Why Sharks chose Emori and walked away from True Diamond on Shark Tank India

Two lab-grown diamond jewellery brands, Emori and True Diamond, went head-to-head on Shark Tank India Season 5, but only one walked away with an investment.

Founded by Arushi Jain, Emori positions itself as an affordable lab-grown diamond jewellery brand targeting millennials and Gen Z.

Launched in September 2023, the brand offers jewellery in 18K and 14K gold, provides a lifetime warranty, and operates with an online-first approach, with 42% of its business coming digitally. Emori currently runs one physical store and is fully bootstrapped.

During the pitch, Jain sought Rs 75 lakh for 1% equity, valuing Emori at Rs 75 crore. She highlighted an impressive inventory turnover of 10x and 12 percent repeat rate. The brand has over 600 ring designs, positioning it as one of the largest online ring catalogues in its segment.

While Namita Thapar praised the packaging and designs, Aman Gupta criticised Emori’s brand storytelling, calling its website and Instagram presence “boring.” Despite this, Anupam Mittal and Amit Jain appreciated the execution and capital efficiency.

After negotiations, Emori closed a deal with Anupam Mittal, Amit Jain, Namita Thapar, and Ritesh Agarwal, raising Rs 3 crore for 6 percent equity at a Rs 50 crore valuation.

In contrast, True Diamond, founded by Darayus Mehta and Parin Shah, failed to secure funding. The brand, which focuses primarily on customisable lab-grown diamond rings, sought Rs 1.08 crore for 1 percent equity, valuing the company at Rs 108 crore.

Despite strong content performance and innovative designs, concerns were raised around brand clarity and trust. Aman Gupta said he did not like the designs, while Anupam Mittal questioned the brand’s positioning, stating that it was “not true to its name.”

With the Sharks flagging inconsistencies in communication and numbers, True Diamond exited without a deal