Lab-grown diamond jewellery brand Firefly Diamonds raises $3 million in funding

Firefly Diamonds, a lab-grown diamond jewellery brand, has raised $3 million in a seed funding round led by WestBridge Capital.

The startup will use the raised capital to expand its retail footprint across India and boost research and development efforts for new and unique jewellery collections.

Firefly Diamonds currently operates stores in Mumbai, Pune, Bengaluru and Hyderabad, and aims to enter more than 20 locations within the next two years.

Building on a legacy

Firefly Diamonds was founded in December 2023 by brothers Adit and Aayush Bhansali, who bring over 60 years of family experience in jewellery manufacturing and design. They use advanced technology to create lab-grown diamonds that match the physical, chemical and optical properties of mined diamonds while having a smaller impact on the environment.

"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," said Adit Bhansali.

"With this funding, we wish to usher in a new era of Indian luxury that celebrates beauty, individuality, and the art of fine craftsmanship," Bhansali added.

Lab-grown diamonds on the rise

India's lab-grown diamond (LGD) market was valued at $2.61 billion in 2023 and is projected to reach $8.31 billion by 2032, growing at a compound annual rate of more than 13%, according to consulting firm Technopak. 

Firefly Diamonds offers jewellery set in 14K and 18K gold, along with services like Try at Home, the Firefly Sparkle Plan—an instalment-based savings plan for the perfect jewellery piece, an Old Gold Exchange program, and Firefly Reserve—an exclusive bespoke line of personalized high jewellery.

"The demand for lab-grown diamonds is accelerating as consumers become more conscious about sustainability and value. Firefly Diamonds is tapping into this shift with a brand that is both aspirational and accessible. Their approach to design, technology, and ethical sourcing positions them as a leader in this fast-growing space. We are excited to partner with Adit and Aayush on this journey," said Sumir Chadha, co-founder and managing partner at WestBridge Capital.