Dholakia Lab Grown Diamond has raised over Rs 800 crore in a funding round led by Abakkus Asset Manager, with participation from ICICI Venture IAF5, Amal Parikh and other investors. UBS served as the exclusive advisor for the transaction. The deal ranks among the largest growth stage investments in India’s lab grown diamond segment.
The company plans to deploy the capital towards expanding production capacity, strengthening working capital and building a pan India retail network. It will also invest in the development of precision single crystal diamonds for applications in optical, quantum and thermal technologies, targeting sectors such as defence, semiconductors and deep technology.
DLGD is the lab grown diamond jewellery business of the Hari Krishna Group, founded by Savji Dholakia, Ghanshyam Dholakia, Himmat Dholakia and Tulsi Dholakia. The group brings over 33 years of experience in the diamond industry and introduced lab grown diamonds to major US retailers in 2018.
The company operates an integrated supply chain spanning production, cutting and polishing, jewellery manufacturing and global distribution. Its operations incorporate proprietary technologies, including robotic manufacturing and AI assisted systems, and are supported by renewable energy and recycled materials.
Savji Dholakia, Founder, Hari Krishna Group said, “This is a proud and fulfilling moment for me, especially after handing over leadership to the next generation eight years ago. Seeing them collaborate with like-minded investors is a strong validation of their vision to scale the platform with greater speed and ambition.”
Hasu Dholakiya, CEO of Dholakia Lab Grown Diamond added, “This investment is a strong vote of confidence in our model and reflects the world’s growing confidence in lab-grown diamonds. Global retailers and luxury brands are increasing their lab-grown commitments, and we intend to be the manufacturing and design partner of choice. We built this business with discipline, and now we have the resources to scale it responsibly, innovatively, and transparently.”
Ankit Aggarwal, Fund Manager, Private Equity at Abakkus Asset Manager Pvt Ltd said, “Consumer attitudes toward lab-grown diamonds have reached a tipping point, with younger buyers choosing them as a preference for quality, ethics, and value. DLGD is well-positioned at the centre of this shift, with the production capabilities and global retail relationships to capture it at scale, as demand for sustainable luxury continues to grow.”
Gagandeep S Chhina, representing ICICI Venture stated, “Lab Grown Diamonds represent a structurally growing segment in the global jewellery industry, and we are excited to partner with Hari Krishna group as the business scales both globally and in India. DLGD’s significant control on the value chain with in-house diamond manufacturing, expertise in design and jewellery making, and deep relationships with customers globally provides DLGD a strong growth platform with significant focus on profitability.”
