Dholakia Lab Grown Diamond (DLGD), the jewelry arm of the Surat-based Hari Krishna Group, has raised over ₹800 crore (approximately $84 million) in a major growth-stage funding round. The investment was led by Abakkus Private Equity, with participation from ICICI Ventures, Amal Parikh, and other prominent investors, with UBS acting as the exclusive advisor.

This marks one of the largest investments in India’s lab-grown diamond sector, reflecting strong investor confidence in the category’s long-term growth potential.

Where the Funds Will Be Used

DLGD plans to strategically deploy the capital across multiple areas:

• Scaling production capacity to meet rising global demand

• Strengthening working capital for smoother operations

• Expanding a pan-India retail network to reach end consumers directly

• Investing in deep-tech applications beyond jewelry

Beyond Jewelry: Entry into Deep-Tech Diamonds

A key highlight of this expansion is DLGD’s move into precision single-crystal diamonds, which have applications in:

• Defence systems

• Semiconductors

• Quantum technologies

• Optical and thermal engineering

This positions the company not just as a jewelry brand, but as a future-facing materials and technology player.

Strong Global and Integrated Presence

DLGD operates a fully vertically integrated model, covering:

• Diamond growing, cutting, and polishing in Surat

• Jewelry manufacturing in Mumbai

• Commercial operations in New Jersey

The company currently serves over 100 retailers and brands across 25 countries, showcasing its strong global footprint.

Early Mover Advantage in Lab-Grown Diamonds

Backed by the Hari Krishna Group, which has over three decades of experience in the diamond industry, DLGD was among the early adopters of lab-grown diamonds, introducing the category to major US retailers as early as 2018.

Industry Context: Why This Matters

This funding comes at a time when the lab-grown diamond segment is rapidly scaling:

• Increasing competition from brands like Limelight Diamonds, GIVA, and Jewelbox

• Rising consumer demand, especially among younger buyers seeking affordability and sustainability

• Growing global investments in lab-grown diamond startups and infrastructure

Experts believe the category is reaching a tipping point, shifting from a niche segment to a mainstream pillar of the jewelry industry.

What This Means for the Industry
This move signals a larger shift in the diamond ecosystem, where companies are:

• Moving towards vertical integration

• Expanding into direct-to-consumer retail

• Leveraging technology beyond jewelry applications

DLGD’s expansion into deep-tech diamonds especially highlights how the industry is evolving from luxury to advanced material science and innovation.