The men were attempting a route on the south face of Marian Peak.
"While details of the accident are not yet fully known, we believe that while climbing, the leader fell before being able to place gear after the belay. This resulted in a fall, pulling the team off the wall."
Team members were now preparing to fly from across the world to attend their friends' funerals.
A gofundme appeal to bring home climbers Gemma Wilson and Alastair McDowell from Canada had raised US$5000 ($7195) in just a few hours towards their airfares back to New Zealand.
The two said they wanted to return to New Zealand tomorrow "to give our friends a last goodbye".
Smith and Chand joined the alpine team in late 2015.
"They were both well liked and respected members of our team," it said. "They were experienced and competent mountaineers with many successful ascents in New Zealand and overseas.''
Smith excelled as a rock climber, and Chand had a long list of successful ice and alpine ascents.
"To lose two of our friends and teammates together in this way is devastating for us. Our thoughts are with their family and friends,'' the team said.
The club's website shows that Smith grew up on the West Coast and got into climbing while studying in Greymouth.
Chand's interests included climbing, running, mountain biking and snowboarding. Originally from Canterbury, he studied at Lincoln University.
Both were part of the team's second intake of mentored climbers, coming in for the 2016-2019 period.
New Zealand Alpine Club general manager Karen Tait said losing two talented climbers in a single accident was a tragic blow.
"They were both bright young climbers," she said.
"It's a great loss to the climbing community."
She said the pair were considered "young stars" having earned places in the country's crack alpine team, which selected only the best and brightest climbers.
The accident had happened in the premier rock climbing region of New Zealand, regarded by alpinists as the place to test yourself, Tait said.
