[very true]Education is vital...NIKE POPOOLA, the Creative Director, Thelma West Diamonds advice young peole!

In this interview with NIKE POPOOLA, the Creative Director, Thelma West Diamonds, Ms. Thelma West, told punch newspaper things that would be of great importance to young entrepreneurs, as she speaks on the importance of education  and the relevance of investing in certain  businesses and many more....here's what she has for us....

What is the nature of your business?

I deal in wholesale and retail of diamonds, precious stones and jewelry. I am a partner and director in the wholesale company, which is based in the city of London. We supply jewellery manufacturers, West End / Bond Street jewellery stores, and other selected retailers with loose diamonds, gems and handmade pieces of jewellry.

I also run a business which concentrates on the private and personal – Thelma West Diamonds, with my workshop and office based in London. Clients vary and hail from all around the world. I get to create pieces to order, whether it is an engagement ring, diamond sets or very high end one-of pieces.

I make sure my clients get the best value for their money and above all, un-compromised quality, because in my opinion; a well-made piece of diamond jewellery will look amazing for generations.

My services also include advising my investor clients. Not a lot of people know, but diamonds are one of the best kept secret investments that exist today. With good advice and guidance, it will generate you a very healthy and safe return.

Why did you decide to start this kind of business?

I have always been in love with great looking jewelry and sparkly pieces. I always played around with my mother’s collection as a child. I decided to study diamonds after my A-levels, but then found out that it’s not such an open trade with easily accessible trade secrets. It’s a skill that is being passed on from father to son. It took great research, determination and patience to find my feet in an intimate, male-dominated trade. After studying, I got my first job as a diamond grader 10 years ago and the rest is history.

What are the challenges of doing diamond business?

The biggest challenges are managing some of my clients’ expectations, managing my team and ensuring that all the links work efficiently.

What keeps you going despite the challenges?

I love what I do. Every step gives me joy; from meeting my clients (new and old), to designing and eventually creating something amazing for them; or knowing that a diamond purchased for an investment within a year generated 20 per cent profit for my client.

How do your clients know when the investment is profitable?

I advise my clients on the best time to buy and on an exit strategy in order to maximise the profit.

Why is buying diamond an investment?

It is one of the simplest, safest and easiest ways to store funds. Like most investments, it is all about supply and demand. We have a limited supply of diamonds in the world. New markets with developed middle class are pushing demands on luxury goods. You can see that in the high end watch industry. More and more companies are adding diamonds to their products. All these will continue to push the prices of diamonds up.

What expansion plan do you have for your business?

At the moment we are concentrating on European and Middle Eastern based customers; looking to expand into the Nigerian market.

Do you think this diamond business is appreciated in the country?

Most definitely! With every new idea, people need to open their minds to new possibilities. Most of my Nigerian based clients are regular jewelry buyers and previously purchased their jewelry from Dubai and Italy.

It took some amount of education to let them know the huge difference between what they spend their money on over there and what I create for them. Eventually, they became my clients and I provide outstanding and personal services for them.

What are the things an intending entrepreneur should know before starting a business?

Do not be afraid to fail. Write everything down. Speak to positive people. Set your mind on your goals and dedicate yourself. Don’t cut corners; it will determine who you are and eventually will give you success.

What should a lady consider when choosing the kind of jewelry to buy?

Make sure you are getting value for your money. There are different karats and quality of gold and platinum. So be aware that not all that say 18k is solid 18k gold. Diamonds also come in a wide range of colours, quality and cuts.

Get advice if you have a private jeweler or gemologist; otherwise, ask as many questions at the store. Get all the details. If you feel you are not getting the right information demand to speak to an expert.

Jewellery stores are always well lit and pretty. It’s only natural we have the tendency to get carried away, but if you are spending a lot of money, it’s worth knowing some facts about metals and diamonds.

What value does diamond add to dressing?

It adds so much class and sophistication to the simplest outfits. Your personality shines through with the style of jewelry you wear. It’s disappointing to see a person with style and money in cheap, badly made jewellery.

What kind of occasion should a person use diamond for?

You can wear diamonds every day. Studs, tennis bracelets and rings/engagement rings are classics and suit all occasions. For men, gold tie clips and diamond cufflinks take a plain suit to an impressive suit. For more special events you can have more fun by going for more elaborate and glamorous pieces.

How conducive is doing this kind of business in Nigeria?

It’s tougher in Nigeria mainly because of security, transport and insurance. Educating people about the great value of diamonds whether as an investment or as a piece of jewelry is one thing; moving items around in a country where infrastructure is not up to standard makes our business here a lot trickier and sometimes impossible especially for first-time investors. However we are hopeful that the country is moving in the right direction and eventually things will get easier.

Does a person need to be educated to do this kind of business?

Yes, some level of education is required to be in the diamond and jewelry business. It would depend on the role or position the person aspires to. A creative, inquisitive mind, an adventurous spirit and a steady hand go a long way. I have taken on apprentices with basic education and a couple have done brilliantly in the trade.

Is education relevant for someone who doesn’t want to be employed by others but wants to be self-employed?

Education is vital, but not necessarily the conventional university education for creative people. When you have an open mind, the things you learn from life, travel, exploration, learning from good people, trying and failing add more to your person and passion. I am always learning. I read a lot and will stand at a street corner to watch a street vendor mold glass because I might learn something new, or just admire his patience in such a delicate craft.

Is diamond business time consuming?

Yes it is. There are so many aspects to the business, all of which have to work accurately for the business to function properly. When you start, you manage all these yourself; as you build a team, you delegate and manage the team.

Aside from this business, do you do other things?

Yes, I invest in people. I love creative people and dreamers – people who talk about their passion and not about making millions. Combine this with hard work and nurturing and we have a winner.

What advice do you have for unemployed graduates in the country?

Don’t be afraid to try something new. Not everyone was created to wear a suit and tie and man a desk. Think outside the box. Try working with your hands. Write your ideas down. Share them, embrace partnerships. Most importantly, never ever give up.

What motivates you in life?

Motivation changes at different points in my life. When I was in my teens, I just wanted to create beautiful things that people would love. That was my definition of success. At 21, I was head buyer and business manager at one of the biggest diamond wholesale suppliers in Europe. Now at 30, it’s the same – success, which implies doing what I love for people who appreciate my craft; nurturing talents and building relationships.

What do you think can be done to help reduce unemployment in the country?

We need to build entrepreneurial skills. However, government needs to provide basic necessities for any thriving society. It needs to create an enabling environment – good roads, security, and most importantly power. This will help small scale businesses; startups and attract investment at that level.