Firefly Diamonds raises $3M to fund the brand’s position in India’s LGD market

Indian lab-grown diamond jewellery brand Firefly Diamonds has raised $3 million in a seed funding round led by WestBridge Capital. The investment will propel the brand’s retail expansion, digital presence, and research and development for innovative jewellery collections, strengthening its position in India’s rapidly growing lab-grown diamond market, projected to exceed $1 billion by 2033.

Currently operating in Mumbai, Pune, Bengaluru, and Hyderabad, Firefly Diamonds plans to expand to over 20 locations within the next two years, making sustainable luxury more accessible to Indian consumers.

Adit Bhansali, Co-founder, Firefly Diamonds said, “At Firefly, we draw inspiration from the mesmerizing glow of fireflies, creatures that illuminate the dark and captivate our imagination. Our brand is built on a legacy of trust, innovation, and craftsmanship. With over 60 years of expertise in jewellery manufacturing and design, we ensure that every piece reflects unparalleled quality and excellence.  We are honoured to be a part of our customers’ most cherished moments, and are committed to delivering a personalized experience that reflects this significance. With this funding, we wish to usher in a new era of Indian luxury, that celebrates beauty, individuality, and the art of fine craftsmanship.”