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The precious legacy of the Sankalchand Empire

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September 05, 2018
I wasn't interested in jewellery, says Zenil, a third generation family member of the Sankalchand household who started their tryst with precious metals to become one of Mumbai's biggest names in jewellery. My journey started with a simple two-hour course that I attended thrice a week. Here is where my initiation into this field began. By the fourth month, the interest took flight and as soon as I was done with the course, I knew this was my destiny, he says. 

My first memories of the store are when I used to visit it with my grandfather, and I spent all the time watching him manage the store while my father handled the production of the jewellery. The one piece of advice that my grandfather gave to my father and I, which we follow till today, is that jewellery is a sector where it is easy to succeed through fraudulent means but earning your profit like this is the biggest mistake you can make. While the competition will only increase, you adopt a strategy, which means limited profits in the beginning but never one, which means a healthy bottom line through unethical means, says the third generation jeweller. Also, another piece of advice that has taken me a long way is finish what you have to today and do not leave it for tomorrow. When it comes to dealing with precious metals, you can't afford to let your work pile up because a single error can result in unimaginable losses.

Their story started out in 1940, where Rasiklal Sankalchand's father set his business in Ahmedabad within a measly 100 square feet of space. They initially dealt with only gold and by 1962 had started dealing with wholesale jewellery pieces in Bombay, which then proceeded to retail, all under the Sankalchand name. Today, they work with precious jewels and metals within a sprawling space, spread across 15,000 square feet.

At the end of the day, our expertise lies with gold but we cater across clients who have now adopted an appetite for Platinum and more. My expertise doesn't lie in selling our creation to our clients but more in preparing and presenting it to them; especially with diamonds. What keeps me happy is creating new products every day. My father handles gold and so does my uncle. Diamonds are my responsibility and soon it'll be my brother who'll join me. Luckily, when I started out, we were in the process of expanding our base from 800 to 15,000 square feet of working space. So, along with my core area of expertise, I got to learn how the business extends and functions outside the diamond-cutting work desk. Also, it's the field of work that I've chosen that requires special training beyond what my father could provide. While I was exposed to all the facets of the gold business because of my family members, to gain the same level of expertise with diamonds, I needed professional help. This is because while gold is a mass product, comparatively, there are very few clients who choose to purchase diamonds. Platinum too is included in the same category as its a rare choice among the general audience, he says. 

From international exhibitions to customer interactions, I realized that abroad, the demands and taste is five to six steps ahead of where we presently are. Its been five years that I've been handling this aspect of the business and it is my aim to take the family name beyond these prescribed standards, he says. It's either stay ahead of the trend or become obsolete. This is what has kept the Sankalchand empire going and this constant evolution is the only assured path to success.

From one generation to the next, what have stayed constant are the diligent values and the thirst to succeed. Even though the Sankalchand family has been surrounded by some of the most precious things known to man, it's these values that are truly priceless. A timeless rendition of 'Apnon ko apne dum pe jeena sikhao across three generations.

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Francis Rodrigues Francis Rodrigues

Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.

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