Firefly Diamonds, an emerging Indian lab-grown diamond jewellery brand, has raised $3 million in a seed funding round led by WestBridge Capital. The fresh capital will be utilized to accelerate the brand’s retail expansion, strengthen its digital presence, and invest in research and development to create innovative jewellery collections.
Co-founded by Adit and Aayush Bhansali, Firefly Diamonds leverages advanced technology to produce lab-grown diamonds that possess the same physical, optical, and chemical properties as mined diamonds, while significantly reducing environmental impact. The brand specializes in fine jewellery crafted in 14K and 18K gold.
Currently, Firefly operates stores in four major cities—Mumbai, Pune, Bengaluru, and Hyderabad—with ambitious plans to expand to over 20 locations within the next two years.
The lab-grown diamond segment in India has been gaining traction, with new entrants like COLUXE, launched last month by serial entrepreneur Priyanka Gill. Firefly Diamonds will compete in this growing market alongside brands such as Fiona Diamonds, Limelight Lab Grown Diamonds, and Jewelbox, as well as Aditya Birla-backed GIVA, which also offers an LGD collection.
With increasing consumer interest in sustainable and ethical luxury, Firefly Diamonds aims to carve out a strong presence in the expanding lab-grown diamond jewellery market.
