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.
