Latest news with #DarayusMehta
Time of India
4 days ago
- Business
- Time of India
Jewellery startup True Diamond raises Rs 26 crore in pre-Series A funding round
New Delhi: Lab-grown diamond jewellery brand True Diamond has raised Rs 26 crore in a pre-Series A funding round led by India Quotient , with participation from existing backers Titan Capital Winners Fund and Huddle Ventures, as it sets its sights on aggressive offline expansion, according to a media release on Wednesday. The company plans to use the capital to accelerate its omnichannel strategy, with a specific focus on offline growth. It has already opened retail outlets in Mumbai, Hyderabad, and Noida, and intends to expand across metro cities to offer immersive brand experiences. Parin Shah , Co-founder of True Diamond said, 'We're building a next-gen brand experience through high-quality lab-grown diamonds , cutting-edge content, and a retail journey that breaks away from the conventional. This round gives us the ability to scale this vision faster.' Founded in early 2024 by Darayus Mehta and Parin Shah, the Mumbai-based startup aims to modernize the jewellery experience for Indian consumers through high-quality lab-grown diamonds, design innovation, and a differentiated brand journey.
Entrepreneur
4 days ago
- Business
- Entrepreneur
True Diamond Bags INR 26 Cr from India Quotient, Titan Capital, and Huddle Ventures
The fresh capital will be deployed to accelerate the Mumbai-based brand's omnichannel growth, particularly focusing on expanding offline retail presence. You're reading Entrepreneur India, an international franchise of Entrepreneur Media. Lab-grown diamond jewelry brand True Diamond has successfully raised INR 26 crore in its pre-series A funding round, led by India Quotient with continued support from existing investors Titan Capital Winners Fund and Huddle Ventures. The fresh capital will be deployed to accelerate the brand's omnichannel growth, particularly focusing on expanding offline retail presence. With retail stores already launched in Mumbai, Hyderabad, and Noida, the brand plans to establish more outlets across India's metro cities, aiming to deliver immersive brand experiences blending design, storytelling, and exceptional service. True Diamond was co-founded in January 2024 by Parin Shah and Darayus Mehta, and is headquartered in Mumbai. The company was founded with a mission to modernise India's jewelry experience through sustainable luxury, cutting-edge design, and material innovation. True Diamond offers a diverse range of certified lab-grown diamond jewelry, including rings, earrings, necklaces, bracelets, pendants, tennis bracelets, mangalsutras, and customised pieces, including a men's collection. "We never wanted to be just another jewelry brand," said Parin Shah, Co-founder of True Diamond. "We're building a next-gen brand experience through high-quality lab-grown diamonds, cutting-edge content, and a retail journey that breaks away from the conventional. This round gives us the ability to scale this vision faster." Since its inception, True Diamond claims to have built an impressive catalog of over 5,000 unique designs and achieved a 1.7x customer repeat rate, showcasing growing customer loyalty. Their standout innovations include offerings like 160+ facet Portuguese diamonds and black diamonds, appealing to India's new-age, conscious, and design-savvy consumers. Sahil Makkar of India Quotient noted, "We see immense potential in the lab-grown diamond and gold combination... True Diamond is evolving into an aspirational omnichannel retailer." Shiv Kapoor, VP at Titan Capital, added, "True Diamond has the chance to be the go-to brand for customers who want accessible luxury without compromising on design or experience."
Time of India
30-04-2025
- Business
- Time of India
Natural vs lab-grown diamonds: The dazzling duel shaking up India's jewellery market
Live Events Darayus Mehta, Co-founder and Director of True Diamond, says that although they started only two years ago, they have experienced remarkable growth, achieving a 5X increase in sales from the first month to December 2024. ET Online Richa Singh, Managing Director, India and the Middle East, Natural Diamond Council says that the rarity of natural diamonds is what will keep the industry thriving. iStock Experts are of the view that in a market like India, where consumers look for both value and price while making purchases, there is ample space for both natural and LGDs players to thrive. 'The next time, you feel slightly uncomfortable with the pressure in your life, remember no pressure, no diamonds. Pressure is a part of success' – Eric Thomas, famous American natural diamond players in the country are feeling the pressure—sales are slipping faster than a diamond ring off a greasy finger. Adding to their woes, the appetite for lab-grown diamonds is on the rise. What lies ahead for natural diamond players in the country? Will they successfully handle this pressure and emerge victorious?The demand for lab-grown diamonds (LGDs) is increasing with companies capitalising on the growing preference of consumers for a cheaper, environmentally friendly option. The affordability and ethical manufacture of lab-grown diamonds position them as an excellent alternative to natural diamonds , the sourcing of which has often been criticised as unethical, as it has been linked to unfair labour practices and can harm the environment. 'Today lab-grown diamonds are becoming very popular; they give you the same appeal as natural and can last very long. At the same time, they are much cheaper than natural diamonds,' says Saiyam Prem Mehra, Chairman, All India Gem and Jewellery Domestic his 2023 visit to the US, Prime Minister Narendra Modi gifted a 7.5 carat eco-friendly lab-grown diamond to the then first lady, Jill Biden. The diamond was manufactured in a factory in Surat using renewable energy sources like solar and wind power. This illustrates the increasing popularity and acceptance of lab-grown diamonds, also known as synthetic diamonds, around the Mehta, Co-founder and Director of True Diamond , which was founded in 2023, says that although they started only a year ago, they have experienced remarkable growth, achieving a 5X increase in sales from the first month to December 2024. 'This rapid growth reflects the increasing acceptance of LGDs by today's consumers, especially those seeking affordable, sustainable luxury. Our primary customer base includes individuals aged 35-45, predominantly millennials who are progressive, independent, digitally savvy women and are conscious about sustainability and innovation in jewellery,' he lab-grown diamond jewellery market in India was valued at $264.5 million in 2022. As per the estimates by investment promotion agency INDEXTb, lab-grown diamond jewellery sales will rise at a CAGR of 14.8% over the next 10 years, and the total market size will increase to $1,192.3 million by 2033, up from $299.9 million in 2023. A bright future certainly awaits LGDs!But will the popularity of LGDs take the sparkle away from natural diamonds?Currently, natural diamond players in the country are facing a double whammy—dwindling sales and increasing popularity of LGDs. Let the figures do the talking. According to the latest GJEPC report, India's export of cut & polished diamonds dropped by 18.25% in April-December 2024 to $9.75 billion from $11.93 billion during the same period in the previous year. During this period, imports also declined by 34.09%—from $1.49 billion in April-December 2023 to $0.98 billion in April-December diamond processing industry, which processes around 90% of the world's rough diamonds by volume, has seen a 24.5% drop in rough diamond imports—from $18.5 billion in FY22 to $14 billion in FY24, according to a recent GTRI report. In fact, India's overall diamond trade (exports + imports) has dipped by 22% year-on-year in FY24 due to the challenges of reduced demand in major export destinations and supply-side issues, such as G7 sanctions,' Govindu says, citing data from the Ministry of Commerce and Govindu, Partner, Deloitte India, attributes the decline to low demand in the global market, citing the report by GTRI. He says that in key markets, like the US, China, and Europe, demand has gone down due to economic uncertainty, inflation, and geopolitical tensions, leading to reduced consumer spending on luxury goods, including diamonds. 'In China, the diamond demand has plummeted by more than 50% over the past two years, but the consumption of lab-grown diamonds has surged, especially in the fashion jewellery and low-end engagement ring segments,' he as lab-grown diamonds gain popularity in India and around the world, Bengaluru-based Debolina Biswas prefers natural diamonds, as she feels that the former lack value. 'I prefer buying (for myself and others) fine jewellery that can be worn more regularly, rather than storing it away in a bank locker and only taking it out on occasions. I'm not a fan of lab-grown diamonds simply because I feel they're not worth it. Diamonds (natural) have some sort of re-sale value,' she like Debolina give hope to natural diamond players in the country. Despite the declining numbers, they continue to be optimistic about the future and are looking forward to its growing 2024, India has grown to become the second-largest natural diamond jewellery market in the world, overtaking China, according to Richa Singh , Managing Director, India and the Middle East, Natural Diamond Council , who cites a recent De Beers Diamond Insight Report. 'We are second only to the US, and this growth would not have been possible without a growing demand, desire and adoption for diamonds from consumers. We saw 64 million visits to our website last year, showing that consumers are curious about natural diamonds and want to know more about the category.'India is expected to have 100 million additional consumers who can afford natural diamonds by 2030, according to De Beers data. 'With skilled artisans and their bespoke designs, India continues to be a key market for natural diamonds,' she says that the rarity of natural diamonds is what will keep the industry thriving, as diamond recovery has dropped by 30% since 2005 and no significant new diamond deposits have been discovered in recent times.'Natural diamonds are probably one of the oldest pieces of the earth's history one can hold in their hand. They are older than dinosaurs and even some of the stars in the sky. Each piece is unique and one of a kind, like a fingerprint. There is no other luxury product in the world that can be worn and enjoyed every day, passed down generations, have added memories and emotions, and still look just like it did on the day it was first purchased. They are finite in supply and getting rarer by the day, which lends them an inherent value,' she diamonds, on the other hand, are mass-made replicas of each other, produced over a couple of weeks. They can be made on an unlimited scale, leading to the economics of demand and supply. As a result, the prices of lab-grown diamonds, in some cases, have dropped by as much as 83% between 2015 and 2024, she says. 'They (LGDs) are currently being used for industrial usage, in medical instruments, and in the fashion industry, but we believe they may not be a replacement for a billion-year-old heirloom,' she adds that the need of the hour is to dispel myths, misconceptions and any misleading claims which create ambiguity and confusion for consumers. 'Consumers deserve transparency, and we are very happy that even the government has recognised the same. The recent diamond terminology guidelines proposed by the Central Consumer Protection Authority (CCPA), something we have been working closely with the GJEPC on for the last 1.5 years, is a big step in this direction. It will offer clear language to differentiate between natural diamonds and lab-grown diamonds, removing ambiguity and enabling consumers to make an informed decision,' she CCPA proposed explicit labelling and certification of all diamonds. According to the proposed guidelines, diamonds should have specifications of their origin and production method, and terms like 'natural' or 'genuine' should not be used for lab-grown diamonds. The CCPA is set to release a more detailed and robust framework for the diamond November of last year, during the festive and wedding season, the Natural Diamond Council also came up with a campaign—'Make sure it's natural diamond'. The campaign aimed to highlight the rare and unique qualities of natural defence of natural diamonds, Varghese Alukka, MD of Jos Alukkas Group, asserts that (natural) diamonds have always been sought for their rarity, uniqueness and exclusivity, qualities that LGD doesn't offer. 'The overall emotional and sentimental value of diamonds as a category is missing in LGD and gives LGD a sense of wearing a fake. With the current trend at which LGD prices are dropping, it would never be an investment or have any resale value, making it just another stone,' he acknowledges the importance of educating customers about the difference and reconnecting consumers with the genuine emotion of natural diamonds through unique and authentic digital August, De Beers Group and Tanishq announced a collaboration to boost sales of natural diamonds. The collaboration involves extensive consumer outreach and communication about natural diamonds and diamond authenticity through Tanishq's retail staff, along with a 360-degree marketing campaign around it. Tanishq already uses De Beers' proprietary diamond verification technology to provide authenticity assurance of its Pratihari, MD, De Beers India, says that in 2005, India's domestic diamond jewellery market accounted for just 2% of global consumption. By 2024, it has grown to 11%, making India the second-largest market for diamond jewellery in the adds that the most significant surge in demand has been observed in the last couple of years, driven by increasing consumer affluence, evolving preferences, and greater awareness of natural diamonds' enduring value. The market's unprecedented expansion has created vast opportunities, engaging over 500,000 jewellers across the country and reshaping the landscape of the diamond industry in says the recent dip in prices is a temporary phase, driven by short-term demand-supply dynamics, and this correction presents an opportunity to make natural diamonds more accessible and aspirational to a new generation of consumers, particularly young, globally- influenced buyers who seek authentic and meaningful that diamond acquisition rates in India are still below those in mature markets like the US, Pratihari believes that there is significant potential for further growth in the natural diamond jewellery market in India. India will emerge as one of the leading diamond jewellery markets in the overall diamond market in India is expected to reach a projected revenue of $4 billion by 2030 from $3.3 billion in 2024, as per Grand View are of the view that in a market like India, where consumers look for both value and price while making purchases, there is ample space for both natural and LGDs players to thrive. Saiyam Prem Mehra, Chairman, All India Gem and Jewellery Domestic Council (GJC), says that many natural diamond players themselves are diversifying and opening branches of LGDs. 'If you see the top 10 diamond players, they have their other family members who are manufacturing and opening lab-grown outlets. It is a need of the era. If you are in the diamond industry, some part of it has to be lab-grown,' he the future, he says, there will be a market and crowd for both kinds of diamonds. 'I do not think that they need to be classified and downgraded in a way where the natural diamonds have an upper hand and LGDs have a lower hand. If you buy from the right retail store, it will have the right resale value. LGDs are here to stay, and its future is getting very lucrative as we see more and more players coming into this segment,' he says.
