**Title: Priyanka Gill Launches Coluxe Amid Growing Demand for Lab-Grown Diamonds**
In 2022, India’s lab-grown diamond jewellery market was valued at $264.5 million, according to management consultants Technopak. Projections indicate that by the end of the next decade, sales in this sector are expected to grow at a compound annual growth rate (CAGR) of 14.8%, increasing the market size from $299.9 million in 2023 to $1.1 billion by 2033.
Priyanka Gill, a former partner at Kalaari Capital and co-founder of the Good Glamm Group, is embarking on a new venture after her departure from the Bengaluru-based venture capital firm. She is launching Coluxe, a brand focused on lab-grown diamonds (LGDs), in response to the rising demand for affordable synthetic diamonds. This move comes as several homegrown lab-grown diamond brands have recently entered the market. Coluxe plans to initiate online sales in May, followed by the opening of a physical store. The brand will offer a range of products, including solitaire rings, pendants, earrings, tennis bracelets, necklaces, and signature pieces. Lab-grown diamonds are becoming increasingly popular globally due to their cost and quality advantages over natural diamonds.
The market potential for lab-grown diamond jewellery in India is significant. With a valuation of $264.5 million in 2022, the market is expected to grow at a 14.8% CAGR, reaching $1.1 billion by 2033. However, a supply surplus in the lab-grown diamond market has led to price adjustments. Gill noted that the widespread adoption of lab-grown diamonds as a substitute for natural ones is a rare occurrence in the fine jewellery sector. She pointed out that many existing brands position LGDs primarily as a cheaper alternative to mined diamonds, rather than emphasizing design and variety as key differentiators. “The most striking fact for me is that only 6% of all gold jewellery buyers in India own diamonds. The headroom to grow is huge,” she remarked.
India ranks among the largest consumers of gold jewellery globally, with many purchasing the metal for auspicious occasions like weddings and as an investment. While diamonds constitute a small portion of these purchases, the market is witnessing increased activity, including backing from investor Fireside Ventures for the lab-grown diamond brand Aukera.
Gill is currently seeking to raise a Series A funding round after securing initial capital to launch her venture. She previously founded PopXo, a content community acquired by the Prosus-backed Good Glamm in 2020, and later became a co-founder of the group. After stepping down from her operational role at Good Glamm at the end of 2023, she joined Kalaari Capital as a partner in February 2024, where she leads the CXXO initiative focused on investing in women-led businesses.
