2. Mavji Bhai Patel - Kiran Gems

Turnover: 7,700 crore

Key business facts: World's largest manufacturer of small white diamonds

USP: Diamonds of all sizes, from 1/100th of a carat to 10 carats

Mavji Bhai Patel is an outsider to the world of diamond business. His father was a cotton farmer from a small village in Gujarat called Bhavnagar. Mavji Bhai Patel once said that “We are first-generation entrepreneurs".

Kiran Gems Pvt Ltd was started when Mavji’s father gave some money to set up a company. Vallabhbhai S Patel, brother of Mavji went to Mumbai and started the business in 1985, and later Mavji joined him after finishing his graduation.

Initially, the business was not going that well, but today, Kiran Gems has become one of the biggest exporter of diamonds jewellery. It has the highest number of employers when compared to other diamond industry, with 30,000 craftsmen management over 5 million carats of rough diamonds each year.

"The most important thing is family because the business is all about trust," Mavji Bhai Patel said in an interview, without the least trace of irony.

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