New Delhi: Rupesh Jain, the founder of Candere by Kalyan Jewellers, is making a return to the jewellery industry with a new venture focused on lab-grown diamonds (LGDs). After successfully scaling Candere, an online jewellery brand he founded in 2013, Jain sold the company to Kalyan Jewellers in a phased acquisition, with the final stake transfer completed in 2024. Now, he is betting on LGDs as the next big shift in the luxury jewellery market, launching his new brand this April during Akshaya Tritiya.
Lab-grown diamonds have been gaining traction globally. In India, the category is still in its early stages but is witnessing significant momentum. Companies like Giva, Avira Diamonds, and Fiona Diamonds have entered the space. Last month, Priyanka Gill, seasoned entrepreneur and co-founder of Good Glamm Group, announced the launch of her lab-grown diamond venture – Coluxe.
The new venture, named Coluxe, has secured early-stage funding from investors and plans to launch digitally in mid-2025, with retail expansion to follow, according to a statement released on Tuesday. Adopting an omnichannel strategy, Coluxe will feature contemporary jewellery collections, such as solitaire rings, pendants, earrings, tennis bracelets, and necklaces, as well as themed collections focused on zodiac signs and gifting.
Comparing the prices of LGDs with natural diamonds, Jain explained, “A natural diamond priced at Rs 100, an equivalent LGD costs just Rs 20-25, making high-quality solitaires accessible to a much larger consumer base.”Highlighting the massive opportunity in the LGD segment, driven by Gen Z and millennial consumers, Jain said that he aims to position the new venture as a premium yet accessible brand. “We aim to offer product quality comparable to global luxury houses like Cartier and Tiffany, but at a more competitive price,” he commented.
The company will follow an online-first model before expanding into offline retail.
The startup is currently bootstrapped, with Jain focusing on assembling a strong team, including senior hires for merchandising and a tech agency to drive digital expansion.
Internationally, the demand for LGDs is already established, and Jain believes India is well-positioned to become a major supplier and brand builder in this space, thanks to its strong manufacturing ecosystem and government support.
