In another sign of the growing interest in India’s lab-grown diamond (LGD) market, True Diamond, a new-age jewellery brand, has raised INR 26 crore (~USD 3 million) in its Pre-Series A funding round. The round was led by India Quotient, a prominent early-stage venture capital firm, with participation from existing investors Titan Capital Winners Fund and Huddle Ventures.
This is a big milestone for True Diamond in its journey to become a omnichannel jewellery brand and modernize the diamond buying experience for today’s design-conscious Indian consumer.
A New-Age Brand
Founded in 2024 by entrepreneurs Darayus Mehta and Parin Shah, Mumbai-based True Diamond aims to democratize luxury with lab-grown diamonds, offering products that combine design innovation with ethical and sustainable sourcing.
In just over a year, the brand has built a catalogue of over 5,000 SKUs from rings and earrings to mangalsutras and men’s jewellery. Notably, the company has a 1.7x customer repeat rate, which is a strong indicator of brand affinity among its early adopters. Among its unique offerings are the 160+ facet Portuguese diamond cuts and the bold use of black diamonds—a rare sight in India’s conservative jewellery space.
“We never set out to be just another jewellery brand,” said Parin Shah, Co-founder. “Our vision is to build a next-gen brand that combines accessible luxury, sustainable materials and immersive storytelling—both online and offline.”
Use of Funding
True Diamonds pre Series A funding will be used to scale True Diamond’s omnichannel strategy with a strong focus on offline expansion. The company has already launched stores in Mumbai, Hyderabad and Noida and plans to enter other major cities like Bengaluru, Delhi and Chennai soon.
The brand is building immersive, high-touch retail experiences with modern design, content-driven storytelling and personalized services to differentiate itself from traditional players in the industry.
“Lab-grown diamond and gold is a huge opportunity. It has sustainability, affordability and design-led value that today’s value-conscious and style-conscious consumer is looking for,” said Sahil Makkar, Partner at India Quotient.
“As an early backer, we are happy to double down. True Diamond can be the brand of choice for conscious consumers who want luxury without compromise,” said Shiv Kapoor, Vice President at Titan Capital Winners Fund.
A Sector Ready to Boom
India’s lab-grown diamond industry is growing and consumer awareness around sustainability and price sensitivity is increasing. According to Redseer, the Indian LGD jewellery market was USD 300 million (~INR 2,573 crore) in 2024 and will be USD 1.19 billion (~INR 10,208 crore) by 2033, a 14.8% CAGR over the next 10 years.
Investor sentiment is matching this optimism—total funding into LGD startups in India was USD 14 million (~INR 120 crore) in 2025, a 50% YoY growth. True Diamond’s fundraise is one of the biggest in this wave along with peers like Jewelbox, Firefly Diamonds, IVANA Jewels.
The Competitive Advantage
While many LGD startups are focused on e-commerce or exports, True Diamond is one of the few building a full-stack omnichannel retail presence. This hybrid approach not only increases brand visibility and customer trust but also allows customers to touch high-value products—a critical factor in jewellery retail.
True Diamond’s uniqueness lies in its content marketing, premium yet affordable and bold design to redefine what diamond jewellery means to India’s urban, aspirational and digitally native consumers.
Conclusion
With this fundraise True Diamond is all set to be a leader in the Indian LGD space, leveraging product innovation and channel diversification for growth. As the market matures and consumer preferences shift towards ethical luxury and immersive experiences, True Diamond is at the intersection of trend and opportunity.
Investors and industry will be watching to see how the company executes its next phase of growth and if it can build a category defining brand in one of India’s most traditional sectors.
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