Jewelbox, Lab-Grown Diamond Jewelry Brand, Raises $3.2 Million to Expand Retail Presence
Kolkata, India – Jewelbox, a promising lab-grown diamond jewellery brand, has successfully raised $3.2 million in a pre-Series A funding round. The investment, led by V3 Ventures, includes participation from Atrium Angels, Dexter Ventures, Infinyte Club, Samarthya Capital, and the JITO Incubation & Innovation Foundation (JIIF).
Founded in May 2022 by siblings Vidita Kochar Jain and Nipun Kochar, Jewelbox has made a remarkable entry into the lab-grown diamond sector, operating through both online and offline channels. The brand currently boasts eight stores across Delhi, Gurgaon, Bengaluru, Chennai, Kolkata, and Guwahati.
Expansion Plans and Future Growth
The funds raised will be used to accelerate Jewelbox’s retail expansion and brand-building initiatives. With a goal of expanding to 30 stores by the end of 2025, the brand is targeting key markets in tier-I and tier-II cities like Ludhiana, Chandigarh, and Bhubaneswar.
In addition to retail growth, the brand plans to hire senior leadership from the retail and jewellery sectors to further enhance customer experience and operational excellence. The funding will also support marketing efforts aimed at strengthening Jewelbox’s presence in the growing lab-grown diamond market.
Impressive Financial Growth
Jewelbox has demonstrated strong financial performance, reporting a significant jump in revenue. For the fiscal year ending March 2024, the brand posted a revenue of ₹14.3 crore, a substantial increase from ₹3.6 crore in the previous year. The brand’s net profit also saw an impressive rise, reaching ₹1.6 crore from ₹4.7 lakh in FY23.
Looking ahead, Jewelbox aims to scale its operations and hit a revenue target of ₹180 crore by FY26.
A Growing Market for Lab-Grown Diamonds
Jewelbox’s rise coincides with the rapid growth of the lab-grown diamond industry in India. As consumers become more conscious of sustainability and ethical sourcing, the demand for lab-grown diamonds has surged. These diamonds, which are chemically and physically identical to mined diamonds, offer an affordable and environmentally-friendly alternative to traditional jewellery.
Jewelbox competes with established and emerging players in the space, such as GIVA, True Diamond, and Aukera, as well as traditional brands like Tata’s Pome and Senco Gold’s Sennes Fashion. According to industry projections, the Indian lab-grown diamond jewellery market is expected to reach $1.3 billion by 2033, further highlighting the growth potential in this sector.
Looking Ahead
With the new funding and a clear expansion strategy in place, Jewelbox is well-positioned to become a leader in the Indian lab-grown diamond jewellery market. The company’s founders, Vidita Kochar Jain and Nipun Kochar, are optimistic about the future, with plans to continue pushing the boundaries of design and accessibility in the lab-grown diamond space.
“We believe in making fine jewellery accessible and responsible. Our vision is to bring affordable luxury to every customer, and this funding will help us bring that vision to life,” said Vidita Kochar Jain, co-founder of Jewelbox.
As the company expands its footprint and builds its brand, Jewelbox is poised to reshape the way Indians view and buy diamond jewellery, offering a sustainable alternative to traditional, mined diamonds.
Image Credit : www.indianretailer.com
