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Mumbai-headquartered lab grown diamond jewellery brand Limelight Diamonds has raised Rs 275 crore in a strategic funding round led by its promoters, the Bhathwari Group. The Limelight Diamonds funding round also saw participation from strategic partners in the jewellery industry and several of the company’s franchise partners, announced on July 1, 2026.
Background: Growth of Lab Grown Diamonds in India
Lab grown diamonds have emerged as a fast-growing segment within India’s broader gems and jewellery industry.
According to Wazir Advisors, India’s lab grown diamond market was valued at approximately Rs 3,452 crore (USD 400 million) in FY25 and is projected to grow to Rs 5,179 crore by FY28.
India’s overall diamond market stood at nearly Rs 53,512 crore in FY25.
The Indian government has introduced supportive measures for the category, including 100 percent Foreign Direct Investment in the gems and jewellery sector covering lab grown diamonds, along with reduced customs duty on imported carbon seeds used in diamond cultivation.
Founded in 2019, Limelight Diamonds has positioned itself as a pure CVD lab grown diamond jewellery brand, competing alongside other players in the space such as Pome (backed by Trent, the retail arm of Tata Group), Solitario, Lucira and Jewelbox.
Key Developments: Limelight Diamonds Retail Expansion Plans
The capital raised through this round is a combination of equity and cash consideration.
The company said the funds will be used to strengthen vertical integration, expand manufacturing infrastructure, enhance design and innovation capabilities, and accelerate retail expansion across India.
Limelight Diamonds currently operates more than 75 exclusive brand outlets across over 45 cities in India.
As part of its Limelight Diamonds retail expansion strategy, the company plans to add 100 stores in 2026 through a mix of company-owned and franchise-operated formats, scaling up to 200 stores by 2027.
The company said growth will be targeted across metro cities, Tier I markets and emerging Tier II markets.
BSC Advisors acted as the financial advisor to Limelight Diamonds for the transaction.
Founder Statement and Industry Impact
Commenting on the fundraise, Pooja Madhavan, Founder and Managing Director of Limelight Diamonds, said the round validates the company’s vision and reflects the growing potential of the lab grown diamond industry in India.
She said the investment would help strengthen Indian manufacturing capabilities, accelerate retail expansion, and build what she described as a world-class jewellery brand from India.
Madhavan also linked the fundraise to the broader push toward domestic manufacturing under the government’s “Make in India” initiative, stating that lab grown diamonds present an opportunity for India to lead a new luxury category globally.
What This Means for the Lab Grown Diamond Industry in India
The Limelight Diamonds funding round arrives at a time of rising consumer interest in lab grown diamonds, driven by evolving preferences, value-conscious luxury spending, sustainability considerations and growing acceptance among younger buyers.
With a combination of vertically integrated manufacturing, an expanding retail network, and renewed investor confidence, Limelight Diamonds is scaling its presence in a market that industry estimates suggest will grow significantly over the next three years.
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