Kolkata-based lab-grown diamond jewellery brand Jewelbox has raised $3.2 million in a pre-Series A funding round, marking a significant milestone in its growth journey. The round was led by V3 Ventures, with additional participation from Atrium Angels, Dexter Ventures, Infinyte Club, Samarthya Capital, and returning investor JITO Incubation & Innovation Foundation (JIIF).
The capital will be used to expand operations, enhance its presence in retail, and make talent recruitment investments in its core business units such as retail operations, trade management, and marketing. Jewelbox intends to leverage this capital to enhance its brand presence and reposition its presence in the growing market for lab-grown diamonds.
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Rapid Growth and Ambitious Expansion Plans of Jewelbox
Founded in May 2022 by siblings Vidita Kochar Jain and Nipun Kochar, Jewelbox offers an elegant range of lab-grown diamond jewellery that caters to both everyday wear and premium occasions. Within a short span, the startup has demonstrated impressive growth, reporting an annual revenue run rate (ARR) of ₹38 crore for FY25, up from ₹16 crore in FY24.
Building on this momentum, the brand is targeting an ARR of ₹180 crore by the end of FY26,
Currently, Jewelbox operates eight retail stores across six cities—Delhi, Gurgaon, Bengaluru, Chennai, Kolkata, and Guwahati. With the fresh capital infusion, the company plans to expand its retail footprint to 30 stores by the end of 2025. This expansion will follow a hybrid model, combining co-owned and franchise stores to accelerate growth while maintaining brand consistency and quality.
Omnichannel Strategy and Revenue Goals
Jewelbox is implementing an omnichannel strategy to enhance customer engagement across both physical and digital platforms. The company aims to generate 30% of its total revenue through online channels, complementing its expanding offline presence. This approach is designed to provide a seamless shopping experience, integrating innovative designs and exceptional service across all touchpoints. With this strategy, Jewelbox is targeting a revenue milestone of ₹150 crore by the end of FY 2025-26, reflecting its commitment to growth and customer satisfaction .
Competitive Landscape
Jewelbox is riding a fast-changing market, with a number of upstart players in the lab-grown diamond space, including COLUXE, Fiona Diamonds, Limelight Lab Grown Diamonds, and Firefly Diamonds. The latter just raised $3 million in a seed round led by WestBridge Capital to fund its own retail push and product innovation.
Also, incumbent players such as GIVA, part of the Aditya Birla Group, have entered the lab-grown diamond segment, demonstrating the increasing consumer appetite for sustainable, ethically sourced alternatives to conventionally mined diamonds.
Advocacy for Terminology Reform
As lab-grown diamonds gain traction in the Indian market, brands like Jewelbox are also engaging with regulators to refine how these products are labeled. Jewelbox and other industry stakeholders have urged the Central Consumer Protection Authority (CCPA) to reconsider the mandatory use of the term “synthetic” to describe lab-grown diamonds.
The concern stems from the confusion this term causes among consumers, who may mistakenly equate lab-grown diamonds with imitation stones such as cubic zirconia. Globally, the term “lab-grown” or “laboratory-created” is widely accepted to distinguish these diamonds, which are chemically and physically identical to mined ones.
Looking Ahead
With the successful completion of its pre-Series A round, Jewelbox is well-positioned to strengthen its brand and widen its market presence across India. By offering a sustainable, affordable, and high-quality alternative to mined diamonds, Jewelbox aims to redefine luxury for the modern Indian consumer.
As the lab-grown diamond market continues to mature, Jewelbox’s strategic expansion and consumer-centric approach place it among the most promising players in the segment.
