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

Zulu Ghevriya sees opportunities where many see risks. Time and again, he has blazed a trail in emerging sectors in the gem and jewellery industry, often taking a leadership role in nurturing these to widespread market acceptance and success.

As managing director, he led Prism Group’s foray into enhanced fancy colour diamonds when the product category was still in its infancy. “We took the initiative to educate jewellers and consumers alike on fancy colour diamonds and collaborated with jewellery manufacturers, designers and retailers to make these more commercially available,” Zulu recalled.

Prism’s efforts made fancy colour diamonds accessible to a wider range of consumers, while enabling more designers to incorporate vibrant colours in their jewellery designs through enhanced fancy colour diamonds.

Passion project

Lab-grown diamonds (LGDs) are Zulu’s latest advocacy. Smiling Rocks, the LGD jewellery brand he launched in 2019 with his brother Manish Jiwani, is the cornerstone of his sustainability efforts. The brand adopts a philanthropic business model, supporting different charities under four initiatives.

“We have always sought to create a business model that not only works for our community but also allows us to give back through our operations. Each Smiling Rocks sale represents an opportunity to make a positive impact. This shows that any business model can be transformed into one that is positive and sustainable,” Zulu explained.

Smiling Rocks is also borne from his determination to make a meaningful difference, following an epiphany at age 40 that set him on a new course and reawakened his passion for innovation.

“When my brother and I turned 40, we realised we had spent half our lives engaged in business ventures that, while familiar, did not fulfil our aspirations. We wanted the second half of our journey to be marked by something we could truly be proud of – a business model that served a purpose beyond conventional entrepreneurship,” Zulu revealed.

LGDs had long been on Zulu’s radar – he had been drawn to its narrative of sustainability and choice. On his daughter’s birthday, he broached the idea of finally venturing into the LGD field to his brother, who readily agreed. Zulu then promptly flew to New York to meet with their lawyers and establish a company focused on giving back to society.

“We saw it as an opportunity to create a business model that aligned with our values and allowed us to achieve a sense of fulfilment. From that point on, we embarked on our new path, fully aware that regardless of the size of our business, our chosen model would undoubtedly have a profound effect on the world. It was heartening to see that many people resonated with our vision and expressed their own motivation to take positive steps in their own lives,” he said.

Pioneering spirit

Education, transparency and collaboration are the pillars of Zulu’s corporate strategy. As an early proponent of budding innovative sectors, he has taken the lead in introducing the product to the market, educating consumers on salient points and working with jewellers, designers and trade bodies to strengthen the category.

“We consistently seek connections and innovation in our business and ideas, particularly in the realm of design and creating our collections. We prioritise practicality and pioneering concepts, constantly striving for revolutionary ideas that set us apart from the competition. This commitment to revolutionising the industry and fostering innovation is an integral part of our approach,” he remarked.

Transparency likewise underpins all his business endeavours. Fostering trust and communicating messages and intentions clearly to retail partners and consumers are a strategic priority.

With this growth mindset, Zulu aims to propel Smiling Rocks to new heights by launching franchise stores, stand-alone outlets and collaborative relationships with retail partners through boutique experiences and shop-in-shop arrangements. He believes the LGD industry will experience significant growth this year, on the back of greater stability since November 2023.

“I anticipate that the first two quarters of this year will continue to enjoy stable pricing, which will yield favourable outcomes for the industry,” Zulu shared. “Major retail stories in the US also report higher LGD sales, indicating a promising future for the lab-grown industry, with a clear path for growth in a stable environment.”

 

Top challenges facing the diamond industry:

LGD prices dropped significantly in the past year, with high production volumes and the increase in growers resulting in price fluctuations and intense competition. Myth marketing and misleading communications also hurt both natural and lab-grown diamonds. 

Proposed solutions:

Pricing issues are a natural outcome for technology-driven and manmade products. The market will eventually stabilise and has already begun to do so. Consumer awareness and understanding of LGDs must be enhanced. The sector needs a collective and authoritative platform to educate the market. Addressing this education gap is crucial for the continued growth and acceptance of the product. The diamond sector as a whole must also explore alternative, transparent marketing approaches that educate consumers properly and offer them choice. 

 

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.