BVC Logistics: Culture at a 60 Year Old Startup

Are the Indian consumers willing to accept this?

The consumers worldwide are becoming more and more socially responsible and are willing to buy ethically responsible sustainable brand. Since Lab grown diamonds are perceived to meet this requirements of new age consumers it is being well received by them. India rates high on this social responsibility norm as is evident from the graph.

Why do women buy diamonds? How can Lab grown diamonds help to fulfil this dream?

No woman needs a diamonds but every woman wants one. The fact of the matter today is the way you dress is the way you get addressed. So primarily there are different reasons for which women buy diamonds but is every woman’s dream to at least own one of her own.

DIAMONDS / DIAMOND JEWELLERY ARE BOUGHT FOR THE FOLLOWING REASONS

1. I’m worth it - Right

or wrong, some people measure self-worth by the size and quality of the diamond jewellery they receive. “If he spends three month’s salary on an engagement ring, then I know I’m really important to him.” This can also be applied to the quality and value of diamond jewellery that a person may buy for himself. Taking into consideration how much a person can afford, often their purchase will reflect the degree to which they believe they deserve the jewellery. 2. Let’s celebrate - When

there is a family celebration, or other special events that arise, the elemental nature of the diamond jewellery given reflects both the joy and importance of the celebration. This could be the birth of a child, marked by the mother receiving diamond jewellery from the father, or a couple celebrating their diamond wedding anniversary, marking 60 years of marriage! 3. I did it! - Either in

recognition of one’s own accomplishment or of someone else’s, diamond jewellery is a natural choice after overcoming challenges and achieving a significant goal. “Yes! I finally got promoted to VP. Now I can buy myself that fancy college ring that I’ve been wanting all these years.”

4. I want something

truly special -The rarity

of a diamond itself, and its combination of the 4Cs, make all diamonds one-of-akind. Presenting a diamond to a loved one can be an expression of this. “Your inner beauty is as unique as this diamond. Please accept this gift as a reflection of all of your virtues.”

5. Reflecting a Diamonds Qualities

- Some may buy diamond jewellery for himself or others as an expression of an individual’s dazzling, distinctive, radiant personality. Other qualities that may also be reflected here are: reliability, inner strength, fire and sparkle. “The qualities I see in myself, I choose in the diamonds I wear. I am a vibrant, strong, stable person.”

6. Making the right impression -Generally

speaking, when it comes to giving diamonds, this is a male motivation, though occasionally women purchase diamond jewellery with this motivation as well. “These diamond bangles will show her how much I care and want to be there for her.”

7. The Promise of a

diamond - It’s that moment when a man realize that today is his anniversary and he doesn’t have a present for his wife! Only a lavish gift will redeem him, and diamond jewellery is the answer. Demonstrating the investment in her happiness shows that she is at the top of his mind. “I don’t know what to get her and time is running out. Well, I can’t go wrong with a diamond, she’ll love it.” 8. Redemption -Saying

sorry, or the need to make a point of how important a person is to you can be well expressed with diamond jewellery. The symbolism of a diamond as a stone that lasts forever and survives adversity to sparkle on, appeals to this motivation. “I am not sure where I stand in her eyes, and I want to let her know how important she is to me. This heart pin with the little diamond in it should express this.”

9. Purely a gift - As

diamonds transcend function, giving diamond jewellery means expecting nothing in return. “I’m giving her a diamond and not a household item because I want her to know that she is appreciated by this family for so much more than just the hard work she carries out every day.”

10. Ultimate symbol of

Love –As a pure expression of love, diamonds are considered to be the ultimate symbol of love and if one needs to express his/her love gifting of diamonds to near and dear ones is considered to be the most appropriate thing to do.

Lab grown diamonds meet every requirement and every occasion that a consumer needs the diamond for. The most significant consequence of lab-grown diamonds is that they give consumers the power to select.

The democratization of luxury is something that any company can commit to. This implies it’s time to stop debating the worth of lab-grown diamonds against those mined from the ground, because the truth is that diamonds are worth the emotions they convey. Consumers pay a transactional price at the counter, but diamonds were never intended to be a financial investment. They are emotional investments in the sense that they capture moments and sentiments.

All the diamond merchants of the world are dream merchants fulfilling a dream/desire of a woman. A woman may walk into a room wearing a simple cotton saree but the rock that she wears says it all. Today, you don’t have to be born with blue blood or you don’t have to be rich to afford these rocks because every woman today can afford these rocks that’s rocking the diamond world. Thanks to Lab grown diamonds.

BVC LOGISTICS:

CULTURE AT A 60 YEAR OLD STARTUP

We’ve learned the hard way that culture isn’t a to-do which ‘gets done’, but a perpetual activity. It’s our job to reinforce our culture in every conversation, every hour of every day. It’s a marathon, not a sprint and we’re excited to be on our path.

- Mr. Bhavik Chinai, Group CEO, BVC Logistics

Around 2012, the BVC culture was extremely rewarding for long tenures. It was like a batsman getting rewarded for lasting 100 balls rather than scoring a 100 runs. While that culture helped BVC earn trust and product market fit, to continue to grow like a startup, there was urgency to change. We have invested the last few years re-engineering our culture from bottom to top, keeping our values at the center of everything we do while focusing on the big picture. Today, we are extending our trust in our teams across all touch points. For example on the HR policy side, we now have an attendance policy that allows a BVCite to work from any physical location, at whichever time of the day they’re most productive and not follow a standard 9-5 schedule (whether it’s at night or early morning or during the day), and work any days of the week they feel they’ll add value. The culture is changing to working exclusively for outcomes, not number of hours.

Instead of following annual goal setting methods, we operate an OKR style quarterly goal structure. In our experience, annual goals purely remain on paper despite the business needs evolving and hence we’ve adopted a quarterly goal structure. Reviewing each quarter’s evolving needs allows us to change methods while progressing directionally toward our vision. Instead of allowing availability bias to influence a BVCite’s performance review, higher frequency of performance evaluation facilitates a fairer assessment to create leaders of tomorrow. Today, we are growing exponentially in most of our sub-segments, instead of the 10-20% year-on-year growth. Startup is a mindset and Team BVC has it now.

BVC’s growth lies in facilitating more trade in the jewellery industry. BVC is continuously listening to customers and looking at cross-industry innovations to apply to BVC. We are pioneers in launching several new solutions which have become the market norm today, from private exhibitions to Window Pickup & Drop solutions, from Annual Contract partnerships to secure e-commerce logistics solutions, from jewellery fulfillment centers to packaging solutions, most touchpoints of secure logistics today have an origin story coming from a BVC whiteboard. This push for innovation everyday has been an integral value of every BVCite and reinforces our startup journey. The average age of new BVCites has dropped from late 40s to early-mid 20s. Our team continues to become younger with extraordinary ideas coming from young BVCites. We also focus on onboarding individuals outside logistics & jewellery with the belief that streetsmart folks figure it out, and they have. In the next five years, BVC aims to continue to grow exponentially. We currently make shipping the competitive advantage of over 30,000 businesses globally, and have a goal to facilitate $100B worth jewellery trade annually by 2025.

To achieve this audacious goal, we continue to improve the diversity of our team & continue to disrupt ourselves. As we speak, there are over 5 pilots of different startups being executed across the country, with a focus on either creating IP or co-creating IP with startups.