Aukera Jewellery, a startup specializing in lab-grown diamond (LGD) jewellery, is in discussions to secure $15 million in a Series B funding round led by Peak XV Partners, according to sources cited by Private Sources. Existing investors, including Fireside Ventures, are expected to participate.
The new capital will support Aukera’s expansion as competition intensifies in India’s $2.6 billion LGD market. Lab-grown diamonds, created using advanced technology that replicates natural formation, are gaining popularity as an affordable alternative to rising natural diamond prices.
Founded in 2023 by Lisa Mukhedar and Kumar Saurabh, Aukera competes with brands such as Limelight Lab Grown Diamonds, Fiona Diamonds, and Jewelbox. Established jewellery players, including Aditya Birla-backed GIVA, have also entered the LGD space.
Previously valued at $14.7 million, Aukera raised $3.9 million in Series A funding from Fireside Ventures last year. Other investors include Alteria Capital and Sparrow Capital.
India’s LGD market, worth $2.61 billion in 2023, is projected to reach $8.31 billion by 2032 with a CAGR of 13.73%, per Technopak. Despite the presence of legacy jewellers, no clear market leader has emerged, fueling investor interest in startups.
Limelight recently raised $11 million at a $40 million valuation to expand its retail footprint. GIVA, backed by Rs 255 crore in Series B funding, has raised over $63 million across 11 rounds.
Alongside funded startups, serial entrepreneurs are launching LGD brands. Good Glamm Group’s Priyanka Gill introduced COLUXE last month, securing angel funding for its debut. Major retailers are also scaling up—Tata Group’s Trent launched its LGD brand Pome, while Senco Gold and Diamonds is in talks to acquire D2C brand Melorra.
Despite rapid growth, the LGD market remains a small fraction of India’s broader jewellery sector. According to Tracxn, India has 2,836 internet-first jewellery startups, with 262 securing funding, including GIVA, CaratLane, and Bluestone. Only 79 have raised Series A rounds so far.
