Firefly Diamonds raises $3 million to expand in India

Firefly Diamonds, a startup creating lab-grown diamond jewellery, has secured $3 million in seed funding led by WestBridge Capital. The company plans to use this new funding to grow its retail presence and develop new jewellery collections. Currently, Firefly operates in four cities: Mumbai, Pune, Bengaluru, and Hyderabad. It aims to expand to over 20 locations in the next two years. The move comes as competition increases in India's $2.6 billion lab-grown diamond market. Other startups in this sector have also been raising funds recently. Adit Bhansali, co-founder of Firefly, emphasized the company’s focus on quality and craftsmanship. He expressed a desire to lead a new era of luxury in India through innovative jewellery. Firefly Diamonds began in December 2023 and offers pieces set in 14K and 18K gold. The company also provides unique customer services, including a home try-on option and personalized high jewellery lines. The lab-grown diamond market in India is growing quickly. It was valued at $2.61 billion in 2023 and could reach $8.31 billion by 2032. Despite the growth, there is no dominant player in the market yet. In India, there are currently 2,836 internet-first jewellery startups, with 262 funded. While there is significant interest in the lab-grown diamonds sector, it still represents a small part of the overall jewellery industry.