Currently, Firefly Diamonds operates stores in four cities—Mumbai, Pune, Bengaluru, and Hyderabad. With this funding, the company plans to expand to over 20 locations across India in the next two years, further strengthening its footprint in the country’s growing lab-grown diamond (LGD) market.

India’s LGD market, valued at $2.6 billion in 2023, is witnessing increased investor interest, with several startups securing funding rounds. Recently, Moneycontrol reported that LGD brand Aukera Jewellery is in talks to raise $15 million in Series B funding led by Peak XV Partners, while competitors such as Limelight Lab Grown Diamonds and GIVA have also attracted investments.

“Our brand is built on a legacy of trust, innovation, and craftsmanship. With over 60 years of expertise in jewellery manufacturing and design, we ensure that every piece reflects unparalleled quality and excellence. 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.

Founded in December 2023, Firefly Diamonds offers lab-grown diamond jewellery set in 14K and 18K gold. The company has also introduced several customer-focused initiatives, including Firefly Try at Home, the Firefly Sparkle Plan—an instalment-based savings plan, an Old Gold Exchange program, and Firefly Reserve—an exclusive bespoke line of personalized high jewellery.

The Indian LGD market is poised for significant growth, projected to reach $8.31 billion by 2032 with a CAGR of 13.73%, according to Technopak. Despite the presence of legacy jewellers, the market remains fragmented, with no clear leader. Over the past few years, numerous startups have emerged, gaining traction among investors and consumers alike.

According to Tracxn, India has 2,836 internet-first jewellery startups, with 262 having secured funding. Notable brands such as GIVA, Ultrahuman, Oura, CaratLane, and Bluestone continue to shape the evolving jewellery landscape. Of these, only 79 have raised Series A funding rounds, highlighting the competitive and rapidly expanding nature of the industry.

With the latest funding, Firefly Diamonds is set to carve out a stronger presence in the market, capitalizing on the rising demand for sustainable and high-quality lab-grown diamond jewellery.