Goldiam raises Rs 202 Cr to scale lab-grown diamond retail play
The Mumbai-based exporter goes deeper into consumer jewellery, with plans for up to 90 ORIGEM stores, in one of India’s largest fundraises for lab-grown diamonds.
Goldiam International, known as a diamond jewellery exporter, has raised Rs 202 crore through a Qualified Institutional Placement (QIP) to accelerate its retail push into lab-grown diamonds.
The placement, advised by Monarch Networth Capital, drew participation from marquee domestic and global investors, including Morgan Stanley. The fundraising marks the largest institutional bet so far on India’s lab-grown diamond (LGD) retail sector, and nearly doubles the scale of recent venture-backed deals in the space.
The fresh capital will fuel the expansion of ORIGEM, Goldiam’s consumer-facing LGD jewellery brand, with plans to roll out 70-90 stores nationwide in the next 18-24 months. ORIGEM, which entered the market just 10 months ago, has already opened six outlets and, according to the company, has seen strong customer traction.
“This fundraise marks a defining moment in Goldiam’s journey. With the support of marquee investors, we are now well-positioned to accelerate ORIGEM’s expansion and bring lab-grown diamond jewellery to a much wider audience across India,” said Anmol Bhansali, Director at Goldiam International. “Our vision is to make diamonds more sustainable, accessible, and aspirational.”
The move underscores the rapid institutionalisation of India’s LGD market, which has grown from a niche export-oriented business into a consumer-facing retail opportunity. Lab-grown diamonds—chemically identical to mined stones but produced in a controlled environment—are gaining popularity among younger buyers seeking affordable luxury and sustainability.
For Goldiam, the expansion represents a strategic shift from its traditional wholesale and export business toward a hybrid model, blending its established global B2B channels with a growing domestic retail franchise. The company projects 15-20% growth in both sales and profitability this fiscal year, driven by what it calls its “dual growth engines.”
Funding activities
India’s lab-grown diamond market has seen a flurry of capital inflows over the past two years as startups and established players race to build brands and retail presence in a fast-evolving category.
Bengaluru-based Aukera secured one of the largest cheques so far, raising $15 million in a growth round led by Peak XV Partners. Solitario Lab Grown Diamonds followed with a $3.6 million pre-IPO funding round, underscoring investor appetite for early exposure to businesses preparing to scale. Another entrant, Firefly Diamonds, raised $3 million in seed capital from WestBridge Capital.
Coluxe closed a friends-and-family funding round to support the launch of its digital storefront, highlighting how lifestyle influencers are also beginning to carve out space in the LGD segment. Jewelbox, which gained visibility after an appearance on Shark Tank India, secured $3.2 million in a pre-Series A funding round led by V3 Ventures. The company has been positioning itself as a design-driven alternative to traditional diamond jewellery players.
Even seed-stage companies have drawn attention: True Diamond raised $1 million in a round led by Titan Capital to help the brand scale operations and tap into the growing online consumer base.
Together, these deals show that at least half a dozen companies in India’s LGD space have successfully raised external capital, ranging from seed cheques of $1 million to growth rounds of $15 million.
Edited by Kanishk Singh