Lab-grown diamond jewellery startup Lucira has raised $5.5 million (approximately ₹48 crore) in a seed funding round led by Blume Ventures and Spring Marketing Capital. The round also saw participation from SiriusOne Capital Fund and several high-profile angel investors, including founders of Dot & Key, Livspace and Snitch. The investment marks one of the largest early-stage fundraises in India’s jewellery sector this year and underscores the growing investor confidence in lab-grown diamonds as a mainstream category.

Founders with a Spark

Lucira was founded in May 2025 by Rupesh and Vandana Jain, with a mission to make fine jewellery more sustainable, accessible, and design-driven. The brand currently offers a catalogue of nearly 1,000 products, all created using certified lab-grown diamonds and recycled gold.

This is not Rupesh Jain’s first venture in the jewellery industry. He previously founded Candere, an online jewellery platform that was later acquired by Kalyan Jewellers. That experience in building, scaling, and eventually exiting a digital-first jewellery brand adds weight to Lucira’s growth story.

According to Jain, the company wants to redefine jewellery buying for modern consumers: “Jewellery is deeply personal, and while customers may discover designs online, they often prefer a touch-and-feel experience before making a purchase. Our offline expansion will provide that trust and connection.”

Where the Money Will Shine

The newly raised funds will primarily go toward:

• Retail Expansion: Lucira will open its first physical store in Mumbai this month, with plans to launch four additional flagship stores by the end of FY 2025-26.
• Strengthening Operations: Investment in design studios, skilled talent, and technology to enhance customer experience both online and offline.
• Marketing Push: Increased brand visibility campaigns to reach younger consumers, particularly those drawn to sustainability and ethical luxury.

The company also aims to integrate its offline stores into its logistics system to provide two- to three-hour deliveries within city limits, leveraging last-mile delivery partners.

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A Market on the Rise

Lucira’s timing coincides with a surge in demand for lab-grown diamonds (LGDs). The Indian lab-grown diamond jewellery market, currently valued in the range of USD 330–400 million, is projected to grow rapidly over the next decade. Reports estimate the sector could touch USD 800 million to USD 1.5 billion by the early 2030s, driven by double-digit compound annual growth rates.

Globally, too, the lab-grown diamond market is booming. In 2023, the U.S. and India together accounted for nearly USD 14.7 billion in lab-grown diamond sales, a figure expected to rise to over USD 37 billion by 2031. This growth is propelled by younger buyers who prioritize sustainable sourcing, affordability, and design over traditional mined diamonds.

Rivals in the Race

Lucira’s funding comes amid increasing investor interest in jewellery startups. In June, silver jewellery brand Giva, which has also forayed into lab-grown diamonds, raised ₹530 crore in a round led by Creaegis. Earlier this year, Jewelbox raised $3.2 million in a pre-Series A round from V3 Ventures, while Firefly Diamonds secured $3 million from WestBridge Capital.

The momentum shows that investors are betting on both direct-to-consumer brands and larger omnichannel models. Lucira’s strong backing and large seed cheque position it well in this competitive but growing ecosystem.

Roadblocks Ahead

While the outlook is positive, the lab-grown diamond sector faces hurdles. Price fluctuations due to global oversupply can squeeze margins. At the same time, consumer education and certification remain critical, customers must be assured of the authenticity and durability of lab-grown stones. Lucira addresses this by certifying its products through reputed agencies such as IGI, GIA, SGL and BIS.

Expanding into offline retail also brings challenges of cost and execution. High real-estate expenses, staffing, and inventory management will test whether Lucira can maintain healthy unit economics as it scales.

What’s Next for Lucira

Key developments to follow will include:

• The performance of Lucira’s Mumbai flagship store, and whether it drives significantly higher conversions compared to online-only sales.
• The company’s ability to maintain an 80:20 offline-to-online revenue split, as projected, without losing efficiency.
• Its execution on promises of faster fulfilment and enhanced customer service, which could differentiate it from established competitors.

If Lucira manages these transitions successfully, it could become one of India’s most influential brands in the fine jewellery space, blending craftsmanship, ethics, and modern retail strategy.

A Diamond in the Making

Lucira’s seed funding of $5.5 million is a notable step-forward for the emerging lab-grown diamond market in India as much as it is for the company itself. Having an experienced founder and an expanding catalogue as well as interest from investors, Lucira is poised to capture the attention of a new generation of jewellery buyers. As the market grows and competition grows, how Lucira balances design, sustainability, and execution will determine whether Lucira becomes an industry leader.

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