Indian lab-grown diamond brand Jewelbox bags $3.2m in pre-series A funding round

Jewelbox, a direct-to-consumer lab-grown diamond jewelry brand, has secured US$3.2 million in a pre-series A funding round. The investment was led by V3 Ventures, with contributions from Atrium Angels, Dexter Ventures, Infinyte Club, Samarthya Capital, and existing investor Jito Incubation and Innovation Foundation (JIIF).

The company plans to use the funds to expand its retail presence from eight stores to 30 by the end of 2025. This expansion will occur through co-owned and franchise models, focusing on tier-I and tier-II cities, including Ludhiana, Chandigarh, and Bhubaneswar.

Jewelbox’s financial performance reveals a promising trend in the lab-grown diamond market: the path to profitability may be faster than in other D2C segments. The company’s net profit soared 30-fold to INR 1.6 crore in FY24 from just INR 4.7 lakh in FY23, while revenue nearly tripled to INR 14.3 crore during the same period. This rapid profitability is enabled by the significant cost advantages of lab-grown diamonds, which are 80-95% less expensive than natural diamonds while offering identical physical properties.