India, 20th March 2024: JITO Incubation and Innovation Foundation (JIIF), the only community-based angel network in India, has led the funding round for Jewelbox. The start-up raised INR 3.5 crores, with contributions from JIIF, close friends, and family members, with JIIF contributing 2.97 crores.

Riyaana Creations Pvt. Ltd.’s Jewelbox, a Kolkata-based company, was founded by Nipun Kochar and Vidita Kochar in the year 2022. The company pioneers in the creation of exquisite jewellery with lab-grown diamonds. The infusion of funds will be used for team building and expanding by opening more retail stores.

Commenting on the investment, Mr Rajat Mehta, Chairman, JITO Incubation and Innovation Foundation, said, “Jewelbox’s innovative approach in exquisite crafting jewellery with lab-grown diamonds resonates with today’s conscious consumers. We believe that their dedication to quality and sustainability will drive remarkable growth in the industry, enhancing both quality and sustainability.”

According to Teji Mandi’s findings, the demand for lab-grown diamonds is expected to reach 160 million carats by 2030, reflecting the growing acceptance of lab-grown diamonds in India.

Nipun Kochar, Co-founder of Jewelbox, said, “We are excited to receive mentorship with industry veterans who have joined in this round. Building Jewelbox has been an incredible adventure, driven by our shared passion for redefining luxury with lab-grown diamonds. Our dedication to quality and sustainability fuels every facet of our business, and through this investment we’re eager to see our impact ripple through the industry.”