Priyanka Gill quits Kalaari for a new experiment: a lab-grown diamond brand

Gill is launching Coluxe, a lab-grown diamond (LGD) brand, as demand for affordable synthetic diamonds rises. This follows the recent entry of several homegrown lab-grown diamond brands in the market. Online sales are set to go live in May, followed by a physical store.

Coluxe will sell solitaire rings, pendants, earrings, tennis bracelets and necklaces, and signature pieces.

Lab-grown diamonds have gained in global popularity due to their price and quality advantages over natural diamonds.

Market potential

In 2022, India’s lab-grown diamond jewellery market was valued at $264.5 million, as per management consultants Technopak. By the end of the next decade, lab-grown diamond jewellery sales are expected to rise at a 14.8% CAGR, increasing the market size from $299.9 million in 2023 to $1.1 billion by 2033. A supply glut in the lab-grown diamond market has, however, led to price corrections.

Gill said the emergence of mass-scale adoption of new consumer behaviour, in this case the shift from natural to lab-grown diamonds, does not happen often. “It is happening in the fine jewellery sector,” she said.

Gill, however, added that most existing brands are selling LGDs as a cheaper alternative to mined diamonds as opposed to using design and variety as a differentiator. “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 said.

Demand surge

India is among the largest buyers of gold jewellery in the world, with more consumers purchasing the yellow metal for auspicious occasions such as weddings and as a form of investment. Diamonds are a small part of such purchases.

However, the market has seen a flurry of activity with investor Fireside Ventures backing lab-grown diamond brand Aukera.

Gill said she is in the market to raise a Series A round after securing early-stage funding to kickstart her venture.

Gill founded PopXo, a content community that was acquired by the Prosus-backed Good Glamm in 2020. She then joined the group as co-founder. Gill stepped down operationally from her role at the Good Glamm Group at the end of 2023. In February 2024, she joined Kalaari Capital as a partner, leading its CXXO initiative that invests in women-led businesses. During her tenure at Kalaari, Gill did not lead any funding round. She stepped down from her role at Kalaari on 15 January.

PopXo was backed by Kalaari Capital before it was acquired by the now-troubled Good Glamm (formerly MyGlamm).