Lab-grown diamond jewellery startup Ethera has raised ₹25 crore from BlueStone to expand its retail footprint and strengthen omnichannel operations across India.
India’s lab-grown diamond market is moving from niche to mainstream—and capital is following.
Bengaluru-based jewellery brand Ethera has raised ₹25 crore from BlueStone, with the strategic investor doubling down on its earlier backing as Ethera enters its next phase of growth. The funding will primarily be used to expand the company’s physical retail presence while strengthening design, technology, and brand capabilities.
The deal reflects growing investor conviction that lab-grown diamonds are becoming a structural category rather than a price-led alternative.
Retail expansion at the center of growth
Founded in 2024 by Nitesh Jain and Sharad Arora, Ethera currently operates five retail stores across Bengaluru and New Delhi, alongside a nationwide digital presence. The company plans to open multiple new stores in the coming weeks, with additional locations already in the pipeline.
The emphasis on physical retail mirrors a broader trend in jewellery: even digitally native brands are leaning into stores to build trust, enable high-consideration purchases, and support repeat buying.
For lab-grown diamonds in particular, tactile experience and in-store education remain critical to conversion.
A fast-growing category finds its footing
India’s lab-grown diamond jewellery segment is estimated to represent a ~$500 million opportunity today, growing at 35–40% annually, according to industry estimates. The growth is being driven by younger consumers seeking everyday jewellery, price transparency, and ethical sourcing—without the traditional signalling associated with mined diamonds.
By the end of the decade, LGDs are expected to account for a meaningful share of India’s overall diamond jewellery market, reshaping how consumers perceive value, occasion, and ownership.
Ethera is positioning itself squarely within that shift, focusing on everyday wear rather than episodic, locker-bound purchases.
Design velocity as a differentiator
The company launches more than 200 new designs every month across earrings, bracelets, solitaires, pendants, and necklaces, supported by a 40-point quality check across every piece. All jewellery is crafted using IGI-certified lab-grown diamonds and BIS-hallmarked gold.
That pace reflects a fashion-led approach rather than a traditional jewellery cadence—closer to apparel retail than legacy luxury.
For BlueStone, the investment provides exposure to a fast-growing adjacent category while leveraging shared supply-chain and operational learnings.
Strategic backing, not just capital
Co-founder Sharad Arora said the funding would help Ethera “build the operational backbone needed for the scale ahead,” while Nitesh Jain emphasized consistency and trust across channels as the brand expands.
BlueStone’s continued involvement suggests the relationship goes beyond financial returns, aligning with its longer-term view of how India’s jewellery consumption is evolving.
A signal for India’s jewellery ecosystem
Ethera’s raise highlights a broader inflection point in Indian consumer startups: ethical positioning alone is no longer enough. Brands must pair values with retail execution, design velocity, and omnichannel discipline.
Lab-grown diamonds may still face perception challenges, but capital deployment is increasingly betting that those barriers are falling.
For Ethera, the next test will be execution—turning rapid expansion into durable brand equity in a category where trust is everything.
