changeadminFirefly Diamonds, a lab-grown diamond jewellery brand, has secured $3 million (approximately Rs 25 crore) in a seed funding round led by Bengaluru-based Private equity firm WestBridge Capital.
The Mumbai-based startup intends to utilize the new capital to accelerate its retail growth, enhance its digital presence, and introduce new collections.
Founded in 2023 by brothers Adit and Aayush Bhansali, Firefly is an omnichannel brand offering lab-grown diamond jewellery through its website and retail stores in Mumbai, Pune, Bengaluru, and Hyderabad.
The company plans to expand its retail footprint by adding 20 more stores over the next two years. Firefly Diamonds also asserts that its entire supply chain—spanning from growing and cutting diamonds to polishing and setting jewellery—is based in India.
Firefly Diamonds products include lab-grown diamond engagement and wedding rings, bracelets, necklaces and earrings.
Lab-grown diamonds are identical to natural diamonds in every way. Their physical, chemical, optical, and atomic properties are the same as those of mined diamonds.
The only distinction is that lab diamonds are created in a laboratory, whereas natural diamonds are formed over millions of years beneath the earth’s surface, thus offering an alternative to customers who want a sustainable, ethical, and high-quality option without compromising on beauty or performance.
India, with its growing middle class and a young, educated consumer base, is witnessing a shift toward more eco-conscious purchasing decisions, boosting the popularity of lab-grown diamonds.
Lab-grown diamonds are generally 30-40% cheaper than mined diamonds, making them an attractive option for price-sensitive consumers in India. With the growing trend of purchasing diamond jewelry for weddings, celebrations, and gifting, the price difference is a significant factor in driving adoption.
Further, social media, influencer marketing, digital platforms and even one of the company’s appearances on popular TV show, Shark Tank India, have played a crucial role in spreading awareness and generating demand among younger consumers.
The Indian government has been supportive of the diamond industry, and its initiatives to boost manufacturing and exports have also benefited the lab-grown diamond segment.
Several Indian startups in the lab-grown diamond sector have entered the lab-grown diamond market, capitalizing on the growing demand for affordable, sustainable luxury.
Firefly Diamonds’ funding shows confidence in the market’s potential.
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