National News
Lab-Grown Diamond Brand Jewelbox Raises $3.2M to Fuel Nationwide Expansion
Backed by V3 Ventures and others, Kolkata-based startup aims to grow retail presence, bolster brand visibility, and expand its team across India.
Kolkata-based lab-grown diamond jewellery brand Jewelbox has secured $3.2 million in pre-Series A funding, led by V3 Ventures, with participation from Atrium Angels, Dexter Ventures, Infinyte Club, Samarthya Capital, and existing investor JITO Incubation & Innovation Foundation (JIIF).
The company, co-founded in May 2022 by siblings Vidita Kochar Jain and Nipun Kochar, plans to use the fresh capital to scale operations, enhance brand visibility, and hire talent across core functions.
Currently operating eight stores across six Indian cities—Delhi, Gurgaon, Bengaluru, Chennai, Kolkata, and Guwahati—Jewelbox is eyeing rapid growth, with a goal to expand to 30 retail locations by the end of 2025.
“The competition in the lab-grown diamond space is heating up, but we welcome it,” said Jain. “Whether it’s legacy brands, established entrepreneurs, or startups entering the space—it validates the category.”
Jewelbox, which sells its jewellery both online and offline, closed FY25 with an annual revenue run rate (ARR) of ₹38 crore, more than doubling from ₹16 crore in the previous year. The brand had earlier raised ₹3.7 crore in seed funding from JIIF in March 2024.
The funding comes at a time when lab-grown diamonds are gaining traction as a more sustainable and affordable alternative to natural diamonds. The segment is seeing increasing investor interest and consumer adoption.
The broader category is also drawing new entrants. Last month, Priyanka Gill, co-founder of the Good Glamm Group, launched Coluxe, a new lab-grown diamond brand that has already secured early-stage funding. Meanwhile, Bengaluru-based jewellery brand Giva is reportedly in talks with Creaegis to raise $80–100 million, valuing the company between $470–500 million, following its entry into lab-grown diamonds.
On the regulatory front, Commerce and Industry Minister Piyush Goyal recently confirmed there are no plans for additional regulations, citing the industry’s healthy growth under a self-regulatory model.
Jewelbox and other emerging players—including Aukera, Giva, and Green Lab Diamonds—have also approached the Central Consumer Protection Authority (CCPA) to dispute the classification of lab-grown diamonds as “synthetic,” arguing that it misrepresents their nature by equating them with lookalike simulants like cubic zirconia.
Commenting on the investment, Arjun Vaidya, co-founder and managing partner at V3 Ventures, said: “Less than 6% of Indians own diamonds today. With rising aspirations and growing awareness, lab-grown diamonds can democratize luxury in India—and Jewelbox is well-positioned to lead that change.”
- Event marks 42 years of Incorporation and 16 years of Operations
- Recently-appointed Consul-General’s first visit to the Bourse helps strengthen a century-old bond
- Long service awards presented to outstanding employees
Bharat Diamond Bourse today marked 42 years of incorporation and 16 years since the commencement of operations at the BDB Complex in BKC with a special programme graced by H. E. Pierre Stverlynck – Consul General of Belgium in Mumbai as Chief Guest and a number of leading diamantaires.
The function was organised to celebrate the crucial roles played both by the visionaries who conceptualised the need for a centralised infrastructure to boost the diamond trade over four decades ago, and the employees who have run the daily operations in a highly efficient and professional manner.
In his Welcome Address, BDB Vice President, Mehul Shah explained the significance of celebrating twin milestones – 42 years of incorporation and 16 years of operations. He said:
“BDB began with a vision and is now the world’s largest operational bourse, and a symbol of India’s leadership in the diamond world and excellence in every aspect of operations.”
He added, “It is significant that the Consul General of Belgium is with us on this special occasion. Antwerp and Mumbai have a very close relationship, going back more than 100 years. Today the two cities have bonds based on trust, trade and friendship. We are committed to strengthening this bond over the next century as well.”
Congratulating the awardees he said that members may be the owners, but it is the staff who run the complex and have helped build it as the “best of the best” centres for diamonds. “Personal integrity combined with hi-tech surveillance have made BDB one of the safest places in the world,” he explained, and urged all present never to forget that “it is the soldiers who fight and win the wars.” Mr Shah offered compliments to all the awardees and congratulated Team BDB.
Speaking on the occasion, Anoop Mehta, President BDB, welcomed Mr Stverlynck who has recently assumed charge as Consul General of Belgium in Mumbai.
“We are sure that this will be the first of many visits to our Bourse,” he said, noting that the Consulate is the nearest neighbour of the complex.
“The BDB leadership has always enjoyed a very special relationship with the Belgian consulate,” he added, “built on the longstanding bonds between the diamond industry in our two countries.”
Mr Mehta said it was heartening that so many employees had remained loyal to the BDB for multiple years, and urged all gathered to reach out through their department heads to put forward suggestions for further changes and improvements
Mr Stverlynck, who was on his first visit to the Bourse after assuming charge as Consul General, said he was extremely impressed with the facilities available for exporters within the complex. Assuring the trade of cooperation and support, he said he was happy to be personally present to celebrate such a remarkable institution as BDB that has become a key pillar of the India diamond industry.
Congratulating the leadership for its role in steering the bourse, as well as those employees who had received long service awards, Mr. Stverlynck said:
“The consolidated knowledge and experience of so many from those at the top to a number of others who contributed in various ways, is an asset to the industry.”
Special long service awards were presented to employees who completed special milestones during the year. These included 30-year, 25-, 15-, 10- and 5-year service awards to a few employees.
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