Limelight Lab Grown Diamonds has attracted a strategic investment totaling US$1 million from two prominent retail jewellery chains. Through this strategic alliance, Limelight aims to establish new stores and elevate its brand recognition nationwide.
Previously, the company had secured an investment from the Emerald Group, the largest jewellery manufacturer in Asia. This investment was part of a strategic partnership aimed at positioning Limelight as a unique vertically integrated brand, enabling joint manufacturing, sales, and distribution of LGD studded jewellery in India and worldwide.
The latest investment serves a similar purpose in the company’s strategic agenda, facilitating accelerated and robust growth in the expansion of the brand’s stores across the country. Currently, the company operates 10 stores and over 40 shop-in-shops spanning 25 cities, including Mumbai, Delhi, Jaipur, Varanasi, Hyderabad, Bangalore, Chennai, Kolkata, and others.
Continue Exploring: Top jewellery retailers hold back on lab-grown diamonds citing low consumer demand
Pooja Sheth Madhavan, Founder and MD of Limelight Lab Grown Diamonds expressed, “The positive reception and customer support for LGD jewellery nationwide have been encouraging. This sentiment is mirrored in our sales, bolstering our confidence to expand more rapidly. With the Government’s commitment and attention to this burgeoning sector, the investment provides added momentum towards our goal of expanding our presence both in India and internationally.”
During FY24, the company achieved sales totaling INR 80 crores, marking a remarkable surge of over 230% compared to the previous year. Madhavan further noted that branded sales have tripled year-on-year.
Continue Exploring: Titan’s CaratLane jewellery line to make US debut in FY25