Lab-grown diamonds are carving a significant niche in the Indian jewellery market, offering a sustainable, affordable, and ethical alternative to natural diamonds. Among the emerging players, Jewelbox has stood out with its innovative approach, focusing on everyday wear lab-grown diamond jewellery. The Kolkata-based startup, founded by siblings Vidita Kochar Jain and Nipun Kochar, is redefining luxury by making diamond jewellery accessible to the masses.
The Rise of Lab-Grown Diamonds in India
Lab-grown diamonds have witnessed a remarkable surge in popularity over the last few years. The Indian market for lab-grown diamond jewellery is currently valued at INR 2,292 Cr ($264.5 Mn), with an anticipated 14.8% CAGR over the next decade. This shift is driven by changing consumer preferences, price-conscious buyers, and the increasing awareness of ethical and sustainable alternatives.
Unlike natural diamonds, which take billions of years to form beneath the earth’s surface, lab-grown diamonds are created in laboratories within a few weeks using advanced techniques like Chemical Vapour Deposition (CVD) and High-Pressure High-Temperature (HPHT). These diamonds are chemically, physically, and optically identical to natural diamonds, making them an ideal choice for eco-conscious buyers.
Jewelbox: The Everyday Diamond Revolution
Founded in May 2022, Jewelbox identified a crucial gap in the market—everyday diamond jewellery at affordable prices. While established brands focus on luxury and occasion-based collections, Jewelbox aimed to democratize diamonds by offering budget-friendly jewellery ranging from INR 5,000 for nose pins to INR 5 Lakh for bridal sets.
The idea was the brainchild of Vidita Kochar Jain, a chartered accountant with three years of experience at Swiggy, where she played a pivotal role in launching new categories on Instamart. Along with her brother Nipun, Vidita conducted extensive market research, speaking to over 5,000 customers and 30 jewellers before launching Jewelbox.
“Most jewellers dismissed lab-grown diamonds as a risky venture, but the global trends indicated otherwise. The US market had grown from 1% to 19% market share in just four years, and we knew India wouldn’t be far behind,” said Vidita.
Breaking Barriers: Challenges & Government Support
Educating consumers was one of the biggest hurdles the startup faced. In its initial phase, only one out of ten customers had heard of lab-grown diamonds, and most were sceptical about their authenticity. However, the founders remained steadfast in their mission.
A major breakthrough came with the Union Budget 2023-24, which allocated INR 242.96 Cr for indigenous production of lab-grown diamond machinery and research at IIT Madras. This government endorsement significantly reduced consumer scepticism and boosted the category’s credibility.
Innovative Product Strategy
One of the standout features of Jewelbox is its ever-growing product catalogue. The brand launches 300 new designs every month, catering to diverse preferences across India. From minimalist nose rings to elaborate bridal sets, Jewelbox serves multiple segments, including everyday wear, religious jewellery, and custom pieces.
“Our strategy is to flood the market with options while ensuring no design is repeated across stores. This helps us cater to unique regional preferences,” said Vidita.
The company currently operates in eight retail stores and sells through major ecommerce platforms, with plans to launch two new outlets every month. Recent expansions include stores in Bengaluru, with upcoming launches in Hyderabad, Mumbai, and Tier-II cities like Lucknow and Bhopal.
The Shark Tank Effect & Digital Transformation
Jewelbox’s appearance on Shark Tank India Season 3 was a turning point, catapulting the brand into the national spotlight. The company witnessed a five-fold jump in revenue, with its online sales skyrocketing from 10% to 90% immediately after the show.
While the sales ratio has now stabilised at 40% online and 60% offline, the founders believe that the digital-first approach will play a crucial role in scaling the business further.
Financial Growth and Future Plans
In FY24, Jewelbox’s revenue soared to INR 16.5 Cr from INR 3.8 Cr in the previous year. The startup aims to close FY25 at INR 34 Cr and achieve a revenue milestone of INR 120 Cr by FY26.
Jewelbox has secured INR 3.5 Cr in funding from JITO Incubation & Innovation Foundation (JIIF) and is in advanced discussions for its next funding round to fuel expansion and product innovation.
Technological Innovation & Padma Cut Diamond
To stay ahead of the curve, Jewelbox is integrating AI-based virtual try-ons and exploring personalised jewellery solutions. The company holds exclusive rights to market the ‘Padma Cut’ diamond in India—an innovative design with 80 facets compared to the traditional 56-60, offering superior brilliance.
Sustainability & Ethical Commitment
Lab-grown diamonds are not only cost-effective but also environmentally friendly. Unlike natural diamonds, which involve destructive mining practices, lab-grown diamonds have a significantly lower carbon footprint. With increasing consumer awareness about ethical sourcing, Jewelbox’s commitment to sustainability resonates strongly with the younger generation.
The Road Ahead
Jewelbox’s journey reflects the broader transformation happening in India’s jewellery landscape. The brand’s mission is not just to sell jewellery but to shift the cultural perception of diamonds—from symbols of opulence to everyday luxury.
With aggressive expansion plans, innovative product lines, and technological advancements, Jewelbox is poised to become a leading name in India’s lab-grown diamond market. However, the biggest challenge remains—changing the deep-rooted mindset of Indian consumers and creating a new category that challenges the status quo.
As India’s appetite for sustainable luxury grows, Jewelbox’s vision of making diamonds affordable, accessible, and ethical might just redefine the future of jewellery in the country.
