True Diamond raises $1 million to expand lab grown diamond operations (#1681832)

Lab grown diamonds startup True Diamond has raised $1 million in a seed funding round led by Titan Capital. The business plans to use the investment to expand its operations and establish a brick-and-mortar footprint.

“This funding will enable us to expand our team, establish boutique locations, and execute strategic marketing initiatives,” said True Diamond’s co-founder Parin Shah, the Press Trust of India reported.
 
Other businesses which took part in the seed funding round included Zeropearl Ventures, Huddle Ventures, and a number of angel investors such as the founders of Mamaearth, Rena E Cosmetics, Astrotalk, and Traxn, ET Retail reported. For its upcoming boutique locations, True Diamond has its sights set on Mumbai and the Delhi national capital region.
 
True Diamonds was incorporated in January this year. The business has since created a catalogue of more than 5,000 customisable jewellery designs, specialising in lab grown diamonds, a fast growing product category in the Indian jewellery industry.
 
Since its launch, True Diamond has achieved a customer repeat purchase rate of 1.7 times. The Ahmedabad based business aims to become a key player in India’s jewellery industry and its marketing activities highlight the sustainable nature of lab grown diamonds to target shoppers seeking more ethical jewellery purchases.