Recently, the Indian government authenticated the hallmarking of nine-carat jewellery
Nine-carat gold jewellery is catching up in some regions of India, such as Bengaluru, among Gen Zees and Millennials, while people down further South in Tamil Nadu are still focused on gold purity, according to Vidita Kochar, founder of Jewelbox.
“Down South, we have three stores —two in Bengaluru and one in Chennai. And within that, all three stores cater to very different target audiences. So what we’ve realised is Chennai is a market that is very much focused on gold purity being as high as possible. People prefer 18-carat gold only, and 14-carat gold also works when people want to make budget purchases or give a gift.
“However, we see Bangalore adopting it with a lot of enthusiasm. We launched our 9-carat collection through our store in Bangalore. And we’ve been sending consignments ever since because people want good quality stuff to wear every day when they go to work, when they go to college, when they’re hanging out and things like that,” she told businessline in an online interaction.
Vidita Kochar, founder of Jewelbox.
Changing trend
The 9-carat gold makes it more accessible for people to own fine jewellery that is durable and of good quality. Kochar’s comments come on the heels of Titan omnichannel retail jewellery retailer Caratlane saying its 9-carat jewellery was “doing better than expected”.
“In wearable gold, the trend is now changing from, maybe, the 22 and 18 carats to 14 and 18 carats,” said the founder of Jewelbox, a lab-grown diamond start-up firm.
The company plans to increase its stores across the country to 20 during the current fiscal year from the 13 in nine States currently. It has three stores each in Kolkata and the South, two stores in Mumbai, one each in Guwahati, Ludhiana, Gurugram, Noida and Delhi.
Stating that she is finding preferences towards lab-grown diamonds among Gen Zees and Millennials, Kochar said with 9-carat or a 14-carat gold and a small diamond, people could get a quality product between ₹10,000 and ₹15,000. “We have a lot of products in the sub-₹20,000 section,” she said.
Hall-marking
Recently, the Indian government authenticated the hallmarking of nine-carat jewellery. “So, with 9-carat, I think now a lot of legacy brands as well as new brands are making jewellery that is more and more acceptable for everyday use and also the upcoming festivals and, you know, wedding season ahead. So, I think, I mean, people will always purchase gold,” said the Jewelbox founder, who is a qualified chartered accountant.
The price range and product of lab-grown diamonds are attracting the younger generation, who have some disposable income to buy or treat themselves to some sort of jewellery. These people become loyal customers once they experience the company’s product.
Jewelbox currently sources its lab-grown diamonds within the country. “We’re sourcing our diamonds currently from Surat and Mumbai. The value-add in designs, manufacturing and craftsmanship of the jewellery is done by us in Kolkata and Surat,” said Kochar.
Jewelbox has come up with a Padma Cut diamond with 80 faces, whose reflection of light is “unparalleled”. “It is gathering a lot of traction and engagement in our stores. We have launched kids jewellery and we have a separate range for men,” she said.
How it began
Jewelbox was launched in 2022 along with her brother Nipun, after a lab-grown diamond was gifted to Kochar by her now husband. The growth in lab-grown diamonds in the US from 1 per cent to 18 per cent between 2017 and 2021 was the factor that got the Kochars interested.
Jewelbox was launched with a store in Kolkata, besides online sales. The response encouraged the inauguration of two more stores in Kolkata. The Shark Tank saw all five sharks coming forward to invest in the company, and the company expanded its footprint to 13 stores.
Stating that the lab-grown diamonds market has untapped potential, the Jewelbox founder said the company spent a lot of resources in convincing people in the “most transparent way possible”.
Prices bottomed out
On the crash in lab-grown diamond prices, Kochar said, with the industry evolving, the margins have become sustainable and they have bottomed out.
On the funding for the startup firm, the founder said the company had recently raised $3.5 million in the pre-series A round. This has helped the Jewelbod set up six new stores in the past three months.
“We’re looking to raise our next round soon so that we can sort of unroll our next phase of expansion, both geographical and other sorts of sales channels like marketplaces,” said Kochar, adding that Jewelbox is a profitable firm.
The start-up is witnessing a 10 per cent monthly growth and expects its revenue to rise 3-4X. Though many new lab-grown diamond firms are coming up, Jewelbox’s USP is that it controls its design in-house.
“In-store experience and design is something that definitely differentiates the brand (Jewelbox) from the others in the market currently,” said Kochar..
Published on October 14, 2025
