Lab-grown diamond jewellery brand Firefly Diamonds has secured $3 million in seed funding, with WestBridge Capital leading the round. The Bhansali brothers, Adit and Aayush, founded the company in December 2023, drawing from their family’s 60-year legacy in jewellery craftsmanship.
Expansion and Innovation Plans
The fresh capital will fuel Firefly Diamonds’ ambitious expansion plans, with the brand aiming to establish its presence in over 20 cities across India within the next two years. Currently operating stores in Mumbai, Pune, Bengaluru, and Hyderabad, Firefly Diamonds intends to strengthen its retail network while also investing in R&D to develop innovative jewellery collections.
“Our commitment to exquisite craftsmanship and sustainable luxury drives us. Every piece we create reflects our dedication to quality and artistry,” said Adit Bhansali. “This funding will help us bring affordable luxury to more cities while redefining the fine jewellery experience for Indian consumers.”
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Sustainable Luxury with Lab-Grown Diamonds
Firefly Diamonds uses advanced technology to produce lab-grown diamonds that mirror the physical, chemical, and optical characteristics of natural diamonds. These ethically sourced stones offer consumers a more sustainable and environmentally conscious alternative to traditionally mined diamonds.
The growing popularity of lab-grown diamonds (LGDs) in India is evident, with the market valued at $2.61 billion in 2023. Consulting firm Technopak predicts the sector will surge to $8.31 billion by 2032, expanding at a 13% CAGR. Firefly Diamonds aims to tap into this booming demand by providing elegant, eco-friendly jewellery.
Exclusive Offerings and Personalized Services
Catering to the evolving preferences of modern buyers, Firefly Diamonds offers a diverse range of jewellery crafted in 14K and 18K gold. The brand also introduces personalized experiences through innovative services:
• Try at Home: Allowing customers to view and try jewellery from the comfort of their homes.
• Firefly Sparkle Plan: An instalment-based savings program designed to make luxury purchases more accessible.
• Old Gold Exchange: Providing an opportunity for customers to exchange old gold jewellery for Firefly’s creations.
• Firefly Reserve: A bespoke collection of high jewellery, offering tailor-made pieces for exclusive clientele.
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With a blend of tradition, innovation, and sustainability, Firefly Diamonds is carving a niche in India’s luxury jewellery market. The brand’s focus on offering guilt-free, elegant diamond jewellery positions it well to capture the rising demand for conscious luxury.
