonds from him can return at the exact cost they bought it initially even after ten years. This offer seemed good to his customer and motived them to pack up the profits for their customers. His initial thought behind this was that if any customer returns the product bought from him and is somehow not happy, he may bear the exact cost, making them satisfied.
Then he can further sell it to another customer seeking that product. That way, both the customer remains in profit and might not give them any doubts. In his interview, Mihir Sagar had also said that this scheme had helped him make more money with his massive source of customers trusting him with the diamonds. He further added that it's not like silver and gold in diamonds that one will get back the same price while reselling. In diamonds, there is a massive percentage of depreciation. For instance, if someone bought the diamond, they will be getting only 25% of the value while reselling. Therefore this scheme was unique and became a key to his success.
He made a 100% value back promise to his customers. Further, with the references of his trusted and happy customers, he started getting orders from the royal families of Dubai, and even the celebrities trusted him and became his regular customers. That's how he began increasing his business. He even stated that he is much satisfied with the response from his existing customers and the flow of orders he is getting from them. He had done his gemology from GIA(Gemology institute of America) and expertise in diamonds. He also suggests to the customers what to buy and how to buy.
He works with established and leading mining companies at one end of the chain, including dealers in Dubai and many others. In contrast, at the other end, his client list covers the world's best and most revered jewelry from the trusted manufacturers, retailers, and brands. Today he has grown with the complex, modest beginnings, but he increased after being set up after his training in Dubai and no initial investment. In 2015, it began diamond trading operations, and ever since, it has been steadily expanding both in India and also globally, with advances both in terms of its range of product offering quality and service.
Success in his business has been driven by his willingness to adapt to a dynamic environment's further and present needs. This approach is deeply rooted in his Company's philosophical outlook, or should we say way of his profit-making for the customers. Trust and ethics are the foundations of Mihir Sagar's set up as the guiding sutras of its success. Mihir Sager has developed a well-balanced, effective and profitable product distribution strategy to serve his clients best from different parts of the world. Steered from his training in Dubai and starting his own business in India, he is motived to cover all the central diamond consuming markets and the world's most well-known brands and manufacturers of diamonds.
