Firefly Diamonds, a leading brand in lab-grown diamond jewellery, has successfully raised $3 million in a seed funding round led by WestBridge Capital. The funds will be used to accelerate retail and digital expansion and to invest in research and development, enabling the brand to scale and reach a broader consumer base.
Currently operating in major Indian cities including Mumbai, Pune, Bengaluru, and Hyderabad, Firefly Diamonds has ambitious plans to expand to over 20 locations within the next two years. The company aims to make sustainable, high-quality diamond jewellery more accessible to Indian consumers, tapping into the growing demand for ethical and eco-friendly alternatives to mined diamonds.
The funding comes at a pivotal moment as India’s lab-grown diamond market is projected to exceed $1 billion by 2033. As the demand for natural diamond jewellery has surged by 20% in 2021 and 15% in 2022, according to the De Beers Diamond Insight Report 2023, Firefly Diamonds is poised to capitalize on this growth.
Firefly’s diamonds are produced using cutting-edge technology, offering the same physical, optical, and chemical properties as mined diamonds, but with a significantly lower environmental impact. The company emphasizes its commitment to quality and craftsmanship, backed by over 60 years of expertise in jewellery manufacturing and design.
The company’s entire supply chain, from diamond growing to cutting, polishing, and setting, is based in India, aligning with the ‘Make in India’ initiative. This commitment not only supports local industries but also ensures the brand’s sustainability and ethical sourcing practices.
Sumir Chadha, Co-founder and Managing Partner at WestBridge Capital, highlighted that the demand for lab-grown diamonds is growing rapidly as consumers become more conscious of sustainability and value. Firefly Diamonds’ innovative design, technology, and ethical approach position the brand as a leader in the fast-evolving market.
With strong backing and a clear expansion strategy, Firefly Diamonds is set to play a significant role in reshaping the Indian jewellery market toward a more sustainable and ethical future.
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