Limelight Diamonds, a prominent lab-grown jewelry brand, plans to build seven new exclusive locations in India by the end of the year to meet rising consumer demand for sustainable and inexpensive lab-grown diamonds.
Pooja Sheth Madhavan, Founder and Managing Director, emphasized the tremendous increase in awareness of lab-grown diamonds, with most customers now understanding that these diamonds are chemically equivalent to mined diamonds because they are formed of carbon. Limelight Diamonds hopes to engage a broader range of buyers across the country by extending its physical presence.
The lab-grown diamond market in India is growing at a rate of 15-20% per year, owing to increased customer interest in sustainable products and lab-grown diamonds’ lower cost. Madhavan expressed confidence in the brand’s recent opening in Chennai’s Anna Nagar, which was Limelight‘s 23rd physical store in India.
Limelight Diamonds, established in 2019, operates both a direct-to-consumer e-commerce platform and exclusive brand shops. The Mumbai-based startup has raised $1.36 million in two fundraising rounds so far.