Jewelbox Secures Funding for Lab-Grown Diamond Expansion

Lab-grown diamond brand Jewelbox has successfully obtained $3.2 million in a pre-Series A funding round, spearheaded by V3 Ventures. The funding round also saw participation from Atrium Angels, Dexter Ventures, Infinyte Club, Samarthya Capital, and the existing investor JITO Incubation & Innovation Foundation (JIIF).

In March 2024, the Kolkata-based startup initially raised Rs 3.7 crore in seed funding from JIIF.

The funds raised will be utilised to enhance its store network, increase brand awareness, and expand hiring in critical departments.

About Jewelbox and Its Offerings

Founded in May 2022 by siblings Vidita Kochar Jain and Nipun Kochar, Jewelbox offers a range of lab-grown diamond jewellery via both online and offline sales channels. The company reported an annual revenue run rate (ARR) of Rs 38 crore for FY25, a significant rise from Rs 16 crore the prior year.

Expansion Plans for Jewelbox

Currently, Jewelbox operates eight stores across six cities—Delhi, Gurgaon, Bengaluru, Chennai, Kolkata, and Guwahati—and aims to increase its number of locations to 30 by the end of 2025.

Competition in the Lab-Grown Diamond Market

Within the lab-grown diamond industry, Jewelbox faces competition from several firms, including COLUXE, Fiona Diamonds, Limelight Lab Grown Diamonds, and Firefly Diamonds. Aditya Birla-backed GIVA has also entered the market with its line of lab-grown diamond jewellery.

Recently, last month, Firefly Diamonds secured $3 million in its seed funding round, led by WestBridge Capital.

Advocacy for Lab-Grown Diamond Terminology

Jewelbox, along with other emerging brands, has petitioned the Central Consumer Protection Authority (CCPA) to prohibit the use of the term “synthetic” for lab-grown diamonds. The brands argue that this terminology creates confusion with imitation stones, such as cubic zirconia.