We live in a historic time. This year marks a record number of women elected to Congress. The latest data show more women in the US workforce than ever and a narrowing gender pay gap, while the #MeToo movement continues to force transparency. In the gem world, women are working in every sector from mines to marketing, and female-founded jewelry brands like WWAKE, Roxanne Assoulin and AUrate are shining bright.
So what strategies have women used to advance in the diamond and jewelry trade, and what hurdles are they facing along the way? The following four female industry leaders answer those questions, discussing their toughest career challenges, changes in the jewelry workforce, and personal advice for those on the corporate climb.
Beryl Raff: No pressure, no diamond
Few people report to the third-wealthiest person in the world. Enter Beryl Raff, chairman and CEO of Helzberg Diamonds, a no-nonsense leader celebrating a decade with Warren Buffett’s Berkshire Hathaway subsidiary.
When asked about the “boys’ club” curtailing female advancement in the sector, Raff’s take is direct and simple: “Don’t let it. Know what you’re talking about, be confident, have a point of view and don’t let emotion rule interactions.”
Venting may gain a sympathetic ear at the office, but not on Raff’s watch. She has long rejected a “woe is me” mind-set, leveraging a positive mental attitude in challenging situations. “We all have a choice in a down moment — feel sorry for yourself, or pick yourself up, learn from it and move forward.”
For Raff, moving forward once meant “a big step backward.” After leaving the chief executive post at Zales Jewelers, she became senior vice president of fine jewelry at department store chain J.C. Penney, but approached the position with a CEO stance. “I held my head high and delivered far above expectations,” she relates. This self-imposed pressure to continuously over-deliver ultimately led her to the helm of Helzberg.
Asked what the trade can do to increase female leadership, Raff turns to the aspiring jewelry executives themselves. She advises them to advance their leadership skills, honing analytical capabilities and “tabling expectations for a straight-upward climb to the C-suite.” Advancing to CEO, she says, means “mastering a multiplicity of metrics, not just being an expert in those most relevant to the position you currently hold.”
A final word of advice for corporate climbers: Network. Raff strongly suggests forging and maintaining business relationships early on while learning from both good and bad examples to form your leadership style.
Katherine Bodoh: Lessons in resilience
There have only been two female CEOs at the American Gem Society (AGS) and AGS Laboratories. Katherine Bodoh is the second, following her mentor, Ruth Batson.
Bodoh started as deputy executive director at AGS, before which she was an executive with Jeweler’s Mutual Insurance Company. Recently, she added parenting to her accomplishments.
Early in her career, she experienced a test of her resilience when she relocated for a job and found upon arriving that no one, including human resources, knew about her. “There was no job description, and the person who recruited me resigned,” she recalls. But she made it work. “Life, and certainly my career, have been journeys both good and bad. I’ve learned from each and focused on how I’d be different when I had the opportunity to be a leader.”
How does she keep herself and her team energized? It’s about motivation and inspiration. She does well in the first department and is quick to credit her team and family with the second.
“I inherited a very strong work ethic, so I can run on fumes for quite some time,” she says. “My husband has the gift of living in the present and noticing the beauty around him. I want to be a good example for my daughter and the AGS team, so this is an area I’ll continue to work on.”
Asked if she’s had a career misstep that could be a lesson to others, Bodoh replies, “I have learned that not everything works. Sometimes the best decision is to stop investing and move on.”
Nathalie Diamantis: The formula for success
Nathalie Diamantis is all about the numbers. Having held VP titles at Van Cleef & Arpels and Bulgari, she now serves as luxury group Kering’s president of jewelry for the Americas, and you won’t find her in an executive meeting sans spreadsheet.
“I overcame being just another one of the team by generating numbers and owning financial facts,” she says. “All elements of our profession are important contributors, but none more than the bottom line.”
Diamantis — who is also president of Kering’s Pomellato brand — delights in seeing an increase in jewelry-focused female leaders, especially within the last 10 years. She was hired by women for all of her senior positions, and believes women now have more advantages than in the past. “Today’s next generation of women are more immune to gender gaps. Their potential is incrementally greater thanks to the paths of current women leaders.”
That’s particularly the case in the luxury sphere, where she says “there are more female leaders than other professions, due in part to a balance of soft and hard skills.” In contrast to learned talents, soft skills are inherent traits. For example, women connect more with other women when buying jewelry.
Does Diamantis have any regrets? “When I was ready for the next step (though frequently recruited), I hesitated, thinking the next step would find me where I was,” she recalls. “I wasted time. Nothing is more important than personal development in one’s career. Stagnation is a self-fulfilling prophecy.”
Diamantis is quick to corral and credit her team, and thrives on getting people to work together. “I learn from those around me, leveraging knowledge to advance the team and department. Alone, I can only contribute so much, but with an army — regardless of size — we can conquer any challenge.”
Tracy Margolies: A beautiful balance
With over two decades of senior executive expertise, Tracy Margolies, chief merchant at Saks Fifth Avenue, has seen a lot of change for women in luxury retail.
“The old mantras don’t work anymore,” she says. “It isn’t about being more assertive or having your own agenda. For me, it has always been about team, and more recently, balance.”
For most, balancing a personal life and retail hours is challenging. Add “mom” to the mix, and it can be a constant seesaw. Margolies doesn’t view it that way. She maintains stability by relying on a strong support staff. “Everyone on the team plays an important role, and having people you can rely on is a big key to success. Having something outside of work that is exciting helps you gain perspective. When I’m at work, my attention is there, and when I’m home with my son, my focus is 100% on him.” She is known to keep a regimented calendar, and balance is a scheduled requirement.
While she holds passionate views in meetings, she invites a wide range of perspectives in her decision-making. “I think being a more thoughtful person with a strong point of view has always helped people climb the ladder.”
What advice would she give her former self? “No role is too little to start. Every task is a learning experience. And take more business and public speaking classes. It will help you be more confident and find your voice earlier in your career.”
Image: StocksyArticle from the Rapaport Magazine - May 2019. To subscribe click here.