DiamondBuzz
Firefly Diamonds Raises $3 Million to Expand Retail and R&D for Lab-Grown Diamond Jewellery
The funding will help Firefly Diamonds increase its retail footprint across India and accelerate the development of new jewellery collections, as the lab-grown diamond market gains momentum.
Firefly Diamonds, a startup specializing in lab-grown diamond jewellery, has secured $3 million in a seed funding round led by WestBridge Capital. The company plans to use the fresh capital to expand its retail presence and accelerate research and development for new jewellery collections. Currently, Firefly operates stores in four cities—Mumbai, Pune, Bengaluru, and Hyderabad—and aims to grow its presence to over 20 locations within the next two years.
This investment comes amid growing competition in India’s $2.6 billion lab-grown diamond (LGD) market, which has seen a surge in startup activity. Many of Firefly’s competitors, such as Aukera Jewellery, Limelight Lab Grown Diamonds, and GIVA, have either raised funds or are in the process of securing investments.
Adit Bhansali, co-founder of Firefly Diamonds, said, “Our brand is built on a legacy of trust, innovation, and craftsmanship. With over 60 years of expertise in jewellery manufacturing and design, we ensure that every piece reflects unparalleled quality and excellence. With this funding, we wish to usher in a new era of Indian luxury, celebrating beauty, individuality, and fine craftsmanship.”
Founded in December 2023, Firefly offers a range of lab-grown diamond jewellery set in 14K and 18K gold. The brand also provides several customer initiatives, such as the Firefly Try at Home service, the Firefly Sparkle Plan (an instalment-based savings plan), an Old Gold Exchange program, and Firefly Reserve, a bespoke line of high-end jewellery.
The lab-grown diamond market in India is rapidly growing, with an estimated value of $2.61 billion in 2023. It is expected to reach $8.31 billion by 2032, driven by a compound annual growth rate (CAGR) of 13.73%. While traditional jewellers continue to dominate the market, no clear leader has emerged in the LGD segment, providing room for startups like Firefly to grow in the space.
As of now, India is home to 2,836 internet-first jewellery startups, with 262 receiving funding. However, only 79 of these startups have raised Series A funding, underscoring the competitive nature of the market.
The World Jewellery Confederation (CIBJO) plans to undo a decision it made back in 2010. It now wants all non-natural diamonds to be labelled only as “synthetic.”
This means the terms “laboratory-grown” and “laboratory-created” will be removed from CIBJO’s Diamond Blue Book (the global reference for diamond terminology and trade practices) and from related ISO Standards.
CIBJO also says the 4Cs grading system should apply only to natural diamonds, just as the GIA has recently decided.
Udi Sheintal, president of CIBJO’s Diamond Commission, explained that the earlier acceptance of “lab-grown” terminology was well-meaning but turned out to be a mistake.
He added that synthetic diamonds have often been marketed as more ethical, sustainable, and conflict-free—claims that, he argued, are usually not backed by evidence.
Udi Sheintal also stressed the need for clearer transparency. He said marketing should make it clear that synthetic diamonds are not grown in “laboratories,” but manufactured in industrial facilities using artificial processes.
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