Limelight Lab Grown Diamonds, India’s largest lab-grown diamond (LGD) jewellery brand, has raised approximately $11 million (INR 90 crore) in a funding round involving fund houses, broking firms, family offices, and company promoters.
The capital will be used to expand the company’s retail presence, enhance its design offerings, and support operational growth. The brand aims to open 100 stores by 2026 as it seeks to strengthen its position in the LGD sector.
Company Expansion and Market Position
Founded in 2019 by Pooja Madhavan, Limelight currently operates over 30 standalone stores and 30 shop-in-shop outlets across more than 35 cities in India. The company is vertically integrated, with backing from The Bhathwari Group, a major LGD producer, and The Emerald Group, a large jewellery manufacturer in Asia.
With demand for lab-grown diamonds increasing, the company has expanded significantly over the past two years and plans to grow both its physical and online presence.
Industry Trends and Market Context
The investment comes at a time when the LGD sector in India is growing at an estimated 15-20% annually, driven by greater consumer awareness and interest in sustainable and cost-effective jewellery. Reports suggest that changing preferences towards design-led jewellery are also influencing purchasing decisions.
India’s jewellery market, valued at approximately $80 billion, is seeing an increase in LGD offerings as brands respond to shifting consumer demand.
Comments from Leadership
Pooja Madhavan, Managing Director of Limelight, stated:
“The investment comes at a perfect time when the LGD sector is seeing a disruptive boom in India and will help us accelerate our growth to reach newer heights. We are on a mission to disrupt India’s $80 billion jewellery market by offering consumers the widest choice of designer jewellery at the sweetest price points. We remain focused on making Limelight the largest sustainable luxury jewellery brand from India to the world.”
Implications for Jewellers
The increasing demand for lab-grown diamonds presents both opportunities and challenges for jewellers. As interest in LGDs continues to grow, jewellers may need to assess their product offerings to remain competitive. Limelight’s expansion reflects a broader trend of investment in this segment, which could influence pricing, supply chains, and market dynamics in India’s jewellery sector.
