Wednesday, April 24, 2024

Limelight Lab Grown Diamonds Ltd. Secures US$1 Million Strategic Investment, Sets Sight on Brand and Store Expansion Plans

Limelight Lab Grown Diamonds Ltd., the pioneering force behind India’s CVD diamond jewellery revolution, announces a landmark deal with a strategic investment of US$1 million from industry players taking the valuation of the Company to INR 340 Crore. The newly raised capital comes in the form of a strategic alliance that will enable Limelight to open new stores and boost its brand presence in the country.

Commenting on the milestone, Mrs Pooja Sheth Madhavan, Founder of the Company, says “We are thrilled to embark on this next phase of our journey with renewed vigour and determination. We have received tremendous response and support for LGD jewellery from customers across the country. It has also reflected in our sales and has given us immense confidence to scale at a faster pace. With the Government’s impetus and focus on this sunrise sector, the investment further propels us towards achieving our ambitious goals of scaling our presence in India as well as globally and truly bringing India and its very own home-grown CVD diamond into the ‘Limelight’,” remarked Pooja.

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Prior to this, the Company had secured an investment from the Emerald Group (Asia’s largest jewellery manufacturer) as part of a strategic tie-up with an objective of establishing Limelight as a one-of-a-kind vertically integrated brand to jointly manufacture, sell and distribute LGD studded jewellery in India & worldwide. The current investment plays a similar role in the Company’s strategic play to now enable faster and more robust growth in the brand’s store expansion in the country. This underscores the industry’s growing confidence in the LGD sector as well as Limelight’s innovative approach towards elevating the brand’s standing as a frontrunner in the realm of sustainable luxury from India to the world.

Founded in 2019, Limelight has emerged as India’s largest sustainable luxury jewellery brand offering lab grown diamond studded jewellery. In the last two years, the brand has seen a rapid growth and has the widest reach in the country for LGD jewellery with 10+ Stores (EBOs), 40+ shop-in-shops spread across 25+ cities including Mumbai, Delhi, Jaipur, Varanasi, Hyderabad, Bangalore, Chennai, Kolkata etc.

In FY24, the Company has recorded gross sales of over INR 80 Crores, more than a 230% jump compared to last year. Of this, the branded sales have tripled year on year resulting in a boost in the Company’s confidence to directly engage with customers and expand its retail presence.

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