Firefly Diamonds Raises $3M Seed Funding Led by WestBridge to Expand Lab-Grown Jewellery Market

Lab-grown diamond jewellery brand Firefly Diamonds has raised $3 million in a seed round led by WestBridge Capital, aiming to accelerate its retail and digital expansion while investing in research and development. 

Currently operating in Mumbai, Pune, Bengaluru, and Hyderabad, Firefly Diamonds plans to expand to over 20 locations within the next two years, making sustainable and high-quality diamond jewellery more accessible to Indian consumers.

The funding comes at a time when India's lab-grown diamond market is poised for exponential growth, projected to surpass $1 billion by 2033.

According to the De Beers Diamond Insight Report 2023, the demand for natural diamond jewellery in India has surged by 20% in 2021, followed by a 15% increase in 2022.

The brand claims that its diamonds, with cutting-edge technology, offer the same physical, optical, and chemical properties as mined diamonds, but with a lower environmental impact.

“With over 60 years of expertise in jewellery manufacturing and design, we ensure that every piece reflects unparalleled quality and excellence,” mentioned Adit Bhansali, Co-founder, Firefly Diamonds in a statement.

The company’s entire supply chain from growing and cutting to polishing and jewellery setting is based in India, aligning with the government’s ‘Make in India’ initiative.

“The demand for lab-grown diamonds is accelerating as consumers become more conscious about sustainability and value,” said Sumir Chadha, Co-founder and Managing Partner at WestBridge Capital.

Their approach to design, technology, and ethical sourcing positions them as a leader in this fast-growing space. 

With this funding, the brand’s expansion strategy and strong investor backing signal a promising shift in the Indian jewellery market towards a more sustainable and ethical future.