At Dexter Ventures, we seek out companies that combine innovation, strong fundamentals, and the potential to lead in high-growth markets. Jewelbox, an emerging leader in India’s lab-grown diamond (LGD) jewelry sector, stood out as a compelling opportunity to reshape the luxury jewelry market. Here’s why we’re thrilled to back Nipun and Vidita Kochar and their team as they bring affordable, sustainable, and branded diamond jewelry to India and beyond.
A Massive and Evolving Market Opportunity
The global lab-grown diamond market, valued at over $20 billion, is growing at a CAGR of nearly 9%, driven by rising consumer demand for affordable and sustainable alternatives to natural diamonds. In India, where diamond ownership is still in the single digits, LGDs are gaining traction, especially among Millennials and Gen Z, who prioritize design and accessibility. LGD jewelry has become the fourth most desirable gift in India, with consumer preference rising from negligible in 2018 to 6% in 2022. Jewelbox is capitalizing on this shift, offering high-quality, branded LGD jewelry that aligns with the growing emphasis on sustainability and modern luxury.
A Dynamic Team with Strong Execution
Jewelbox is led by co-founders Nipun and Vidita Kochar, whose entrepreneurial drive and execution capabilities have propelled the company’s early success. Despite lacking a traditional jewelry background, their ability to build a profitable business in a competitive market reflects their adaptability and strategic vision. Their focus on branding, customer experience, and operational efficiency has positioned Jewelbox as a standout in the LGD space, earning praise from industry experts for their rapid growth and market alignment.
Strong Financial Performance and Unit Economics
Jewelbox has achieved impressive financial traction since its inception in 2021. In FY24, the company generated significant revenue and maintained robust EBITDA positivity, with healthy margins that outperform key competitors. High gross margins and a competitive customer acquisition cost, paired with an average order value in the tens of thousands, underscore the company’s efficient unit economics and scalability.
Customer Love and Brand Strength
Jewelbox has built a loyal customer base, reflected in its exceptional 4.8-star Google rating and strong repeat purchase rates. Customers praise the brand’s high-quality designs, affordability, and seamless buying experience, aligning with the growing preference for branded jewelry (92% of diamond jewelry purchases in China in 2022 were branded). Industry experts highlight Jewelbox’s standout performance, noting its ability to compete with established players like Limelight and Fiona Diamonds despite its early stage.
Why Now?
With a proven team and a brand resonating with younger, value-conscious consumers, Jewelbox fits our thesis of backing businesses that combine innovation with scalability. Despite challenges like potential price volatility in LGDs, the company’s focus on design-driven, branded jewelry ensures resilience in a competitive landscape.
We’re excited to partner with Nipun, Vidita, and the Jewelbox team as they redefine luxury jewelry for the modern consumer. Jewelbox isn’t just riding the lab-grown diamond wave—it’s shaping the future of accessible, sustainable elegance.
