DiamondBuzz
Priyanka Gill quits Kalaari Capital to launch lab-grown diamond brand
Priyanka Gill, a serial entrepreneur and former Venture Partner at Kalaari Capital, has launched COLUXE, a lab-grown diamond (LGD) jewelry brand that seeks to transform the fine jewelry sector.
With a focus on luxury, sustainability, and accessibility, COLUXE offers an extensive range of jewelry designs, including solitaire rings, pendants, earrings, and tennis bracelets. The brand incorporates advanced technology, allowing for customization via AI and multi-use settings, ensuring personalized, ethical, and sustainable products.
COLUXE positions itself as India’s first pan-India LGD jewelry brand, blending digital and retail experiences. The brand’s technology-driven approach includes AI-powered virtual try-ons, personalized jewelry options, and a strong focus on ethical sourcing and certification. COLUXE also aims to build consumer trust by offering education on LGDs and providing easy returns and exchange policies, ensuring a seamless shopping experience across both digital and flagship store channels.
With plans to launch digitally in mid-2025, COLUXE is set to tap into India’s $50 billion fine jewelry market. The brand’s mission is to redefine the luxury jewelry landscape by making lab-grown diamonds an aspirational yet sustainable option for consumers. COLUXE aims to become India’s best-loved LGD brand, offering cost-effective, ethical jewelry that is visually identical to mined diamonds while being a more responsible choice for the planet and people.
DiamondBuzz
Rio Tinto’s Diamond Division Posts $79 Million EBITDA Loss in 2025
Higher output from Canada’s Diavik Diamond Mine offsets revenue decline, but end-of-life pressures continue to weigh on performance.
Rio Tinto reported a challenging year for its diamond business in 2025, posting an underlying EBITDA loss of $79 million despite improved revenues. While the loss narrowed compared to the $115 million deficit recorded in 2024, the division remained under pressure amid a global diamond market slowdown and the nearing closure of its last active mine.
Annual revenue rose 19% to $332 million, supported by stronger production at the Diavik mine in Canada, Rio Tinto’s only remaining diamond operation. Output climbed 61% to 4.4 million carats, driven by the ramp-up of mining activities in the underground section of the A21 deposit, which began scaling up in late 2024.
However, the A21 underground ore body is expected to be depleted by the end of the first quarter of 2026, marking the end of Diavik’s operational life. The company plans to spend approximately $1 billion this year on closure activities related to Diavik, as well as rehabilitation work at the former Argyle Diamond Mine, which ceased production in 2020, and other non-diamond projects.
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