Lab-grown diamond jewellery brand Jewelbox has raised $3.2 million from investors led by V3 Ventures.
The Kolkata-based startup plans to use the capital to expand its retail footprint across India, strengthen brand visibility, and hire talent across key functions, cofounder Vidita Kochar Jain, told ET.
The pre-Series A funding round also saw participation from Atrium Angels, Dexter Ventures, Infinyte Club, Samarthya Capital and existing backer JITO Incubation & Innovation Foundation (JIIF).
Jewelbox operates eight stores across six cities—Delhi, Gurgaon, Bengaluru, Chennai, Kolkata and Guwahati—and aims to scale to 30 stores by the end of the year.
“The competition in the lab-grown diamond space is heating up and attracting a lot of attention. But I see it positively, whether it’s legacy players, established entrepreneurs, or newcomers entering the space, it means more validation for the category,” said Jain.
Jewelbox, founded in May 2022 by siblings Jain and Nipun Kochar, sells lab-grown diamond jewellery through both online and offline channels.
Jain said the company closed FY25 with an annual revenue run rate (ARR) of Rs 38 crore, up from Rs 16 crore in the previous year.
In March 2024, Jewelbox had raised Rs 3.7 crore in seed funding from JIIF.
The latest funding comes amid rising consumer interest in lab-grown diamonds, which are more affordable than natural diamonds and are increasingly seen as a sustainable alternative.
Last month, Priyanka Gill, cofounder of the Good Glamm Group who joined Kalaari Capital last year, left the firm to launch her own lab-grown diamond startup Coluxe, which has already secured early-stage funding.
Meanwhile, Bengaluru-based Giva, known for its silver jewellery and recent entry into lab-grown diamonds, is in talks with private equity firm Creaegis to raise $80-100 million at a valuation of $470-500 million.
Recently, commerce and industry minister Piyush Goyal, during question hour in the Rajya Sabha, ruled out introduction of additional regulations for the lab-grown diamond industry, stating the sector has grown well under the existing self-regulatory framework.
ET had reported that Jewelbox, along with other new-age jewellery brands such as Aukera, Giva and Green Lab Diamonds, had approached the Central Consumer Protection Authority (CCPA) to challenge the use of the term “synthetic” for lab-grown diamonds.
These brands argue that the term misleadingly equates lab-grown diamonds with simulants like cubic zirconia, which differ significantly in both quality and composition.
“At V3 Ventures, we’re excited about the potential of lab-grown diamonds to truly democratise access to luxury in India. Less than 6% of Indians own diamonds today. And we love jewellery so, this category is ready for disruption,” said Arjun Vaidya, cofounder and managing partner, V3 Ventures.
