A mention of Bangladesh is more likely to conjure up images of flood and famine than a rapidly developing economy, but the small southeast Asian nation – which boasts a population of over 170 million, 80% of whom are under 35 – is progressing rapidly as both a producer and a consumer. Five years ago, a visionary Bangladeshi decided the time was ripe to bring the diamond manufacturing industry to his country. On the opening day of the Kimberley Process plenary meeting, Mr. Onu Jaigirdar – Bangladesh's sole diamond manufacturer – spoke to the Israel Diamond Institute about falling in love with diamonds, Bangladeshis' growing taste for diamond jewelry, and why he employs women only.
"Diamonds are a pre-emerging industry in Bangladesh, suffering all the birth pains," Jaigirdar, Managing Director of Brilliant Hera, tells the IDI. "It's never been done." While Bangladesh has a long tradition of jewelry-making, Jaigirdar explains, traditional taste has always preferred "very yellow" gold – 23 or 24 karat, unembellished with gemstones. Now, he says, thanks to a rapidly developing economy, many Bangladeshis have disposable income and an appetite for diamonds fueled by Western influence. Jaigirdar, who left Bangladesh as an adolescent and until a few years ago worked in finance, discovered diamonds mostly by chance when he happened to meet a Belgian diamond dealer on a flight out of the country. A few weeks later, he found himself in Antwerp and contacted the man, who gave him a tour of one of the world's renowned diamond centers.
"He showed me a huge pile of polished diamonds, and I fell in love," Jaigirdar recalls. Also, the idea of making something – rather than providing financial services – tickled his imagination. Jaigirdar then proceeded to found the first diamond manufacturing company in Bangladesh. His company, Brilliant Hera Ltd, has been operating for five years and now employs over 125 workers – all of whom are women. When asked why he preferred a policy of "positive discrimination" in a sector that has traditionally been very much a boys' club, he replies simply and to the point: "Women are more trustworthy, more reliable, and easier to do business with."
But who can train workers in a country with no traditional diamond industry? Jaigirdar chose to hire Belgian instructors, and says with pride that his company's cut – and therefore the cut of Bangladesh – is of the highest quality. "We have proved that our population is capable of cutting diamonds and doing good work," he tells the IDI.
Who supplies the rough diamonds for Jaigirdar's people to polish? For now, he buys rough mainly from the Antwerp bourse, where he has business contacts, but is looking into buying rough diamonds direct from diamond producers.
Nor is Jaigirdar content with launching a brand-new industry in a country with no historical connection to diamonds. He has founded his own jewelry brand, called Jaigirdar. "The linkage seemed perfect," he observes.
Market response to his jewelry has been "keen," he says, with a great deal of repeat business and excellent word-of-mouth advertising.
