In a Pre-Series A investment round led by V3 Ventures, lab-grown diamond business Jewelbox has secured $3.2 million. Atrium Angels, Dexter Ventures, Infinyte Club, Samarthya Capital, and current investor JITO Incubation & Innovation Foundation (JIIF) have all contributed to the transaction.
The Kolkata-based business received Rs. 3.7 crore in venture funding from JIIF in March 2024.
The money raised will be utilized to expand its network of stores, increase brand recognition, and make hirings in important departments.
Jewelbox, which was established in May 2022 by siblings Vidita Kochar Jain and Nipun Kochar, sells lab-grown diamond jewelry online and in physical stores. For FY25, the company's annual revenue run rate (ARR) increased from Rs. 16 crore to Rs. 38 crore.
By the end of 2025, Jewelbox hopes to have 30 locations, up from its existing eight in Delhi, Gurgaon, Bengaluru, Chennai, Kolkata, and Guwahati.
Jewelbox will face competition from a number of companies in the lab-grown diamond market, such as Firefly Diamonds, COLUXE, Fiona Diamonds, and Limelight Lab Grown Diamonds. GIVA, supported by Aditya Birla, also sells jewelry made with lab-grown diamonds.
WestBridge Capital led Firefly Diamonds' $3 million seed round last month.
Because it confuses lab-grown diamonds with fake stones like cubic zirconia, Jewelbox and other new businesses have petitioned the Central Consumer Protection Authority (CCPA) to ban the term "synthetic" from being used for lab-grown diamonds.
At V3 Ventures, we’re excited about the potential of lab-grown diamonds to truly democratize access to luxury in India. Less than 6% of Indians own diamonds today,” says Arjun Vaidya, Co-founder and Managing Partner at V3 Ventures.
“What impressed us most about Jewelbox is the team’s ability to execute flawlessly across online and offline channels, even outside their home markets”, he added.
"Lab-grown diamonds are part of an industry that's still in the making. More players will enter and try to capture market share, but the right to win depends on two key factors. One is how much trust and credibility you can build around the brand, because people buy from players they trust—those with customer-friendly policies, good service, and a strong overall experience. The second is reaching consumers where they are and being present across multiple touchpoints," Vidita Kochar Jain, Co-founder, Jewelbox.
