National News
Backed by Rs 2 Crore Seed Round from Avinya Ventures, Lab-Grown Diamond Brand Plans New Stores, Product Lines, and Tech Enhancements
Surat-based lab-grown diamond and Polki jewellery brand Ivana Jewels is eyeing a fourfold increase in revenue this fiscal year, supported by a fresh seed funding round of Rs 2 crore from early-stage investment firm Avinya Ventures. The capital will be used to introduce new product lines, enter additional markets, and strengthen marketing and digital capabilities.
“This funding is a significant milestone for Ivana Jewels and reinforces our vision,” said Ayushi Jindal, co-founder of the brand, in a press release. “We’re focused on expanding our lab-grown diamond offerings—particularly in the one to two carat range, as well as larger stones up to 20 carats—while also growing our Polki jewellery collection. With this support, we aim to launch fresh designs, open new stores, and enhance our reach across India.”
In tandem with its offline expansion, Ivana Jewels is also investing in its digital platform by improving product customisation features, simplifying user interface design, and creating a more seamless shopping experience. The company currently employs 35 to 40 people and is planning a significant scale-up across retail and online operations.
“The lab-grown diamond market is booming, especially in Tier 2 and Tier 3 cities where demand is on the rise,” said Gaurav VK Singhvi, co-founder of Avinya Ventures. “Ivana Jewels’ focus on sustainability, affordability, and personalisation positions them well for growth. We’re excited to back their expansion and help them become a household name in Indian jewellery.”
Founded in 2023 by the Jindal Group, Ivana Jewels operates stores in Noida, Surat, Nagpur, Delhi, and Mumbai, with new outlets planned in Chandigarh and Ahmedabad. The company is targeting a total of 12 to 15 stores by the end of FY2026 and is offering franchise opportunities, with new store investments estimated at Rs 5 crore.
National News
WGC India Gold Market Update: Import Tightening
Part Of A Broader Push To Conserve Foreign Exchange Reserves Amid Geopolitical Uncertainty and Mounting Pressure On The INR
Highlights
- Gold import duty was raised sharply by 9%– from 6% to 15%, the steepest increase on record – alongside broader regulatory tightening
- Domestic gold prices have not yet fully reflected the duty hike amid weak demand and ample supply; local markets are currently in deep discount from the landed price
- Past trends indicate that higher duty increases unofficial inflows, although official imports remain relatively resilient
- Gold demand is expected to moderate in 2026, with jewellery and bar and coin demand projected to decline by 50–60t (~10% y/y) on account of the import duty hike.
Policy actions on gold imports
Since early April, the government has adopted a series of measures aimed at moderating gold imports. These have been part of a broader push to conserve foreign exchange reserves amid geopolitical uncertainty and mounting pressure on the INR, which has depreciated by more than 7% y-t-d. These measures include price-based actions, administrative and regulatory tightening, and consumer-directed messaging. While noteworthy, they are not unprecedented; gold is among the top five imports for India, accounting for 8% of the country’s merchandise imports in 2025, and similar measures have been utilised in the past.
On the price front, the gold import duty was raised sharply from 6% to 15%, making it the single largest increase on record and fully reversing the duty cut of July 2024. Rules were also tightened for gold imports linked to exports (under the advance authorisation scheme), and the Prime Minister has directly appealed to consumers, urging them to avoid buying gold for a year.
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