Company: India Trading
Founder: Chandrakant Desai
Present owner: Devang Desai
Turnover: Rs 65 lakh
Bengaluru-based entrepreneur Devang Desai took over India Trading, his family business, in 2012. The company is a manufacturer, exporter, wholesaler and retailer of silver and antique jewellery. Desai (49) took it from strength to strength, and the business now clocks a turnover of Rs 65 lakh.
Under the brand ‘Dev’s Jewellery’, Desai sells various types of silver jewellery, semi-precious and precious stones, and antique jewellery. Besides this, Desai is constantly changing and updating the product designs to meet new trends. By using good workmanship, this brings a significant value addition to the product, according to him.
Excerpts from an interaction with SMBStory:
SMBStory: What are some of your markets?
Devang Desai: Since India Trading deals in fine handmade silver and fashion jewellery, we actively participate in the exhibitions organised by Federation of Indian Export Organisations (FIEO) and government-based handicraft stores. Some people may know us from the jewellery counter we operate at Cauvery Emporium on MG Road in Bengaluru. We also supply jewellery to leading stores in the city. Initially, we started by participating in the exhibitions organised by state-run handicraft stores and also supplied jewellery to their retail outlets.
SMBS: What are some of the key milestones in your business?
DD: For us, when our efforts lead to good results, it is a milestone. We have been successful in participating in various exhibitions and have achieved good sales. Now, we want to participate in international fairs by bringing more varieties of fine handmade jewellery to the market.
SMBS: How are you differentiating from the competition?
DD: Right now, the market size of the product is huge. There is a great potential to generate big volumes through export orders. But to do this, a diverse collection of jewellery is required. To generate these orders, we have a collection of different types of jewellery, manufactured from all over India. We also source a lot of our products from artisans.
SMBS: What are the challenges in terms of sustaining and growing the business?
DD: The main challenge has been to source different types of jewellery from the artisans from various parts of India. We cannot manufacture all types of jewellery in one place. Thus, we have to source or give raw material to artisans based in different parts of India. Here, the challenge is the capital required to give raw materials or source jewellery from them.
SMBS: How do you manage cash flow?
DD: Currently, we are managing our business by availing loans from the bank. These are secured loans, which are given based on the turnover. However, the loan is not sufficient to manufacture jewellery or provide raw materials to artisans.
SMBS: What are your future plans?
DD: Despite the challenges, we are looking forward to expand our business by developing a website and generating more sales. But sales through stalls at exhibitions are also a focus area. So, we request the authorities in the government to reduce the stall fees of international trade fares, because the cost of travel, stay and stall fees is high compared to the sales achieved.
(This story is published in partnership with the MSME Ministry to showcase success stories of SMEs)