Established in 2019, Svaraa Jewels offers IGI and GIA-certified lab-grown diamonds, positioning itself as a key player in the burgeoning Indian daily wear jewelry market, which is projected to reach $60 billion by FY28. The bootstrapped startup has embraced an omnichannel approach since its inception, which has contributed to a significant 5X year-on-year revenue growth, reaching INR 16.5 crore in FY24. The company’s founder, Chahat Shah, has set an ambitious revenue target of INR 25 crore for FY25.
Svaraa Jewels faces stiff competition from venture capital-backed companies such as Fionaa Diamonds, Aukera, Giva, and Bluestone. What was once a niche market catering exclusively to the affluent has now become mainstream, with brands offering a wider range of price points. This shift is further fueled by growing consumer preferences for sustainable products, making lab-grown diamonds (LGDs) increasingly popular.
The Indian lab-grown diamond market is poised for substantial growth, with its size expected to surge from $299.9 million in 2023 to nearly $1.2 billion by 2033. Entrepreneurs like Shah are capitalizing on this trend, driven by the rising demand for eco-friendly luxury jewelry.
Svaraa Jewels, which is rooted in Shah’s family business, Kalamandir Jewellers, has leveraged this heritage to enter the lab-grown diamond market. Shah recognized the growing popularity of lab-grown diamonds in Western markets and identified a similar opportunity in India.
“Svaraa Jewels was conceived with the goal of bringing modern, unique, and trendy designs to the market, all crafted with the highest standards of quality and craftsmanship. With affordability at the core, we stepped forth to make exquisite, sustainable diamond jewelry accessible to everyone,” said Chahat Shah in an interview with Inc42.
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