Dholakia Lab Grown Diamond, the jewellery arm of Surat-based Hari Krishna Group, on Wednesday said it has raised more than Rs 800 crore in a funding round led by Abakkus PE and ICICI Ventures' IAF5 fund, alongside investor Amal Parikh and others.
The company, in a statement, said proceeds would be used to scale diamond production, bolster working capital and build out a pan-India retail network.
Dholakia Lab Grown Diamond Pvt Ltd (DLGD) also plans to expand into precision single-crystal diamonds for defence, semiconductor and deep-tech applications spanning optical, quantum and thermal uses.
DLGD serves more than 100 retailers and brands across 25 countries and is fully vertically integrated, with growing and cutting operations in Surat, jewellery manufacturing in Mumbai and commercial operations in New Jersey.
The company traces its origins to the Hari Krishna Group, founded by Savji Dholakia, Ghanshyam Dholakia, Himmat Dholakia and Tulsi Dholakia, and counts itself among the earliest global adopters of lab-grown diamonds, having introduced the category to major US retailers in 2018.
Hasu Dholakia, CEO of DLGD, said the investment reflected "the world's growing confidence in lab-grown diamonds" and that global retailers and luxury brands were increasing their commitments to the category.
Ankit Aggarwal, fund manager for private equity at Abakkus Asset Manager, said consumer attitudes toward lab-grown diamonds had "reached a tipping point", with younger buyers drawn to them for quality, ethics and value.
Gagandeep S Chhina of ICICI Venture said lab-grown diamonds represented a "structurally growing segment" in the global jewellery industry and cited DLGD's control over its value chain as a key differentiator.
Published on April 29, 2026