Firefly Diamonds, an emerging Indian brand specializing in lab-grown diamond jewellery, has successfully raised $3 million in a seed funding round led by WestBridge Capital. The fresh capital will be directed toward expanding retail operations, boosting online presence, and innovating new jewellery collections.
Founded by Adit and Aayush Bhansali, the company utilizes advanced technology to create sustainable diamonds that possess the same physical, optical, and chemical attributes as mined diamonds. However, their production method significantly reduces environmental impact. Firefly Diamonds offers premium jewellery crafted in 14K and 18K gold.
Currently, the brand operates across Mumbai, Pune, Bengaluru, and Hyderabad and aims to expand to 20+ locations within the next two years.
India’s lab-grown diamond industry is growing rapidly, with Firefly Diamonds competing against brands like COLUXE, Fiona Diamonds, Limelight Lab Grown Diamonds, and Jewelbox. Additionally, GIVA, backed by the Aditya Birla Group, has also entered this competitive space.
The funding announcement follows the launch of COLUXE, a new lab-grown diamond venture by entrepreneur Priyanka Gill, marking a dynamic shift in the sustainable luxury jewellery market.
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