Kolkata-based lab-grown diamond jewellery brand Jewelbox has raised $3.2 million in a pre-Series A funding roundled by V3 Ventures, with additional participation from Atrium Angels, Dexter Ventures, Infinyte Club, Samarthya Capital, and existing investor JITO Incubation & Innovation Foundation (JIIF).
This latest round follows a seed funding of Rs 3.7 crore raised by Jewelbox in March 2024, also backed by JIIF. The fresh capital will be used to scale its store network, increase brand awareness, and expand hiring across key departments.
Founded in May 2022 by siblings Vidita Kochar Jain and Nipun Kochar, Jewelbox offers lab-grown diamond jewellery through both online and offline channels. The brand has shown impressive growth, with its annual revenue run rate (ARR) increasing to Rs 38 crore in FY25, up from Rs 16 crore in FY24.
Currently, Jewelbox operates eight retail outlets across six cities—Delhi, Gurgaon, Bengaluru, Chennai, Kolkata, and Guwahati—and plans to expand to 30 stores by the end of 2025.
As the lab-grown diamond market heats up in India, Jewelbox faces competition from players like COLUXE, Fiona Diamonds, Limelight Lab Grown Diamonds, and Firefly Diamonds—the latter having recently raised $3 million in seed funding from WestBridge Capital. Additionally, GIVA, backed by the Aditya Birla Group, has also entered the space with its lab-grown diamond line.
Jewelbox and other emerging brands in this segment have also taken a joint stand against the use of the term “synthetic” to describe lab-grown diamonds. They argue that the term leads to confusion with imitation stones like cubic zirconia and have petitioned the Central Consumer Protection Authority (CCPA) for clarity.
With consumer demand growing and investor interest surging, Jewelbox appears well-positioned to cement its place in India’s evolving fine jewellery market.
