Lab-grown diamond jewellry brand True Diamond raises Rs 26 crore in a pre-Series A round

Lab-grown diamond jewellry brand True Diamond raises Rs 26 crore in a pre-Series A funding round led by India Quotient, with participation from existing investors Titan Capital Winners Fund and Huddle Ventures.

Founded in early 2024 by Darayus Mehta and Parin Shah, True Diamond says it focuses on sustainability, innovation, and uncompromising quality. The startup aims to redefine luxury in the jewellery industry. It offers a variety of products, including rings, earrings, pendants, necklaces, mangalsutras, bracelets, tennis bracelets, amongst others. The startup also provides customized jewellery and men’s collections.

It claims to have built a catalogue of over 5,000 designs and achieved a 1.7x customer repeat rate.

“We never wanted to be just another jewelry brand,” said Parin Shah. “We’re building a next-gen brand experience, through high-quality lab-grown diamonds, cutting-edge content, and a retail journey that breaks away from the conventional. This round gives us the ability to scale this vision faster.”

The capital will be used to accelerate True Diamond’s omnichannel strategy, focusing on offline expansion. The brand has already launched retail outlets in Mumbai, Hyderabad, and Noida, with more stores planned across metro cities.

"We see immense potential in the lab-grown diamond and gold combination as a category within the massive jewelry market. It presents an exceptionally strong value proposition for today's value-conscious and design-sensitive customers. Under the leadership of Parin and Darayus, we've observed True Diamond evolving into an aspirational omnichannel retailer within this segment, and we are thrilled to be a partner in this journey," said Sahil Makkar, India Quotient.

“As one of the first investors in the company, we are excited to deepen our partnership with True Diamond. We believe lab-grown diamonds will make jewellery more accessible and desirable. But the customer won't compromise on great designs, a personalized buying and service experience, or a brand they are proud to flaunt. True Diamond has the chance to be that brand “added Shiv Kapoor, Vice President at Titan Capital Winners Fund.