 "Lab-grown diamond jewellery brand Firefly raises $3 mn in funding")
Firefly Diamonds has raised $3 million in a seed round led by WestBridge Capital and will use the investment to expand its retail and digital business and research, said the lab-grown diamond jewellery company on Tuesday.
Firefly said the Indian lab-grown diamond jewellery market will be worth more than $1 billion by 2033. Firefly has stores in Mumbai, Pune, Bengaluru, and Hyderabad and it plans to expand to more than 20 locations in two years.
Firefly said its diamonds have the same physical, optical and chemical characteristics as mined ones, but their production has a lower environmental impact.
"With this funding, we wish to usher in a new era of Indian luxury, that celebrates beauty, individuality, and the art of fine craftsmanship,” said Adit Bhansali, co-founder of Firefly Diamonds.
Sumir Chadha, co-founder and managing partner at WestBridge Capital said the demand for lab-grown diamonds is accelerating as consumers become more conscious about sustainability and value. “Firefly Diamonds is tapping into this shift with a brand that is both aspirational and accessible. Their approach to design, technology, and ethical sourcing positions them as a leader in this fast-growing space,” said Chadha.
Firefly said it has introduced a range of “customer-centric initiatives” for personalisation and accessibility. These include Firefly Try at Home for shopping in living rooms; instalment-based savings programme Firefly Sparkle Plan; a programme for exchanging old gold, and Firefly Reserve, an “exclusive bespoke line” of personalised jewellery.