A cut above the rest
In 1995, Utpal Mistry, in his twenties, designed a machine for diamond bruting (one of the stages in the polishing of a rough gem) known as the Mexi Cut.
By Tapash Talukdar & Melvyn Thomas, TNN |
It was nothing short of a boon for the Indian diamond industry. In 1995, Utpal Mistry, in his twenties, designed a machine for diamond bruting (one of the stages in the polishing of a rough gem) known as the Mexi Cut. The machine, which was priced at a few thousand bucks, was being largely imported by the Indian diamantaires from a company in Belgium for around Rs 2 lakh.
Today, Mistry who runs the Rs 15 crore Lexus SoftMac, serves the world’s biggest diamond industry with state-of-the art diamond cutting and polishing equipment. And he proudly points out that most of the Mexi Cut machines used around the world are manufactured in the Surat unit of Lexus.
Recalling how his business began, Mistry says, “It just happened.” Family pressures made him return to India from the US and Mistry initially worked for few companies in India. During this time, a friend in the diamond industry asked him to develop a diamond cutting and polishing machine at a much lower cost. Then 22, Mistry drew upon his electronics engineering background to come up with a machine that conformed to global standards. “It took me about four years of research and development to design the first machine,” he says.
The machine was an instant hit among local diamond units. Now, Lexus not only supplies to the domestic industry but also has global diamond makers such as KGK diamonds, DiamCad, Rosy Blue, AGS, GIA, HRD and DMCC among its clients. The company has also patented few machines that have been widely accepted by global diamond makers.
Today, Mistry says his biggest challenge is to stay abreast of rapidly-evolving technology. “Few of the global machine makers are even copying our patented machines,” he says. Lexus works with global partners such as Rico Tools, BLS Lasers, Norsid Engineering, Hi-Tai Instruments and HRD.
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Going forward, Mistry is chalking out plans to bring out laser-based machines that could ease operations while polishing and cutting rough diamonds. Surat, the hub for cutting and polishing in India, is staging new growth with improved technology. Lexus holds nearly 15 % market share of the diamond processing machines market, after Israel-based Sarin, and Mistry says he’s targeting more than 50% market share over the next four years. A technical collaboration with a US-based company to launch advanced laser-based machines is also on the cards. Start a SIP with as low as ₹500 with ET Money App!
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