Title: FLAWED: The Rise and Fall of India’s Diamond Mogul Nirav Modi
Author: Pavan C. Lall
Publisher: Hachette India, 2019
Links : Amazon
A BILLIONAIRE FROM NOWHERE: The Creation of a Diamond Mogul
Nirav Modi did not leave Belgium as a successful entrepreneur, nor did he have any kind of work experience with top Western jewellery houses. While it’s not clear what he intended to do when he returned to India, what is certain is that by around 1999 Nirav Modi had arrived in Mumbai and begun his tutelage under Mehul Choksi. Why did he not, instead, join hands with his other uncle, Chetan Choksi, who was already in Europe? The answer is that there wasn’t much love lost between him and Chetan. Aside from his rapport with Mehul, another factor may have motivated his return. India was at a crossroads after the liberalization of its economy. The future was wide open and for a young entrepreneurial expatriate who had returned to start with the support of an entrenched player, India was a land of endless opportunities.
Once the die was cast, Modi learned how gems and jewellery worked in India. What he learned he would, in turn, pass on to his brother Nishal, including how to work within tight budgets and how to buddy up to midlevel employees in factories by sipping on cutting chai with them during breaks.
Modi has claimed that he had always planned for a luxury brand, but during the years that he was with his uncle, and shortly after, he was building up businesses of the diamond supply chain that were of lower-value and that included polishing and trading. But it was fluting, essentially the manual bagging of diamonds for other manufacturers, that gave his company the launch pad it needed, or so Modi would declare publicly. Modi first called his company Firestone, but then changed it to Firestar in 1999 because the former sounded too much like the automotive tyre company. In Modi’s own words, the company gave him consistent profits for the better part of five or six years and, by 2004, Firestar’s revenues crossed `400 crore.