Son of a cotton farmer who began as a diamond cutter, Vallabhbhai Patel built an Indian company into world’s largest player for cutting and polishing of diamonds.
Hailing from an agricultural factory living in a small village in Gujarat’s Bhavnagar district, Vallabhbhai Patel has scripted one of the most inspiring business success stories in India in the recent decades. Without formal education, Patel taught himself the different aspects of the trade and grew his company into a Rs 17000 crore business in 30 years. Kiran Gems, which he and his brothers run, is today the world’s largest player for cutting and polishing of diamonds. His company is one of the country’s highest tax-payers and the highest in the diamond industry.
Vallabhbhai Patel is the son of a cotton farmer in a village which had just 500 people. He has only studied till class four. He began his career back in 1971 with the job of a diamond cutter. He also used to help the family in farming during the monsoon season. After 7 years in the diamond workshop, he attempted to establish a small business in 1978 but could not make it a success.
With the support of his father who provided him with seed money, Vallabhbhai travelled to Mumbai from Bhavnagar in early 1980s. His first residence was in Borivali. In 1985, he started Kiran Gems and was soon joined by his Commerce graduate brother Mavjibhai Patel who is now the company’s MD.
From his humble beginnings, the founder and chairman of Kiran Gems has become the largest player in the Indian diamond industry. His company is a sightholder of world’s leading diamond brand DeBeers. His company is also the largest in India in terms of turnover and number of employees. Vallabhbhai Patel was also the key driving force that led to the emergence of the Surat Diamond Bourse.
Back in October 2023, billionaire businessman Vallabhbhai Patel shifted his Rs 17000 crore business at Kiran Gems from Mumbai to Surat after 30 years of running it from the economic capital. Kiran Gems also established a new township with 1200 apartments for 2500 employees and their families. As a philanthropist, he has supported several projects in healthcare and education. The family runs a school with 11000 students in the home district of Bhavnagar and a hospital in Surat.
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 "Meet farmer’s son who built Rs 17000 crore business, India's largest manufacturer of diamonds")
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