Jewelbox Secures INR 3.5 Crores Funding Round to Propel Growth in Lab-Grown Diamond Jewelry Market

• ByStartupStory     |    March 19, 2024

Kolkata-based jewelry company, Jewelbox, has successfully closed a funding round, raising INR 3.5 crores. The investment was led by JITO Incubation and Innovation Foundation (JIIF), alongside contributions from close friends and family members. JIIF, known as the only community-based angel network in India, contributed a substantial amount of 2.97 crores to the funding.

Founded in 2022 by Nipun Kochar and Vidita Kochar, Jewelbox has quickly emerged as a pioneer in crafting exquisite jewelry using lab-grown diamonds. The infusion of funds will fuel the company’s expansion plans, focusing on team building and the establishment of additional retail stores.

Commenting on the investment, Mr. Rajat Mehta, Chairman of JITO Incubation and Innovation Foundation, expressed his confidence in Jewelbox’s innovative approach and dedication to quality and sustainability. He stated, “Jewelbox’s innovative approach in exquisite crafting jewelry with lab-grown diamonds resonates with today’s conscious consumers. We believe that their dedication to quality and sustainability will drive remarkable growth in the industry, enhancing both quality and sustainability.”

The demand for lab-grown diamonds is steadily increasing, with Teji Mandi’s findings suggesting that it is expected to reach 160 million carats by 2030, signifying the growing acceptance of lab-grown diamonds in India.

Nipun Kochar, Co-founder of Jewelbox, expressed excitement about the funding round and the mentorship received from industry veterans. He said, “We are excited to receive mentorship with industry veterans who have joined in this round. Building Jewelbox has been an incredible adventure, driven by our shared passion for redefining luxury with lab-grown diamonds. Our dedication to quality and sustainability fuels every facet of our business, and through this investment we’re eager to see our impact ripple through the industry.”

Jewelbox, based in Kolkata, blends cutting-edge technology with timeless elegance to create stunning jewelry with lab-grown diamonds. Symbolizing empowerment and beauty, the company offers sustainable luxury to its discerning clientele.

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