Limelight Diamonds raises Rs 275 crore to expand lab-grown jewellery business

MUMBAI: Lab-grown diamond jewellery brand Limelight Diamonds has pulled in Rs 275 crore in a strategic funding round led by its promoters, the Bhathwari Group, with strategic partners from the jewellery industry and a clutch of franchise partners joining in too. The raise, structured through a mix of equity and cash consideration, is earmarked for strengthening vertical integration, expanding manufacturing infrastructure, sharpening design and innovation capabilities, and putting some real pace behind retail expansion across India.

The retail ambition is not shy about its scale. Limelight plans to grow its footprint through both company-owned and franchise-operated stores, targeting 100 new stores in 2026 alone, before scaling up to 200 stores by 2027, an expansion rate that would put most jewellery retailers on the back foot.

Pooja Madhavan, founder and managing director of Limelight Diamonds, framed the raise as proof of concept as much as capital. “This funding round is a strong validation of Limelight’s vision and the growing potential of the lab grown diamond industry in India,” she said. “We believe lab grown diamonds present a significant opportunity for India to lead a new-age luxury category globally. This investment will help us strengthen Indian manufacturing, accelerate retail expansion, and build a world-class brand from India.”

The bet rides on a consumer shift that shows little sign of slowing: evolving preferences, more value-conscious luxury spending, sustainability concerns and rising acceptance of lab-grown stones among younger buyers, a demographic increasingly unbothered by the mined-versus-grown debate that once defined the category.

Headquartered in Mumbai, Limelight Diamonds already runs more than 75 exclusive brand outlets across over 45 cities, a base the company intends to build on rather than rest upon, with continued investment planned across manufacturing, retail and product development as it scales. BSC Advisors acted as financial advisor on the transaction.

Whether lab-grown diamonds end up dethroning the mined variety or simply carving out their own permanent shelf space, Limelight is betting Rs 275 crore that India, not Antwerp or Surat’s traditional cutting houses, will be where the next chapter of that story gets written.