LGD start-up Firefly Diamonds secures $3 million in seed funding led by investment firm WestBridge Capital: Report

The company plans to use the funds to expand its retail footprint and advance research and development for new jewellery collections, it stated in an official announcement

Mumbai: Firefly Diamonds, a lab-grown diamond start-up, has secured $3 million in seed funding, led by Mauritius-based investment firm WestBridge Capital, says a media report.

The company plans to use the funds to expand its retail footprint and advance research and development for new jewellery collections, as stated in an official announcement.

This funding comes as India’s emerging lab-grown diamond (LGD) market experiences rapid growth. The market value of LGDs in India was projected at $2.61 billion in 2023 and is expected to reach $8.31 billion by 2032. 

“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… With this funding, we wish to usher in a new era of Indian luxury, that celebrates beauty, individuality and the art of fine craftsmanship,” said Adit Bhansali, Co-founder, Firefly Diamonds, talking to media portal Moneycontrol.

Launched in December 2023, Firefly Diamonds has already made a notable entry into Mumbai’s high-end retail scene, with its first store opening at Ghatkopar’s R City Mall last year.

Specializing in lab-grown diamond jewellery set in 14K and 18K gold, Firefly also offers several customer-focused services, including Firefly Try at Home, the Firefly Sparkle Plan – a savings scheme for purchasing jewellery in instalments, an Old Gold Exchange programme, and Firefly Reserve – a bespoke line of personalized high-end jewellery.

Currently, Firefly operates stores in four cities – Mumbai, Pune, Bengaluru, and Hyderabad – and aims to expand to over 20 locations in the next two years.

Retail Jeweller India News