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.”
National News
GST Seminar Successfully Conducted by MWGJA for Jewellery Industry
Industry-Focused GST Session sees Strong Participation, Offering Practical Insights On Compliance, Taxation, and Operational Challenges
The Mumbai Wholesale Gold Jewellers Association (MWGJA) successfully organised a highly informative GST seminar aimed at empowering the jewellery industry with practical knowledge and clarity on GST compliance on 23/04/26 at MP School.
The seminar, themed “Empowering the Industry with Knowledge – Learning, Growing, Leading,” witnessed an excellent response from jewellers and industry stakeholders across Mumbai.
The event was graced by distinguished dignitaries from the CGST Department, including:
- R. S. Maheshwari – Principal Commissioner, CGST Mumbai
- Rajan Mishra – Assistant Commissioner, CGST Mumbai
- Danish Akhtar – Superintendent, CGST Mumbai
- Sanyam Johari – Inspector, CGST Mumbai
Their valuable insights and practical guidance provided clarity on key GST issues faced by jewellers in their day-to-day operations.
Key topics covered during the seminar included labour charges (5% vs 18%), delivery challan rules and compliance, interstate movement of goods for sales and exhibitions, and common errors leading to notices, penalties, and input tax credit (ITC) blockage.
The session focused on real-world challenges and offered practical solutions, making it highly beneficial for attendees. The interactive Q&A session enabled participants to directly engage with the officers and resolve their queries.
The association’s office bearers, including President Mahesh Bafna, Secretary Shreyans Kothari, Vice Presidents Sandip Kothari and Dinesh Kothari, Treasurer Kamal Kothari, Past President Prakash Jain, Past Secretary Anil Pamecha, and Committee Member Nitesh Dhakad, played an active role in organising and successfully executing the seminar.
The event also received valuable support from leading industry bodies, including All India Gem and Jewellery Domestic Council (GJF), India Bullion and Jewellers Association (IBJA), Jewellers Youth Forum (JYF), Dagina Bazar Association, and Sarafa Welfare Association, further strengthening the impact and reach of the seminar.
The Association expressed sincere gratitude to the honourable chief guests, supporting associations, and all participants for contributing to the success of the seminar. It reaffirmed its commitment to continue organising such knowledge-driven initiatives for the benefit of the jewellery community.
The seminar concluded on a positive and impactful note, reinforcing the importance of awareness, compliance, and continuous learning in today’s evolving GST framework.
GST Seminar Successfully Conducted by MWGJA for Jewellery Industry
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