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Rags to riches: Story of Indian jewellery magnate Shekhar Patni from humble beginnings to a multi-millionaire in Dubai
See more at https://gulfnews.com/videos
Rags to riches: Story of Indian jewellery magnate Shekhar Patni from humble beginnings to a multi-millionaire in Dubai
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00:00Hello everyone. This is Anjana Kumar. I'm a web reporter with Gulf News and I'm sitting here with Mr. Shekhar Patni and his wife Veena.
00:08We have been running a series of stories on entrepreneurs and businessmen who started with humble beginnings.
00:16And I am here to talk to Mr. Patni about his life.
00:21And his journey has been equally and more interesting.
00:26From literally being a salesman in the jewellery industry, he is now a jewellery magnate.
00:33So we are here to understand his rise and how he can be an inspirational story for people.
00:41So sir, congratulations on your achievement so far.
00:45So let's start with your journey, your childhood and how you came here to the UAE.
00:52Yes, I am Shekhar, my wife Veena.
00:56And I am from India, Maharashtra and a small town in Malegaon.
01:02I was born and brought up in Malegaon.
01:04And after I finished my graduation, I got a call from my brother-in-law.
01:11They have a jewellery company in Dubai.
01:15So they called me as a salesperson and the in-charge of the showroom.
01:21And that time I got an opportunity, so we discussed in our family.
01:27So at least we are getting some good opportunity to go abroad.
01:30So I started my life from there.
01:34That time, in 1983, I came to the UAE.
01:38And that time my salary was around 1200 dirhams, including everything.
01:43So that time 1200 dirhams is not much equivalent to the Indian rupees.
01:49Because that time the Indian rupees was only 1 into 4.
01:53So it was a very small salary.
01:55But I was very happy that time also.
01:58And I started my life as a salesman in a gold shop.
02:05And because we are Jain and we are like Baniyas.
02:14So the business is in our blood.
02:16So I got a good opportunity in the gold shop.
02:21And I got a chance to handle that shop.
02:24So I successfully handled.
02:26I worked for them around 4 years with the Kohinoor jewellers.
02:31The name was Kohinoor jewellers.
02:34And I worked for them for 4 years.
02:37After that, I got another company.
02:40They called me as Khadilal Saher Jewellery.
02:44I worked for them around 3 to 4 years.
02:48And after that, the story started.
02:51Because that time, 1990, there was a war declared for Iraq and Kuwait.
03:01And that time, everybody was afraid.
03:04Because the situation was not so good.
03:08People were a little bit scared.
03:10And that time, everybody, their gold and their jewellery,
03:15they put in the Switzerland or somewhere for a safe.
03:19So that time, our boss called all the colleagues.
03:25And they said, Shekhar, we want to suspend the business for the time being.
03:32Still, the war is not finished.
03:35So once you are working as a sales people or sales manager,
03:41so you don't have much income of source or something.
03:49Because if you are a salesman, you are always waiting for the 31st that you can get a salary.
03:58So suddenly, my owner said that you have to now from this 1st of November,
04:06you people have to go to India or go for vacation or long vacation.
04:12And whenever the war finishes or we feel comfortable,
04:17that time we will call you again and we will restart again.
04:21So the question in my mind, because always the question was there,
04:27because you have only one source of income, that is the salary.
04:32And if the salary stops, what will you do?
04:36So I was very little bit nervous that time, because what to do?
04:44And that time, my wife, she was also pregnant for my first son, Jai.
04:50She went to India and after 4 days, I got this notice.
04:56So on one side, there is my wife, she is pregnant.
05:01She told me, You come to India.
05:06And suddenly this happened.
05:08So I didn't tell her that this happened with me.
05:12So now my next thinking, what to do now?
05:18Because boss say, Okay, you go for the vacation for the long time.
05:23Then I asked my boss, Sir, if you don't mind, I can stay in Dubai.
05:29If you allow me, I will stay in Dubai.
05:33And you don't pay me the salary, but I will stay in Dubai.
05:38So he happily said, There is no problem, Shekhar.
05:41If you want to stay, you stay here.
05:43And if you can do some business or some kind of job, I don't mind.
05:48And they are very polite and they are very loving people.
05:53Still today, I also have a good relation with them.
05:56So that time I think, what to do?
05:59Because I don't have the money.
06:01And when you are working, you don't have much saving also.
06:06Very small kind of saving you have.
06:09So in this, what kind of business you can start?
06:13Because if you need any business, you need the big capital, big resources.
06:20And I don't have that time.
06:23So that time one of my friend, he was coming from India.
06:29And we are discussing that my job is now gone or something like that.
06:35What to do?
06:36So I was little bit nervous and what to do.
06:41I am always thinking that.
06:42He said, Don't worry, Shekhar.
06:44Maybe God will help you and this is the turning point of your life maybe.
06:54So don't be afraid.
06:56We will try something to do.
06:58And that time, now I am searching, I say what to do?
07:04So if you want to do the gold business, you need a lot of money.
07:09If you need some other business, you need the experience.
07:14And if you want to do any other area, but we should have the knowledge.
07:19But I don't have the knowledge.
07:21Then I think, I have the knowledge for the gold industry.
07:25So when my boss say, you can stay here.
07:31So I stay.
07:33Then I know everyone because 8 years I was in the market.
07:37So I know that the gold bar, like TT bar, people they need it, but the shops.
07:45So that time they need the gold bar.
07:50So how to get it?
07:52So from the wholesaler, I am getting little cheaper price.
07:56I am supplying to them.
07:59And I am getting a small margin of 10 dirhams or 5 dirhams or 10 dirhams for one TT bar.
08:05So slowly slowly people know that, oh Shekhar, I can supply you the 10 dirhams less price.
08:14So they say, okay, you bring it.
08:16So that way I am getting the business from the supplier and from the wholesaler.
08:22I am getting the small, very small margin.
08:25And I was very happy that.
08:26And end of the month, I see that I am getting more money than what I am getting the salary.
08:34So it was good energy for me.
08:39Then slowly slowly I am getting this one.
08:44Then after that I think that now I am getting maybe 5000 dirhams, 6000 dirhams.
08:51I am selling the gold to each other.
08:53And they trust me.
08:54Every day they are calling me to get the gold.
08:59I am like that time in the well-known person in the market for the gold bar than this one.
09:08So people are more and more people are asking me.
09:11Then I say what to do now.
09:14This is the first stage is finished because the boss told us you have to suspend for this month.
09:23Then I am trying to find out one shop because I can't do the gold business.
09:30So what I can do?
09:31So I think the silver business is similar to the gold business.
09:38Because if you see the silver jewelry, it looks like a gold jewelry.
09:43And I think this is a good business because this doesn't need the big investment also.
09:50So grace of the God I find out one barbershop which one they want to sell it.
09:59So they ask me the key money for 15000 dirhams.
10:03So my capital is only 15000 dirhams.
10:07My saving was not there.
10:09But my friend he gave me like 200000 rupees as a loan.
10:14Which one is that time 22000, 25000 rupees.
10:19So I buy the shop for 15000 dirhams.
10:23Like the key money I give to them.
10:26And it was basically barber shop.
10:29So I want to change the decoration to jewelry shop.
10:35So even I don't have the money to make jewelry shop the furniture.
10:41So what to do?
10:42So what to do?
10:43Then I went to the old furniture shop.
10:46Old furniture they are making, selling.
10:49I ask them do you have any furniture that suit to my jewelry shop.
10:54So he look at to me and he say no we are selling only household furniture.
11:00We don't have any jewelry furniture.
11:02So he say I see the first person who is asking the old jewelry furniture.
11:10I say I don't have money so I am trying to get.
11:13Then one of the Sardar carpenter he got me.
11:19He make the small counter and some decoration for 10000 dirhams.
11:23And we start the business with that.
11:26The first day even I don't have much money to bring the silver jewelry.
11:32So I got from few people that I know them.
11:37So they give me some credit.
11:39And I start my business.
11:41The first day in my shop only I have the less than 1000 dirhams jewelry.
11:48And that time even my boss also very happy that you start something.
11:53So even he give me some jewelry, gold jewelry to keep in my shop as a opening ceremony.
11:59So at least people know that something is there.
12:01So I was very happy and slowly slowly this journey start.
12:07My wife that time we got a boy son.
12:13His name is Jai.
12:14She was here.
12:15So she always come to the shop with the scroller.
12:18And she was sitting then I go out.
12:21Because I don't have any employee of this one.
12:24Because we are the two people are working.
12:26Then I start small I buy the small engraving machine.
12:32That people want to write on the name on their bracelet or this one.
12:36So I write that also from that business also I am getting every day 100 dirhams, 200 dirhams profit.
12:43So this way we are growing.
12:47Then I put more articles in my shop.
12:52More jewelry.
12:54Then that was the shop was inside the line.
12:58This is the back side of the main road.
13:00But it was good shop.
13:01And that time I got one very good opportunity.
13:05Because that time there was lot of US soldiers are in UAE also.
13:12So because the US soldiers they are buying the big heavy chains and silver rings and silver bracelets.
13:23So in a few months I am getting good business.
13:30Means I didn't never expect that this much business I am getting.
13:34And there was no much shop or very less shop was in that time in the market.
13:41Nobody have the silver business.
13:43So I got this opportunity.
13:46And as I am from India I see that.
13:49So I start my silver articles also.
13:53Because there is the Diwali the people are buying some coins and this one.
13:57So first parcel I bring for 10 kilo with the small small item.
14:01So this way my business is start.
14:05Then I find out another shop in Gold Souk which was the main building in Dubai.
14:13That time I got one shop, small shop for the silver.
14:19So I open the second shop.
14:22Then what happen the second shop open.
14:26That time the people are from the other countries or like Africa or this one.
14:33They come to my shop because there was all the gold shop, no silver shop.
14:37So they come to my shop and they say I need this, I need this, I need this wholesale.
14:42So actually I am not a wholesaler.
14:45I am the retailer.
14:47Then people are saying no problem you take your profit and give us this items.
14:52So this is good for us.
14:54Then I call my wholesaler to my shop.
14:57They show them everything what they want I give to them.
15:00And then we make the bill.
15:02So I came in the wholesale business because of the people they like my jewellery.
15:07And I turn my business to wholesale also.
15:12So that time we open one shop in Bur Dubai also.
15:17So this way and one more shop in Gold Souk.
15:20So that time we have more than 6 to 7 shops.
15:23Slowly slowly years after years we open the shop.
15:29And then the Italian, we went to Italy.
15:33We are buying from the Italy.
15:35Because before I am buying from the local wholesaler.
15:38Then I got an idea that we should go to Italy or we should go to Thailand.
15:44And we are buying the wholesale jewellery from them.
15:47And we open one new shop, new office in Gold Souk.
15:52And we start wholesale.
15:55So that way the God give me more than what I have it.
16:03And I start the wholesale.
16:05We have 6 to 7 shops in retail shops.
16:12So this journey is going good.
16:15That time lot of people are coming from everywhere from the world.
16:19And they are buying from the jewellery.
16:21And we grow.
16:22Then we got some money.
16:25Then now somebody come to me Mr. Shekhar.
16:29Because that time everybody know me that I come from the zero.
16:34I am this one.
16:35So lot of people they know me very well.
16:37They have very good respect for me.
16:39So some people come from India my friend.
16:42They say we want to start diamond jewellery business.
16:46So Shekhar how can we, you can help me because you know everyone here.
16:52So that way we join the business and we start the diamond jewellery.
16:59So first time we brought 3, 4 sets.
17:02And we went to the market and we show the people.
17:05And they like it.
17:06And immediately we sold it.
17:08So I also get good energy that ok this business also we can do it.
17:13So slowly slowly I think 2002 we start the diamond business.
17:19So more than 18, 20 years.
17:22Then we open the 2 showroom for the diamond jewellery.
17:27One showroom at the moment in Dubai mall.
17:30And one in the gold souk.
17:32Before it was the silver.
17:34So we convert to in the gold.
17:37So then we make, then the same story like silver.
17:45Because we have the good wedding set, bridal set we are making.
17:49So people are coming and they like it.
17:53So then people are coming from Saudi and Qatar and different part of the Middle East.
18:00They say we like your set, can you make for us?
18:04So that way also we got the push.
18:07And then we start that way the diamond jewellery wholesale.
18:11So now at the moment we are in the diamond jewellery wholesale also and retail also.
18:18Then we got some more extra this one.
18:22So recently we start 22 carat jewellery also.
18:26So we have now 7 shops.
18:302 shops for the diamond jewellery.
18:32One shop for the gold and the remaining for the silver.
18:36And silver jewellery wholesale also.
18:38And mostly lot of people, we have the 2 shops.
18:42One in Bur Dubai and the Dera.
18:44We are specialized for the Indian article, puja articles.
18:48And last 20 years, 27 years continuously people are trusting us and we have a lot of customers.
18:57So that's really interesting, you know, how you reach this far.
19:01But let's go back, you know, as a throwback and talk about the time when you actually started off and your struggles.
19:12Like for example, you know, ma'am was just telling about how you were staying in a shared accommodation and the struggles those days.
19:21Because I think today people need to know that yes, you can achieve a lot.
19:26But there is some hard work and there's always hope for the future.
19:30When I come to Dubai, that time my salary was only 1200.
19:35And that was including the accommodation.
19:38So we are paying for accommodation 300 dirhams or 400 dirhams that time.
19:43And we are paying for the 2 times lunch and dinner more than 300 dirhams.
19:48So my saving is not much.
19:50And it was a struggle time for me.
19:53But I came from the town, so that time I don't expect much more also.
19:59Because I know that this is I can get it.
20:02And I see that even in Malegaon, my house was very basic house.
20:10It was even not proper flooring and this one.
20:16We are staying there.
20:18I have 4 sisters and we are 2 brothers.
20:21So my father, he also not much financially strong.
20:26But he make all my sisters wedding and everything very well.
20:33And then we are 2 brothers.
20:36So I also call my brother after I settle here.
20:42After I call him to come to Dubai.
20:46So he came after Dubai and we are doing wholesale also something.
20:50So that time, even the business was in my mind.
20:55When I was in small, younger like in the 10th or 12th.
21:01So I used to do the book business.
21:05Because that time, even the few people finish the year.
21:13And they want to sell the books.
21:16So what I do, I buy the books from there and I sell to someone.
21:20And maybe I am getting the small profit.
21:22And this is the small, small thing I am doing.
21:24But when I was in Dubai, that time I need some extra money.
21:33So we always do some chains at home at night after our duty finish.
21:39Those are 24 karat chains.
21:41It can easily make at home.
21:43So we are making and we are getting 30 dirham like this.
21:47So on a last note, your growth essentially and your achievement and success has been here in the UAE.
21:56So how much would you attribute that like in terms of the whole process of setting up a business.
22:05Here in the UAE is way better than the rest of the world.
22:10So do you want to throw some light on that?
22:13Yes, yes, yes.
22:14I want to say that this land give me everything.
22:18Because I come with my passport.
22:22And grace of the God, today I am established.
22:25I have the good shops, good villas, good cars.
22:29And this is like second home for me.
22:35And I always see the Dubai, I see the growing, how they grow.
22:43And I always, my, always I keep in like, I am proud of Sheikh Mohammed sir.
22:51Because I always see he is always trying to do something better, something good.
22:57And that inspired me that I should do something as in my business or this one.
23:03Because I always see he is very energetic, he is doing something.
23:06And in a short time, Dubai is on the world map.
23:13And I see Sheikh Mohammed's vision.
23:18I always appreciate and I really like it.
23:21And always I love to see it.
23:23So on that final note, we would like to bid bye to Mr. Patni.
23:30Indeed, it's such an interesting story.
23:33So please take inspiration.
23:35And if you have a story to tell us, do write into gulfnews.com.
23:48www.gulfnews.com