New Delhi, April 29 -- Dholakia Lab Grown Diamond Pvt Ltd (DLGD), the lab-grown diamond jewellery arm of the Hari Krishna Group, has raised over Rs 800 crore ($84 million) in a funding round led by Abakkus Private Equity, with participation from ICICI Venture, Amal Parikh and other undisclosed investors.
The company said it will use the proceeds to scale production, expand its retail footprint across India and strengthen working capital. It also plans to advance capabilities in precision single-crystal diamonds for applications across optical, quantum and thermal technologies, including use cases in defence and semiconductor sectors.
Hasu Dholakiya, chief executive officer of Dholakia Lab Grown Diamond, said the funding reflects growing global acceptance of lab-grown diamonds. "This investment is a strong vote of confidence in our model and reflects the world's growing confidence in lab-grown diamonds. Global retailers and luxury brands are increasing their lab-grown commitments, and we intend to be the manufacturing and design partner of choice," he said.
DLGD, founded by Savji Dholakia, Ghanshyam Dholakia, Himmat Dholakia and Tulsi Dholakia, operates a vertically integrated model spanning diamond growing, cutting and polishing, jewellery manufacturing and global retail distribution. The company serves more than 100 retailers and brands in over 25 countries.
Ankit Aggarwal, fund manager for private equity at Abakkus Asset Manager Pvt Ltd, said demand for lab-grown diamonds is rising, particularly among younger consumers. "Consumer attitudes toward lab-grown diamonds have reached a tipping point, with younger buyers choosing them as a preference for quality, ethics, and value," he said.
"DLGD is well-positioned at the centre of this shift, with the production capabilities and global retail relationships to capture it at scale, as demand for sustainable luxury continues to grow," Aggarwal added.
UBS acted as the exclusive advisor on the transaction.
Investor interest in India's lab-grown diamond sector has picked up in recent months, with multiple deals across stages. Bengaluru-based Aukera raised $15 million in a round led by Peak XV Partners, while early-stage brands such as True Diamond and Firefly Diamonds have also secured funding to scale retail expansion and omnichannel presence.
More recently, startups like Ethera and Reia Diamonds have attracted capital to build out physical stores and supply chains, while Limelight Lab Grown Diamonds raised about Rs 90 crore to expand vertically and scale its retail footprint.
Published by HT Digital Content Services with permission from VC Circle.