The New Generation is a WDC newsletter series that tells the stories of up-and-coming diamond industry leaders, examining the role that they see for themselves in the business and the diamond itself. Each article in the series is delivered in the person’s own voice.
The 11th article in the series features Karan Hirawat. Born in Belgium, he is a third-generation member of an Indian diamond family, which today operates its bespoke jewelry manufacturing company, Karshev-The Private Jeweller, out of Mumbai.
A TALE OF TWO FACETS, ONE LIGHT
The author, Karan Hirawat.
AUGUST 17, 2026
This is a story of twins born in the heart of Antwerp. I am Karan, and my brother is Keshav. We grew up in Belgium in a family of Indian diamantaires who originally hailed from Jaipur, in the northern state of Rajasthan.
Ours is a tale of two facets, angled against each other but ultimately integrated. Like a finely cut diamond, true brilliance emerges when multiple surfaces catch, bend, break, and reflect the light. Our differing paths never weaken the stone—they give it depth, fire, and unexpected radiance.
Today, like our parents before us, we are fully invested in our family business. But we are not here simply to preserve the past, even though we respect it greatly. We are polishing the future.
There is an inherent tension between us, but it is not destructive—in fact, quite the opposite. To members of other family businesses, especially those led by siblings or twins, I say: Do not fear cracks in the mirror. Embrace them. It is in the friction between tradition and innovation, art and commerce, heritage and reinvention, from which the brightest sparkle is born.
We are still learning. Our business is still evolving. But for the first time in years, we stand side by side—not as opposites, but as two essential facets of the same precious gemstone.
The author studying a set of emeralds with his grandfather, Kailash Hirawat.
The true role of a diamantaire or jeweler
Our company’s name, Karshev—The Private Jeweller, is itself a union of my brother’s name and my own. It is a constant reminder of the journey we chose to take together. It reflects not only our partnership, but also the unwavering support of our parents and the generational foundation laid by our family before us.
Living in Antwerp—the city that has been at the epicenter of the diamond trade since the fifteenth century—we were immersed in the world of diamonds from an early age. Few people realize that Antwerp artisans invented the scaif in 1476, creating the polishing wheel that gave birth to an industry capable of producing the multifaceted brilliance we associate with modern diamonds today.
Our earliest memories are of holding a loupe, sorting stones, and embarking on occasional treasure hunts whenever one of them escaped the tweezers. These moments taught us not only about the beauty of diamonds, but also about the discipline, precision, and patience required to understand them.
As we grew older, we learned the language of the Four Cs. Yet those lessons often led us to a deeper question: What is the true role of the diamantaire or jeweler?
Our grandfather, Kailash Hirawat, often reminded us that while nature creates the diamond, it is our responsibility to interpret how its characteristics interact and to communicate its beauty to the most discerning clientele.
We never believed in rigid definitions of “good” or “bad” stones. Every diamond represents an opportunity—waiting to be understood, crafted, and delicately balanced within bands of precious metal to tell a story.
Moving back to India
Although our journey began in Antwerp, moving to Bombay in 2004 was a defining turning point.
The financial crisis of 2007–08 revealed something remarkable: India’s wedding industry possessed extraordinary resilience. It was there that our family truly learned the art of being jewelers rather than simply diamond merchants.
India reminded us of the richness, opulence, and cultural depth of its jewelry traditions. Yet our mother, Kumud Hirawat, an artist by nature, saw an opportunity not merely to celebrate tradition but to reinterpret it. She envisioned jewelry that honored Indian grandeur while expressing it through a contemporary, international lens.
It was through her that I found my own calling.
The narratives that once lived on a canvas evolved into three-dimensional forms. Metal became my blank canvas, while diamonds, colored gemstones, and texture became my brushstrokes. After completing my studies in fine arts in Hong Kong, I returned to the family business knowing this was where I belonged.
My brother’s path could not have been more different. After spending years in finance in New York, he returned to follow in our father’s footsteps, bringing commercial strategy, operational discipline, and financial insight to the business.
The author, a bespoke jewellery designer, with his mother and mentor, Kumud Hirawat.
The expediency of friction
The symmetry seemed perfect.
Yet, like every diamond, symmetry alone is never enough. A diamond must endure pressure before it can reveal its brilliance.
As with most family businesses, agreement and disagreement have shaped our journey. Friction is inevitable—but without friction, there can be no polished surface. Simply put, our friction is caused by the two vantage points from which we see the world: creating versus selling, savings versus necessary expenses, and preserving versus evolving. One of our most frequent areas of contention concerns which practices must be left behind in order to grow.
Guided by the generations before us, we learned that differing perspectives were not obstacles but strengths—forces that pushed the business toward new ideas and possibilities.
Moving beyond commoditization
Today, we find ourselves at one of the most fascinating moments in our industry’s history.
The uncertainty surrounding the future should not be viewed as a threat, but as an invitation to rethink what luxury can become. Rather than recounting only the history of our brand, we hope to use this platform to share the ideas and perspectives that continue to shape our journey.
We believe that the future of our industry depends on its ability to move beyond commoditization.
It has become increasingly comfortable to hide behind standardized grading reports, pricing formulas, and discounts. Yet we must ask ourselves: Is luxury meant to be quantified or experienced?
Is the true measure of a diamond that it trades at 45 percent below Rapaport? Or is it the quiet way light travels through its facets? Perhaps the finest diamonds do not seek the light—they simply hold it.
As specialized cutting continues to evolve, we are reminded that brilliance and symmetry alone no longer define beauty. Texture, proportion, and the dialogue between different cuts—from brilliant to rose, briolette, and beyond—allow jewelers to compose entirely new visual experiences.
There is no perfect formula.
Like a composer writing music, the jeweler’s role is to orchestrate diamonds, gemstones, precious metals, and craftsmanship into something that moves people emotionally.
That is the journey Karshev has chosen.
The past defines the future
We continue to explore new textures, materials, and techniques while remaining grounded in the values passed down through our family. Innovation, research, and development are not departures from tradition—they are its natural evolution.
At the same time, redefining luxury requires greater transparency and a deeper commitment to education. Today’s clients are informed, curious, and thoughtful. They seek meaning as much as rarity, and craftsmanship as much as certification.
For us, the past does not compete with the future—it defines it.
The wisdom of previous generations provides the foundation upon which ours can build. Their stories become the platform from which we launch our own ideas, ensuring that heritage is never something we inherit passively, but something we actively carry forward.
Just like a diamond, every generation adds another facet. Together, those facets create a brilliance that no single surface could ever achieve.