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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.

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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

De Beers and Forevermark Diamond Jewellery Bring Jaipur’s Royal Legacy Into A New Chapter

-His Highness Sawai Padmanabh Singh of Jaipur announced as advocate for natural diamonds in India-Princess Gauravi Kumari of Jaipur unveiled as the face of Forevermark’s festive campaign –

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Against the historic setting of Jaipur’s City Palace, De Beers brought together heritage, contemporary culture and diamond jewellery for a landmark event that celebrated two significant new chapters for natural diamonds in India. The evening presented His Highness Sawai Padmanabh Singh of Jaipur as De Beers Group’s advocate for natural diamonds in India, while Forevermark Diamond Jewellery marked its first anniversary in India with a new festive campaign featuring Princess Gauravi Kumari of Jaipur. Together, the two moments reflected De Beers’ vision, from the natural origin, rarity and authenticity of diamonds to their contemporary expression through jewellery, design and personal style.

As Maharaja of Jaipur and part of a living legacy shaped by jewellery, craftsmanship and precious gems, His Highness Sawai Padmanabh Singh brings an instinctive understanding of rarity, provenance and the value of pieces that endure beyond the moment. His role with De Beers is to bring the natural diamond story into a new cultural conversation, connecting its extraordinary natural origin and individuality with a generation that is redefining luxury through authenticity, meaning and personal expression. In doing so, he brings royalty’s storied relationship with diamonds into the present, while helping shape the next chapter of natural diamonds in India.

Sawai Padmanabh Singh of Jaipur Said:

“For me, legacy is not simply about preserving the past; it is about understanding where you come from and finding ways to make that heritage relevant for the future. A natural diamond carries that same sense of continuity. It is shaped by nature over an extraordinary period of time, and its value lies not only in its beauty, but in the rarity and authenticity that make it truly timeless. I look forward to this association with De Beers as the advocate of the gemstone as I get to showcase the unique story of a diamond to the younger generations.”

The initiative forms a part of De Beers’ broader ambition to strengthen the desirability of natural diamonds, enhancing their story for a new generation of Indian consumers.

Shweta Harit, Senior Vice President, De Beers Group and CEO, Forevermark, said:

“India has a remarkable relationship with diamonds, rooted in generations of craftsmanship, jewellery and an appreciation for rarity. Today, as a new generation redefines what luxury means to them, we see an opportunity to bring the story of natural diamonds into that conversation through His Highness Sawai Padmanabh Singh who brings a rare cultural connection to this story. His association reflects our ambition to deepen the emotional and cultural relevance of natural diamonds and grow the category in India.”

Following the unveiling of His Highness Sawai Padmanabh Singh for the natural diamond narrative, another chapter unfolded as Forevermark Diamond Jewellery unveiled Princess Gauravi Kumari as the face of its festive campaign.

Marking one year of Forevermark in India, the campaign brings together contemporary designs crafted with beautiful, rare and responsibly sourced natural diamonds while exploring the role of modern jewellery in festive dressing and individuality with Princess Gauravi Kumari’s distinctive sensibility. It reflects Forevermark’s growing presence in India and its vision of inspiring a new generation through considered design and personal expression.

Princess Gauravi Kumari of Jaipur Said:

“The festive season has always been about coming together, creating memories and celebrating the people and moments that matter. What I love about Forevermark is the way it brings the beauty of natural diamonds into a more contemporary expression of style. Jewellery can be traditional, bold, understated or completely personal. Forevermark Diamond Jewellery blends tradition with modern aesthetic, making it a perfect addition to the contemporary woman of today.”

Shweta Harit, Senior Vice President, De Beers Group and CEO, Forevermark Added:

“Forevermark gives us an opportunity to express the beauty and rarity of natural diamonds through a more contemporary lens. As we mark our first year in India, we are seeing a consumer who wants jewellery to feel personal, distinctive and connected to their own sense of style. Gauravi embodies that sensibility beautifully. She brings together the richness of her Jaipur heritage with a distinctly modern point of view, making her a natural fit for Forevermark as we enter our next chapter in India. Our ambition is to build on this momentum, broaden the occasions for diamond jewellery and inspire a new generation to discover diamonds in their own way.”

The event brought together celebrities, leading personalities and HNI guests from Jaipur and across India, for an evening celebrating diamonds, heritage, fashion and contemporary Indian luxury. The campaign films were unveiled during the evening, followed by a grand fashion show displaying Forevermark jewellery across contemporary festive looks amongst an innovative dance performance.

India remains a strategically important market for De Beers, with the company focused on growing the diamond category and deepening its relevance among a new generation of Indian consumers. As jewellery increasingly moves beyond traditional milestones into self-expression, personal achievement, gifting and new occasions, De Beers sees an opportunity to make diamonds part of a broader and more contemporary luxury conversation. For Forevermark, the past year has been focused on establishing the brand in India, expanding its retail presence and introducing its distinctive expression of natural diamond jewellery to Indian consumers. With 10 stores now across the country, Forevermark enters its second year with an ambition to build further scale and create more opportunities for consumers to discover and experience exceptional natural diamond jewellery.

The evening in Jaipur brought these two distinct dimensions of De Beers’ vision to life: the extraordinary story of the diamond and the evolving ways in which that rarity is expressed through jewellery today. Together, the two announcements reflect De Beers’ ambition to strengthen the desirability of natural diamonds while creating new relevance for them with a generation that is redefining luxury. As India’s relationship with diamonds evolves, De Beers is focused on shaping what comes next, from the story of the gem itself to the way it is discovered, worn and celebrated.

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