Fiona Diamonds secures funding in seed round headed by Venture Catalysts for ethical diamond jewellery expansion

Operating from Mumbai, Delhi, and Bangalore, alongside a strategic presence within 10 Shoppers Stop outlets, Fiona Diamonds is a digitally-focused brand

Mumbai: The lab-grown diamond scene is disrupting across India and Fiona Diamonds, a pioneer in this vertical, has attained a new milestone with undisclosed funding headed by Venture Catalysts in a seed round for eco-friendly jewellery. The investment is led by Venture Catalysts, AC Ventures, Anikarth Ventures, Shantanu Deshpande of Bombay Shaving Company, Eco Brilliance, and Suraj Nalan.

Established by Parag Agrawal and Saurabh Agrawal, distinguished entrepreneurs with extensive engineering backgrounds, Fiona Diamonds distinguishes itself through a commitment to ethical sourcing and sustainability. Their meticulously curated assortment of premium solitaire jewellery, featuring lab-grown diamonds, resonates deeply with conscientious consumers seeking ethically-driven purchasing options.

Operating from flagship locations in Mumbai, Delhi, and Bangalore, alongside a strategic presence within 10 Shoppers Stop outlets across prominent urban centres, Fiona Diamonds has positioned itself as a digitally-focused brand. This approach has garnered a dedicated customer following, exceeding 10,000 individuals.

Parag Agrawal, CEO and Co-Founder of Fiona Diamonds said, “Fiona Diamonds represents a movement towards a more sustainable and inclusive future. With Venture Catalysts’ strategic investment, we are poised to accelerate our growth trajectory and establish Fiona Diamonds as a category innovator in the diamond jewellery segment. By leveraging our existing infrastructure and expanding our product offerings, we aim to triple our revenue in the first year, unlocking new avenues of growth and opportunity.”

Dr. Apoorva Ranjan Sharma, MD and CEO of Venture Catalysts said, “With a market poised for exponential growth and evolving consumer preferences towards ethical and sustainable options, Fiona Diamonds has been growing at 40% year on year with an efficient inventory turnaround ratio. With sentiment of jewellery as an asset class fading away amongst Millenials and GenZs who are more inclined towards Eco Friendly and Sustainable options for Diamonds, Fiona has a first mover advantage in not only disrupting the traditional diamond industry but also paving the way for a more ethical and transparent future in luxury retail.”

In an evolving market landscape where lab-grown diamonds command considerable attention, Fiona Diamonds strategically leverages this trend, establishing itself as an industry trailblazer in this sector. Supported by the proactive stance of the Indian government towards the lab-grown diamond sector and the shifting preferences of consumers towards sustainability, Fiona Diamonds stands ready to assume a leadership role in the luxury jewellery retail sector, both domestically and on the global stage.

Retail Jeweller India News