Pune Inc: How three 21-year-olds built a profitable lab-grown diamond brand with just ₹6 lakh

Despite changing consumer preferences, Kulkarni felt much of the industry remained anchored to heavy retail infrastructure and stock-led selling. “We saw an opportunity for a digital-first, sustainable luxury brand that speaks the language of young consumers,” he added.

Kulkarni, Katare, the chief marketing officer, and Sapariya, the chief financial officer, started the company with a combined investment of Rs 6 lakh, split equally between the three partners. From the beginning, they opted for a minimal-inventory, made-to-order structure instead of stocking jewellery upfront. “Choosing a lean model from day one helped us stay capital-smart and environmentally conscious at the same time,” said Kulkarni.

Within the first year of operations, the brand’s estimated profits are around Rs 30 lakh, with early monthly sales starting in the Rs 3 to Rs 4 lakh range, largely driven by direct online inquiries and social media engagement.

Sustainability played a decisive role in Heera Jewels’ focus on lab-grown diamonds. “Luxury should evolve with responsibility, and lab-grown diamonds allow us to offer 100 per cent real stones with dramatically lower environmental impact and fully traceable ethical origins,” explained Kulkarni. He added that lab-grown diamonds are scientifically identical to mined diamonds in structure, durability and brilliance, but avoid the ecological and ethical costs associated with mining.

The company sources certified lab-grown diamonds primarily from manufacturers in Surat, Gujarat, a global hub for diamond cutting and polishing that has become a centre for lab-grown stones as well. Jewellery manufacturing and finishing are handled through a network of skilled artisans in Surat, producing pieces only after orders are confirmed.

Building trust online, a challenge

Operating digitally helps the startup reduce both cost and waste. “Large showrooms and unsold inventory are the biggest cost burdens in traditional jewellery retail,” Kulkarni said. By crafting only what is demanded, the brand avoids excess production and idle stock. He added, “The lean-inventory model ensures we minimise metal and stone wastage that typically sits locked in store vaults. Precision-led luxury is more sustainable than volume-led stocking.”

Building trust online remains a challenge in a high-value category like jewellery, but Kulkarni believes transparency is the solution. “Online buying is not the challenge anymore, but lack of transparency is,” he said. The brand provides certified diamonds, real product videos instead of stock images, insured shipping, authenticity guarantees and direct founder-led consultations. “Trust is built through proof,” he added.

While lab-grown diamonds allow more accessible pricing, Kulkarni had also stressed that affordability does not dilute luxury. “Affordability opens the door, but quality and design make it aspirational,” he said.

The brand’s primary customers are young professionals, couples, and custom jewellery buyers between 20 and 35 years of age. “They expect personalisation, ethical clarity and a smoother buying process rather than showroom legacy,” said Kulkarni. Social media has become central to building credibility. “It gives us a stage to show real diamonds in motion, educate audiences about lab-grown science and build community before retail,” he said.

Kulkarni also added that social responsibility is treated as part of the business model now, as the company works closely with local artisans, supports small community initiatives and believes impact must scale with growth.

Looking ahead, Kulkarni expects lab-grown diamonds to transition from an alternative to a mainstream sustainable luxury option in India over the next decade. “India will lead not just in manufacturing but also in consumption,” he said.

(Alister Augustine is an intern with The Indian Express.)