Diamonds have long been cherished for their timeless appeal, symbolizing love and celebrating life’s most precious moments. More than just adornments, they are often seen as tokens of prosperity and happiness. However, natural diamond mining comes with risks: it endangers the lives of miners and causes significant environmental harm. To address these concerns, siblings Vidita Kochar Jain and Nipun Kochar founded Jewelbox, a lab-grown diamond jewellery brand. Lab-grown diamonds, though created in laboratories, mirror the brilliance and qualities of natural diamonds while offering a more sustainable alternative.

According to a Technopak report, India’s lab-grown diamond market is projected to grow at a CAGR of 14.8 percent by 2033.

Inspiration Behind Jewelbox
Jewelbox was born out of a simple vision: to fulfil aspirations by making diamond jewellery both accessible and sustainable. The founders believed that diamonds should symbolize joy, not compromise. This vision took concrete shape when the brand secured an all-shark deal on Shark Tank India and expanded to 11 stores across nine cities.

“We set out to create pieces that carry the same brilliance and beauty as traditional diamonds, but with the added promise of responsibility and transparency. That vision continues to guide us every single day,” shared Vidita Kochar Jain, Co-Founder, Jewelbox.

Online and Offline Presence
Jewelbox leverages both online and offline channels to reach its consumers. In the digital space, the brand is present on leading e-commerce marketplaces as well as its own direct-to-consumer website. On the offline front, it operates 11 stores across nine cities in India.

“For us, it’s about blending the convenience of digital with the trust and experience of physical retail,” expressed Jain.

Revenue Split Between Online and Offline
Currently, offline retail contributes around 70 percent of Jewelbox’s sales, while online accounts for about 30 percent. Interestingly, the two channels complement each other in the brand discovery process.

“Many customers first discover us online and then complete their journey in-store, while others walk into our stores and later find their perfect design online. This makes both channels equally powerful in shaping the Jewelbox experience,” highlighted Jain.

Domestic and Global Expansion Plans
Jewelbox plans to expand from 11 stores to 30 stores by the end of this year in India. While its current focus is on domestic growth, the brand remains open to international opportunities.

“While our current focus is on building a strong presence across India, we are open to global expansion as well once we see strong demand internationally. We’re excited about the possibilities international markets may hold for Jewelbox,” noted Jain.

Standing Out in the Market
With India’s lab-grown diamond market witnessing rapid growth, competition has intensified. Jewelbox differentiates itself through trust, innovation, and design leadership.

“We offer a versatile range of pieces, thoughtfully crafted so that anyone and everyone can find something that resonates with their style. Every design goes through extensive research and development, ensuring timeless appeal with certified quality,” explained Jain.

Shark Tank India Experience and Fundraise
Jewelbox featured in Season 3 of Shark Tank India and successfully raised Rs 2 crore in funding for a 6 percent equity stake from all five sharks—Peyush Bansal, Ritesh Agarwal, Vineeta Singh, Aman Gupta, and Radhika Gupta. The appearance brought the brand nationwide visibility and opened new market opportunities.

“From the very beginning, we had a vision: to grow the lab-grown diamond category and lead it in India. Then Shark Tank happened. It gave us the push we needed, and overnight, so many people were introduced to the world of lab-grown diamonds. Ever since, Jewelbox has expanded and never looked back—bringing sustainable luxury to more people every day,” shared Jain.

Growth Targets and Long-Term Goal
At present, Jewelbox has achieved an annual run rate of Rs 50 crore. Backed by domestic expansion and growing consumer adoption, the brand is poised to reach Rs 150 crore in annual revenue.

“We’re scaling with a long-term view, with our focus firmly on building a trusted brand and driving sustainable growth,” concluded Jain.

Courtesy : Indian Retailers