True Diamond, a lab-grown diamond jewellery startup based in Mumbai, has secured $3 million in a pre-Series A funding round. The round was led by venture capital firm India Quotient, with continued support from existing investors Titan Capital Winners Fund and Huddle Ventures.
The company plans to use the fresh capital to accelerate its omnichannel growth strategy, focusing on offline expansion. Following the successful launch of retail outlets in Mumbai, Hyderabad, and Noida, True Diamond intends to open more stores across major metro cities to offer immersive brand experiences.
Co-founder Parin Shah emphasized the brand’s commitment to creating a next-generation jewelry experience through high-quality lab-grown diamonds, innovative content, and a retail journey that deviates from traditional norms.
True Diamond offers an extensive range of lab-grown diamond jewelry, including rings, earrings, pendants, necklaces, mangalsutras, bracelets, and tennis bracelets. The brand claims to have built a catalogue of over 5,000 designs and boasts a 1.7x customer repeat rate, indicating strong customer satisfaction and loyalty.
Investor interest in lab-grown diamonds has been on the rise, with several early-stage startups in the sector receiving funding in recent months. Sahil Makkar, Vice President at India Quotient, noted the immense potential in the lab-grown diamond and gold combination as a category within the massive jewelry market, presenting a strong value proposition for today’s value-conscious and design-sensitive customers.
True Diamond’s successful funding round underscores the growing investor confidence in lab-grown diamond jewellery as a sustainable and innovative alternative to traditional offerings. With plans to expand its retail presence across India’s major cities, the startup is well-positioned to cater to the evolving preferences of modern consumers seeking ethical and high-quality jewellery options.