Priyam­vada C, Mint
1 Dec 2025

A wave of investor cap­ital is flow­ing into India’s labor­at­ory-grown dia­mond (LGD) seg­ment, as fast­s­cal­ing brands tap rising con­sumer adop­tion in a mar­ket now worth well over $300 mil­lion. New-age brands have raised mul­tiple rounds of cap­ital on the back of grow­ing mar­ket share and improv­ing mar­gins.

Actor Shilpa Shetty-backed Lime­light, which is in talks to raise its second round of cap­ital this year, joins the grow­ing list of other small brands such as Onya, Giva, Jew­el­box, Lucira Jew­ellery and Aukera, among oth­ers, who have snagged mon­ies in recent months. Lime­light has appoin­ted Ambit Cap­ital to raise about $20 mil­lion to fund its expan­sion plans, two people famil­iar with the mat­ter said.

Con­firm­ing the fun­draise, the six year-old com­pany’s co-founder Pooja Madhavan said the funds will be used towards store expan­sion and brand build­ing as it looks to touch 100 stores over the next year. “We are in final talks with growth PE funds and reputed fam­ily offices (for the fun­draise),” she told Mint.

Other sim­ilar fun­draises include Onya’s ₹5.5 crore in a pre-seed round led by Zeropearl VC last week, Aukera’s $15 mil­lion raise led by Peak XV Part­ners and Aditya Birla Ven­tures-backed Giva raised ₹530 crore in an internal round led by Premji Invest, Epiq Cap­ital and Edel­weiss Dis­cov­ery Fund, as it looks to scale up its lab-grown dia­mond offer­ings.

Nine pure-play lab grown dia­mond star­tups col­lect­ively raised a record $26.4 mil­lion in 2025, com­pared with $4.7 mil­lion across eight star­tups last year, data from mar­ket intel­li­gence pro­vider Tracxn showed.

The devel­op­ment comes as India’s lab-grown dia­mond jew­ellery mar­ket, val­ued at about $300-350 mil­lion in 2024, expects to grow at a com­pound annual growth rate (CAGR) of 15% over the next dec­ade, as per con­sultancy firm Red­seer’s estim­ates. As the mar­ket evolves, sev­eral prom­in­ent jew­ellery brands will gradu­ally pivot from exclus­ively nat­ural/mined dia­monds in favour of lab-grown altern­at­ives, along­side high-end jew­ellers incor­por­at­ing the lab-growns into their select col­lec­tions, which will drive sales volumes and act as an afford­able entry point for con­sumers.

This seg­ment has par­tic­u­larly picked pace in the last five years, with mil­len­ni­als and gen Z lead­ing this shift, driven by bet­ter value, trend­ier designs from new-age brands, and grow­ing com­fort with lab-grown dia­monds as a cer­ti­fied, high-qual­ity product. This cat­egory has also widened bey­ond occa­sional fash­ion to gift­ing, daily wear and increas­ingly bridal, reflect­ing sus­tained con­sumer con­fid­ence and a will­ing­ness to treat them as a main­stream jew­ellery option, Rohan Agar­wal, part­ner at Red­seer told Mint in an emailed state­ment.

He fur­ther added that new-age brands have stead­ily gained mar­ket share in the mid-ticket gift­ing and daily wear seg­ment with many try­ing to push into premium ranges. While the com­pet­it­ive land­scape is still evolving, incum­bents have already star­ted respond­ing by launch­ing LGD lines of their own, although the extent to which they can chal­lenge remains to be seen.

Major Indian brands that are con­sid­er­ing a foray into this cat­egory include Malabar Gold & Dia­monds, Senco Gold, which has launched the sub­brand Sennes and Tata’s Trent, which launched its brand Pome in West­side stores.

Devangshu Dutta, founder and chief exec­ut­ive officer at Delhi-based con­sult­ing firm Third Eye­sight, echoed the sen­ti­ment. He explained that new-age lab grown dia­mond play­ers are for­cing tra­di­tional jew­ellers to intro­duce LGD options or risk los­ing younger cus­tom­ers. “Not just pre­cious jew­ellery brands, even those that star­ted as fash­ion jew­ellery are expand­ing their range with LGD designs.”

“Down the road, there is poten­tially scope for con­sol­id­a­tion as investors tend to prefer a hand­ful of scaled plat­forms with strong brand recall and robust eco­nom­ics. So, as the cat­egory matures, there may be stra­tegic acquis­i­tions by large jew­ellery houses and cor­por­ates, as well as mer­gers among fun­ded star­tups,” he added.

Those star­tups that can com­bine in-house man­u­fac­tur­ing, design cap­ab­il­it­ies and data-driven retail expan­sion would be at an advant­age, Dutta said. “Key future growth areas for LGD star­tups include omni­chan­nel retail pres­ence within India, with off­line stores espe­cially in demand-dense loc­a­tions such as the met­ros and Tier 1 cit­ies, export mar­kets both with poten­tial cost advant­ages and brand expan­sion, and extend­ing into fash­ion jew­ellery, every­day wear, col­oured lab grown stones and even lux­ury col­lab­or­a­tions that pos­i­tion lab grown as aspir­a­tional rather than merely budget friendly.”

(Published in Mint)

Akshit Pushkarna, Afaqs

12 December 2023

The season for Indian weddings, usually spanning October to December, experienced an unusual twist due to Hindu calendar nuances this year, resulting in a shorter duration. The unexpected shift has upended the conventional decrease in marriage ceremonies, resulting in a condensed surge of weddings. 

A report by the Confederation of All India Traders (CAIT) anticipates Rs 4.74 lakh crore in business earnings from the 38 lakh marriages expected this wedding season, marking a historic high. In comparison, the corresponding period last year witnessed around 32 lakh weddings with total expenses amounting to Rs 3.75 lakh crore.

This presents brands involved in the wedding business with an ample opportunity to capitalise and drive forth their business revenues for the year to come. Three key brands associated with wedding business are steering their strategies to align with the evolving preferences of Indian consumers in the lucrative wedding market.

A more region-specific focus for Shaadi.com’s marketing communication

In a conversation with afaqs!, Adhish Zaveri, VP-marketing, Shaadi.com, a prominent online matrimonial and matchmaking service, speaks about how digital media is more relevant for brand building for wedding-oriented businesses now, eclipsing the relevance of traditional TV and out-of-home advertising. He sees mass media serving only reminders to prompt registrations, while the primary focus shifts towards digital platforms.

This change involves a robust regional focus within our marketing playbook, recognising the dynamic shifts in matrimonial behavior across diverse geographies

Adhish Zaveri, VP-marketing, Shaadi.com

“This season, we have incorporated a paradigm shift in our marketing strategy, driven not only by the upswing in weddings but also by observing how Indians approach finding life partners, with nuances varying across regions. This change involves a robust regional focus within our marketing playbook, recognising the dynamic shifts in matrimonial behaviour across diverse geographies,” he says.

The campaign is driven by the company’s commitment to assure individuals of finding a match within a specified timeframe. The pledge to successfully matchmake within 30 days, with a refund guarantee, serves as the crux of their messaging this season. “Tailoring our approach to each market, we’ve executed this promise uniquely.”

This approach sees the company partner with people of influence across markets to drive better visibility. For the Hindi market, they’ve forged a strategic partnership with Jasleen Royal, the acclaimed singer behind popular wedding songs like Din Shagna Da and Hiriye. Leveraging her association, Zaveri says they have orchestrated a robust social media engagement strategy.

“In the Tamil market, we’ve employed celebrities who recently tied the knot as our ‘matchmakers.’ Adapting a viral reel from this region, featuring the celebrity couple, became a cornerstone of our campaign. While regional focus has always been part of our strategy, this time we’ve approached it through a celebrity lens, creating bespoke strategies for each South Indian market. Although distinct, each strategy is unified by a celebrity-centric approach. From featuring Supriya and Sachin Pilgaonkar for Marathi audiences to enlisting Jasleen Royal for the North, and partnering with Ashok Selvan and Keerthi Pandian for the South – we’ve delved deeper into regional dynamics,” he adds.

Zaveri believes the success of the approach is evident, particularly in the South, where the company’s market presence has increased dramatically post-campaign, providing them an opportunity to further invest in the region. 

A focus on the Wedding planning business for Vikaas Gutgutia’s Ferns N Petals

In the backdrop of a season that signals prosperity, Vikaas Gutgutia, founder and managing director, Ferns N Petals (FnP),  reflects on the trajectory of its business, navigating through the challenges of a pandemic-induced wedding lull.

He says FnP strategically sustained its business in 2022, aligning with the resumption of the wedding business. With the focus shifting to a year poised for business takeoff, the company plans on exploring the wedding planning business with their new business line Shaadi Central. 

“With a legacy in the wedding industry, FnP has historically undertaken various wedding-related tasks, albeit not comprehensively under one roof or in an organised manner. This year marks a strategic shift as the company introduced ‘Shaadi Central,’ a luxury wedding company offering a one-stop solution for all wedding needs.”

“This holistic approach aims to streamline and elevate the wedding planning experience, allowing partners and their families to focus on the approaching wedding date with ease. The innovation and consolidation under ‘Shaadi Central’ have sparked notable interest and engagement in the new business venture. Having weathered a less-than-ideal summer season and traditionally subdued winter numbers, we anticipate a robust revenue surge, making the current season particularly promising,” he asserts.”

The business setup was sparked by Gutgutia’s assertion that, with the evolving landscape of wedding planning, which has made destination weddings and grandeur now necessary for some, the role of wedding planners has become significantly prominent. The launch’s alignment with the business boom anticipated with the wedding season of 2023, Gutgutia underscores the importance of timing in business.

The innovation and consolidation under ‘Shaadi Central’ have sparked notable interest and engagement in the new business venture.

Vikaas Gutgutia, founder and managing director, Ferns N Petals (FnP)

Delving into the marketing approach for this new business vertical, he explains, “The momentum generated by word of mouth for the growth of its wedding planning vertical. Each wedding becomes a nexus of potential customers, and social media plays a pivotal role in amplifying references. With clear and specific messaging in the realm of social media, we have successfully driven business, recognising the platform as the primary point of reference in shaping preferences.”

Looking ahead, FnP anticipates a substantial increase in business revenue across all its verticals. The wedding services vertical, in particular, is expected to bring in significant growth in revenue for the company. The belief stems from the observation that the wedding planning sector remains largely unorganised, and he believes that FnP stands out as a formidable player in terms of size and brand image. As the business charts its course forward, the wedding services vertical emerges as a key focus, poised for substantial expansion.

Senco Gold & Diamonds leveraging virtual try-ons for delivering business growth

Joita Sen, director- marketing and design, Senco Gold & Diamonds, says that the company, with a legacy of 80 years, is uniquely equipped to understand the evolving landscape of bridal desires.

Sen elaborates that the company started the year fresh after initiating their Rajwada Collection, a campaign with which the brand aims to weave together traditional designs infused with modern touches and patterns in their offerings. These offerings, thus, can resonate with the essence of the contemporary woman.

The move also sees the brand shifting its focus towards diverse designs, moving away from region-specific choices. Herein lies a unique selling proposition (USP) for the brand—fulfilling a diverse range of needs while ensuring accessibility across various price points. From high-end designs to more budget-friendly options, the brand aims to leave every customer content upon leaving the store.

“The evolution of groom preferences and competitive pricing have further shaped our approach. A significant aspect of our marketing strategy here revolves around social media, leveraging its targeted reach compared to traditional approaches like billboards and footfall. 50 percent of the marketing budget is allocated to digital channels, where advancements have allowed for more precise consumer outreach.”

50 percent of the marketing budget is allocated to digital channels, where advancements have allowed for more precise consumer outreach.

Joita Sen, director- marketing and design, Senco Gold & Diamonds

However, the digital realm poses a challenge in providing a comprehensive array of options compared to the immersive experience offered in showrooms. To address this, Sen acknowledges the importance of virtual try-ons.

“While currently available for select products,  we are actively working on expanding our offerings in virtual try-ons. This approach proves instrumental in effectively communicating the design, look, and feel of the jewellery to consumers, bridging the gap between the digital and physical shopping experiences.

Importance of strategic visibility and multi-modal presence for short-term success

According to Devangshu Dutta, CEO, Third Eyesight, the ongoing mega-season of weddings presents a favourable outlook for formalwear and traditional wear brands across various categories. This surge in weddings is not limited to the upper-income segment but extends across the income spectrum, reaching the middle class and towns of all sizes.

Thus, to effectively capitalise on the wedding season, brands must establish a strong position in customers’ minds well in advance, he believes.

“Products and brands associated with brides, grooms, and close family members, as well as those intended for gifting to the extended family, are inherently perceived as “premium” within their respective consumer segments. This holds true regardless of the targeted population segment. Success as a “wedding brand” requires a long-term perspective, with continuous investments in product development, service enhancement, and marketing expenditure to ensure that the brand stands out prominently amid competition,” he says.

”In the current market landscape, achieving visibility demands a multi-modal approach, encompassing both offline and traditional channels, along with tactical online advertising.”

Devangshu Dutta, CEO, Third Eyesight

In the short term, however, he opines that the visibility and availability of products just before the wedding season play a crucial role in influencing specific performance during that period.

”In the current market landscape, achieving visibility demands a multi-modal approach, encompassing both offline and traditional channels, along with tactical online advertising.”

(Published in Afaqs)