Amit Dhamani, the chief executive and managing director for Dhamani Jewels Group, has lived in Dubai since 1995. The 42-year-old from India manages the jewellery business in Dubai that his grandfather started in Jaipur in 1969. The group, which supplies gemstones and diamonds to high-end brands and has a retail arm, now has markets in Europe, the Far East and India and the Arabian Gulf, including 17 branches in the UAE.
Describe your financial journey so far.
I was interested in gemstones and diamonds from as early as seven or eight. I used to see gems get cut in our factory in Jaipur. I started learning the business when I was 14. Being the eldest in our family, joining the family business was the most natural thing to do. And coming from a Marwari [an ethnic Indian trading community] family, I am mindful of our money, how you spend and take care of your savings even at a young age. But also at the same time not to be very conservative but to be aspirational and keep your resources aligned with growth plans. I was good at education and sports, and when I delivered, I asked [for things] and was rewarded.
Are you a spender or saver?
I am a mix of both. Life is a journey. I make sure at whichever point of time I am in life, I do not overspend, and don’t splash. I make sure that life is comfortable and whatever spending is necessary is taken care of. At the same time, I am mindful of my future.
What is your philosophy towards money?
Money is a very important element of life, but it needs to be spent justly. Work hard to earn money and remember the hard work and be careful about how you spend it.
Have you made any financial mistakes along the way?
During 2007 and 2008, when the economy was good globally, I went out and spent over the top in marketing and media without aligning it with the revenues. It was fantastic for brand building but when the markets slowed down in 2009 and 2010, I didn’t align it with the revenues. There should be strings attached to spending during hard times.
If you won Dh1 million, what would you do with it?
I am following my financial plans, and if I got an extra Dh1m, I would keep it separately for charity. I help a charity that runs health camps in India. We do free eye operations and camps every year in villages in Rajasthan. My childhood friend has a hospital called Apex Hospital in Jaipur and it hosts these camps. The health camps have been held four times a year for the past 10 years.
What has been your best investment?
As a jeweller, I invest in gemstones, especially diamonds. Prices of coloured diamonds are on the rise, and they are a unique product. Investors in this category should have some expert knowledge and get some advice.
Do you plan for the future?
Yes, it goes with planning for the full family with my brothers and for the children’s education. That’s the best thing to give to the next generation – plan and support the future of the children so that they can support their business and life. I have two daughters and a son, between the ages of 11 and 18.
What do you enjoy spending money on?
Travel. For the past few years, my wife and I make it a point to go to two new countries every year. Until now we have been to 78 countries. This year we are visiting Norway, and next year, we plan to go to Uruguay. We liked Prague a lot, because there’s so much history, you stand there and go back in time.
ssahoo@thenational.ae
Follow us on Twitter @TheNationalPF
