This article first appeared in the JNA March/April 2024 issue.

Third-generation diamantaire Smit Virani has been ushering in a sea change at KARP Jewellery, combining his family’s legacy in the diamond industry with his experience in change management and business process management to transform the company into a progressive and forward-thinking player in the traditionally conservative diamond/jewellery sector.

Under his leadership as CEO, the diamond manufacturer and jeweller is challenging the status quo and adopting modern technologies and digital platforms to enhance its operations and reach a wider customer base.

Smit said, “We realised the diamond/jewellery industry was evolving and traditional approaches were no longer sufficient to stay competitive. Recognising the need for change, we conducted an in-depth analysis of market trends, consumer demands and emerging technologies. This analysis highlighted the importance of embracing innovation and adopting sustainable practices.”

Growth momentum

According to Smit, the post-pandemic business landscape demands a fresh set of approaches to effectively navigate the ever-evolving conditions.

For starters, digital transformation is crucial, he noted. The pandemic accelerated the adoption of technology across industries, and businesses must leverage digital tools and platforms to enhance operational efficiency, customer engagement
and remote collaboration. Smit cites the successful development and implementation of an innovative customer relationship management (CRM) system among his foremost accomplishments.

Moreover, e-commerce platforms and digital marketing enable jewellery companies to effectively showcase their products, engage with potential customers and offer personalised shopping experiences. Smit remarked, “Investing in online platforms that provide detailed information about diamond origins, certifications and ethical practices will empower consumers to make informed purchasing decisions.”

Sustainability is another priority – the company’s efforts to reduce its carbon footprint and promote eco-friendly practices is pivotal to its long-term business success, shared Smit. KARP Jewellery is also investing in research and development to create sustainable and ethically sourced diamonds, thereby catering to the growing demand for responsible products.

Smit said, “By educating consumers about the positive impact of purchasing natural diamonds, which include supporting local economies and communities, the industry can create a stronger demand for responsibly mined diamonds.”

Team empowerment

Placing a premium on employee well-being and work-life balance, Smit actively invests in talent development and training programmes to nurture a skilled workforce that can adapt to the changing industry landscape.

His management style centres on fostering a collaborative and inclusive environment where open communication and teamwork are valued – a clear shift from traditional hierarchical structures to a more participative and decentralised decision-making process.

“I believe in empowering my team members to take ownership of their work and providing them with the necessary resources and support to excel. Additionally, I prioritise a results-oriented approach, focusing on setting clear goals and objectives while encouraging innovation and creativity,” he disclosed.

Bringing about transformative changes was not without its challenges. Smit initially faced resistance from stakeholders who balked at altering established practices.

“By engaging in open dialogue, actively listening to concerns and addressing them empathetically, I was able to build trust and gain support for the change initiative. I also organised workshops and training sessions to provide the necessary knowledge and skills to adapt to the new processes, ensuring a smooth transition and minimising resistance,” he recounted.

Forging ahead

Modern-day leaders need agility and adaptability to thrive in current business environments, said Smit. The pandemic highlighted the importance of responding swiftly to changing circumstances, he added.

“Businesses need to build resilience by fostering a culture of continuous learning, encouraging innovation and implementing agile decision-making processes” he remarked. “This includes being open to experimentation, learning from failures and quickly adjusting strategies based on market feedback.”

As CEO, Smit aims to establish KARP Jewellery as a globally recognised industry leader, renowned for its innovation, commitment to sustainability and exceptional customer service. By applying his transformational leadership skills to the company’s product, operations and corporate culture, he is securing its position as a frontrunner in the diamond sector for years to come.

 

Top challenges facing the diamond industry 

Lab-grown diamonds and the dip in demand for natural diamonds are impacting the further and sustainable growth of the natural diamond industry. 

Proposed solutions 

The diamond trade must adapt to the presence of lab-grown diamonds in the market and ensure these are fully disclosed and consumers clearly understand the differences between mined and lab-grown diamonds. Major marketing efforts are also needed to promote and instill confidence in natural diamonds, particularly among younger generations. The campaigns should highlight diamonds’ value, longevity and positive impact on local mining communities. 

 

This story is part of a series of ‘New Era of Leaders’ profiles in JNA March-April 2024. Click here to view the other profiles.