Family businesses are known to be the most resilient engines of enterprise, built on legacy and trust. Many of these have shaped industries, created institutions and backed economies across generations. While they have balanced the emotional pull of inheritance, they have not always escaped the hard realities of modern business. The complex stories of succession battles, silent rivalries and patriarchs who do not easily let go have defined many such enterprises. Some have faced disruption and difficult times. But this family has never been about wealth creation alone; it has been about legacy. And because they worked diligently, wealth followed.
Dilip Kumar Lakhi’s father, Vishindas Holaram, was a businessman who established the Lakhi Group in 1944. He laid the foundation for the family’s journey into the precious stone trade. Even before the Partition of India, Vishindas established the business in Jaipur, a city destined to become synonymous with jewellery and gems. Few could have known that this decision would shape the family’s fortunes for generations to come. It has been over five decades in the diamond trade for Dilip Kumar Lakhi, who entered the industry at the age of 16.
Dilip Kumar Vishindas Lakhi, fondly known as Dilipbhai Lakhi, was born in 1950 into this Sindhi family. His Shikarpuri family taught him that, above all, discipline and grit were essential in the diamond business. At the age of 13, he was balancing his studies with responsibilities in the family enterprise. The year 1972 marked a turning point. For a long time, India was emerging as a global hub and had established itself as the undisputed centre for cutting and polishing diamonds, though not necessarily for rough diamonds. We know what happened next, as work flowed from the narrow lanes of Surat to the trading hubs of Mumbai.
Sensing an immense opportunity, the 22-year-old Dilip Kumar left Jaipur for Mumbai. His destination was Zaveri Bazaar, the bustling heart of India’s diamond trade. This bold relocation was not merely about continuing his father’s work; it was about expanding it. Dilip Kumar had the foresight to recognise Mumbai as the industry’s future epicentre, and he was determined to carve out a place for himself and his family in this competitive marketplace. What followed were decades of hard work and keen vision that transformed the family business into the Lakhi Group, a global name in diamonds.
Under his leadership, and with his family’s support, the group rose to extraordinary prominence, establishing Asia’s largest diamond factory. From a modest trading operation, the Lakhi Group has grown into a company capable of producing over a million carats of polished diamonds, supplying both international markets and India’s largest diamond houses. As chairman, Lakhi was not merely managing a business; he was building an empire.
It takes a village
The diamond trade in the Lakhi family was never a solo act. It was more like a symphony, orchestrated by family members across continents. His eldest brother, Motiram, managed operations in Hong Kong, while his elder brother, Girdharilal Lakhi, became a director of Vishindas Holaram Pvt Ltd. Brothers Deepak and Prakash led Sparklers International DMCC in Dubai and Vishindas Inc in New York through their respective operations. His son, Chirag, now carries forward the family business as a director of Vishindas Holaram Pvt Ltd alongside his nephews Manish and Ritesh.
Under his leadership, and with the support of his close family, the group rose to extraordinary prominence, establishing Asia’s largest diamond factory. His influence extended to more than 20 countries through the group’s two flagship entities. This global family network ensured that the Lakhi Group maintained its dominance in the international diamond market. What began as a community-driven trade evolved into a multi-billion-dollar industry.
His investments
Along the way, he gained widespread recognition for his strategic investments in niche sectors, becoming one of India’s premier stock market investors and building a portfolio marked by long-term growth and resilience. A committed contrarian investor, he is well regarded for his conviction-driven approach, with holdings concentrated in infrastructure, metals and steel, and financial services. He follows his intuition rather than conventional wisdom and is known for avoiding popular trends, instead focusing on less crowded sectors and relying on structural turnarounds and cyclical reversals.
Lakhi’s sharp eye identified opportunities in sectors such as lubricants, chemicals, construction, media and industrials – areas with relatively less competition but significant potential. The following information is drawn from the public domain. By June 2023, he held stakes in more than a dozen companies. Notably, he owned a 4.2 per cent stake in NDL Ventures of the Hinduja Group, which surged by 10 per cent within six months. Dilip himself has never commented publicly on his investments.
His contributions
But beyond the glitter of diamonds and the excitement of the markets, the Lakhi family’s story shines brightest through its acts of giving. After a wait of more than 500 years, the consecration ceremony of the Ram Mandir in Ayodhya was finally completed. Among the contributors, one individual’s contribution drew national attention: Dilip Kumar Vishindas Holaram Lakhi. The family made what was reported to be one of the largest contributions associated with the temple project. According to reports, the gold was used to gild several parts of the temple, including the sanctum sanctorum (garbhagriha), pillars, trishul motifs, decorative architectural elements and, of course, the gold-plated gates. The donation became symbolic of the way many family-owned businesses view spirituality. The Lakhi family has also made several other religious contributions. These include gold thrones, gates and statues for temples such as Somnath, Dwarka, Mahudi Jain Temple and the Bhagwan Mahavir Statue at Pavapuri.
The Lakhi Group has consistently supported educational upliftment initiatives across India by donating to foundations, establishing schools and providing scholarships in rural areas. This has included support for tribal schooling and community-led education programmes. Lakhi has also been a strong supporter of the RSS-backed Ekal Vidyalaya movement, which operates single-teacher schools in remote and tribal regions of India. He firmly believed that education was essential to integrating tribal communities into the social and economic mainstream. These contributions have extended to many other institutions as well. In interviews, he has lamented the decline of educational philanthropy.
The Group has also supported the Gemmological Institute of America’s educational initiatives, funded healthcare projects, provided advanced equipment to cancer institutes and partnered with NGOs to supply medicines to underprivileged communities. Lakhi has supported the creation of hospitals, dharmshalas and rural infrastructure. He believes that philanthropy should build ecosystems.
Contributions to the National Relief Fund further demonstrate the Group’s commitment to supporting disaster-affected areas, although these were never widely publicised. Reports suggest that, as an active philanthropist, he played a role in national relief, social welfare and community-support initiatives through numerous trusts and charitable networks. He once commented wryly: “I like to remain absolutely low-profile; as a traditional family, we do not like to make a public spectacle of anything, but we do everything as a social duty.”
Recognition and honours
In 2001, the Sindhi Chamber of Commerce in Chennai honoured him with the Outstanding Citizens Award. Later, in 2016, at the Gem & Jewellery Export Promotion Council Awards in Jaipur, he received the Lifetime Achievement Award, cementing his place as an icon in both industry and society. He was also the recipient of the Gold Souk Jewellery Award in Jaipur in 2009 for his contributions to the gem and jewellery trade.
Another notable recognition came in January 2026, when Lakhi was honoured by the Gem & Jewellery Export Promotion Council (GJEPC) at the Jio World Convention Centre (JWCC). The organisation recognised exceptional individuals whose vision, leadership and sustained contributions had played a defining role in shaping and advancing the Indian gem and jewellery sector. Lakhi received a Hall of Fame honour for his role in building a resilient and globally respected enterprise, strengthening India’s reputation as a trusted centre for diamond manufacturing and trading, and upholding values that continue to inspire the next generation of industry leaders.
In 2013, he made headlines by acquiring the iconic Cadbury House in South Mumbai. Cadbury House is a landmark property – a striking white Art Deco building that once belonged to the global chocolate giant. Spread across roughly 1.1 acres in one of Mumbai’s most exclusive neighbourhoods, the property, with its mix of office space and residential quarters for senior executives, became another feather in his cap. The acquisition reflected the growing financial strength of the diamond merchant community. Over the years, however, plans have evolved, and reports suggest that the land will eventually be used for a luxury residential development.
75 and still going strong…
Dilip could have retired long ago, but he remains an active and much-sought-after figure, frequently invited to speak on a variety of subjects. From a young boy learning the ropes in Jaipur to becoming the chairman of a global diamond empire, from a shrewd investor to a philanthropist whose generosity has attracted national attention, he stands apart. Yet little has changed about him. He remains an old-school Indian patriarch – understated, deeply religious and devoted to keeping his family united.
In an age fascinated by the glitter and lifestyles of contemporary billionaires, he continues to embody three enduring pillars: family, philanthropy and faith.
Yet perhaps the most striking thing about him is not the wealth he has accumulated, but the legacy he continues to shape through education, healthcare and cultural preservation. His story reminds us that while diamonds may symbolise eternity, it is generosity and vision that truly outlast time.
Box
Business India met Dilip Lakhi at the diamond bourse to better understand the man behind the success. For decades, the Indian diamond trade has been built on craftsmanship, trust and global reputation. He is one of the few names who have witnessed and shaped that evolution. From the old-world trading ethos of Mumbai’s diamond corridors to the changing realities of luxury, lab-grown stones and shifting global demand, he represents a generation that transformed Indian diamond entrepreneurship into a global force. An excerpt from a candid conversation:
What do you think has changed in the industry after all these years, considering the challenges the industry has had to face?
Before, we used to call the diamond business a gentleman’s business because all diamantaires kept their mazab; their word was everything. Now times have changed. In those days, only certain sections ruled the trade – the Patnis, the Surtis and the Palanpuris – but one cannot discount the Sindhis in the jewellery trade. Our family itself has been in the business for six generations, though we are a small percentage of the larger industry.
In earlier times, Indian diamantaires quietly built global influence without much branding. It worked then; would it work now?
We must be the only company in the world that has not given in to the lure of marketing and advertising to this day. We do not do any cold calling either. Our brokers understand our way of working, so they bring customers directly to our office.
How is the industry dealing with the onset of lab-grown diamonds?
‘The advent of lab-grown diamonds over the last 5 or 6 years has been quite disastrous for us.’
How have you survived the toughest cycles – sanctions, recessions, Covid, demand collapses – and what did all this teach you?
We have always had the ability to face challenges. Our confidence carried us forward. Remember, we are Sindhis and we survived Partition. Our DNA is very strong.
Family-run businesses dominate the gem and jewellery sector. What are the biggest mistakes promoter families make when moving from one generation to another?
In our time, it was all about business targets. That was all we cared about. We had to achieve them through trust, loyalty and by honouring our word. Today’s generation has a completely different approach. They use data and technology to achieve everything. For me, the word ‘impossible’ does not exist. It simply means ‘I’m possible’.
What advice would you give to the new generation entering the industry today?
They must focus on quality and not use short-term schemes to make money. Honesty and keeping one’s word have to remain paramount.