Jewellery
Lab Grown Diamonds
Season 3 Episode 13
| Brand | JewelBox |
| Company Name | Riyaana Creations Private Limited |
| Founders | Nipun Kochar, Vidita Kochar |
| Original Ask | 1 crore for 2% equity at the valuation of Rs. 50 crores |
| Deal | 2 crores for 6% equity at the valuation of Rs. 33.33 crores |
About the Product
Lab-grown diamonds, cultivated in labs to mimic natural conditions, represent an eco-conscious alternative to mined diamonds. Identical to natural diamonds in appearance, chemistry, and durability, they offer a sustainable solution without compromising on quality. Jewelbox offers a diverse array of jewellery, from rings and pendants to earrings and bracelets, all meticulously crafted from lab-grown diamonds. These diamonds, graded and certified by leading gemmological labs, come at a notable discount compared to their natural counterparts. Despite their controlled production, each lab-grown diamond boasts unique characteristics in cut, color, clarity, and carat weight. This commitment to sustainable luxury underscores Jewelbox’s dedication to ethical and responsible practices in the jewellery industry.
Founders & their story
- Nipun Kochar,
- Vidita Kochar
JewelBox is a premier conscious luxury brand specializing in fine jewellery crafted from lab-grown diamonds, founded by two Chartered Accountants (CAs). Their commitment to sustainability and ethical practices sets them apart in the industry. Lab-grown diamonds offered by JewelBox are indistinguishable from natural diamonds in physical, chemical, and optical properties, boasting comparable shine, durability, and hardness. These diamonds are certified by renowned institutions such as the International Gemological Institute and the Gemological Institute of America.
The process of creating these diamonds involves taking a diamond base and subjecting it to controlled conditions within a reactor operating at 2300 degrees Fahrenheit. Through the application of specific gases and pressure, carbon gradually deposits onto the base, resulting in the formation of the stone. This process takes approximately 21-24 days to produce a one-carat diamond. Authenticity of the diamonds can be verified using a diamond pen tester, which measures the gemstone’s thermal conductivity. JewelBox offers its exquisite jewellery collections for both everyday wear and special occasions through its website and select experimental stores. Each piece of jewellery is meticulously crafted and certified, ensuring quality and authenticity. Customers benefit from a transparent buyback policy, with the option for an 80% buyback or 100% exchange.
The company’s operational workflow includes procurement from trusted diamond growers, in-house design, and sorting by a dedicated team. The sorted diamonds are then distributed to empanelled vendors for jewellery manufacturing, followed by rigorous quality checks and certification processes. JewelBox’s unique selling proposition (USP) lies in its emphasis on design, craftsmanship, and transparency. The founders have garnered significant attention in the industry, receiving investment offers of 4.5 crores at a pre-money valuation of 45 crores. With a presence in two retail shops and a strong online presence, JewelBox is poised to redefine the luxury jewellery market with its sustainable and ethically sourced offerings.
About the company
At Jewelbox, the convergence of science and art produces jewellery of unparalleled beauty. Their pieces, adorned with lab-grown diamonds, encapsulate the essence of nature’s magnificence while embracing cutting-edge technology. Setting themselves apart, they redefine the conventional narrative of diamond jewellery. Their lab-grown diamonds symbolize not just innovation but also a profound commitment to environmental sustainability and ethical practices, offering a guilt-free luxury experience.
Each creation from Jewelbox is more than a mere adornment; it is a testament to a sustainable future. Opting for Jewelbox means joining a movement that places equal emphasis on beauty, ethics, and sustainability, inviting individuals to be part of a narrative where brilliance intertwines with responsibility. Vidita and Nipun, the visionary founders, are motivated by a singular goal: to fulfil aspirations. Through Jewelbox, they seek to empower individuals with clean, conflict-free jewellery, ensuring that every person shines bright, regardless of the occasion. Despite their lack of prior experience in the jewellery industry, their unwavering belief in the transformative power of lab-grown diamonds propels them forward, shaping a future were conscious luxury reigns supreme.
Revenue
JewelBox has demonstrated impressive sales figures, with sales reaching 97 lakhs on October 23rd alone and FY 23-24 sales (up to October) totalling 5.2 crores. Projections indicate a robust growth trajectory, with anticipated FY 23-24 sales reaching 12 crores. Additionally, the company maintains a healthy EBITDA margin of 15%. For prospective investors evaluating the expansion of JewelBox’s retail presence, the payback period for a new store typically ranges from 1.5 to 2 years. The initial investment required for establishing a store includes 1.25 crores for inventory and 25 lakhs for interior design, totalling 1.5 crores. The total inventory value amounts to 4.4 crores.
Founders’ Ask
1 crore for 2% equity at the valuation of Rs. 50 crores.
Offers:
Aman’s offer: 1 crore for 5% equity at the valuation of Rs. 20 croresand 2% royalty until 1 crore is recouped.
Radhika and Aman’s offer: 1 crore for 5% equity at the valuation of Rs. 20 croresand 2% royalty until 1 crore is recouped.
Vineeta’s offer: 1 crore for 2% equity at the valuation of Rs. 50 crores.
Ritesh and Vineeta’s offer: 1 crore for 2.5% equity at the valuation of Rs. 40 crores.
Radhika and Aman’s revised offer: 1 crore for 2.25% equity at the valuation of Rs. 44.44 crores.
Aman, Peyush, Radhika, Ritesh and Vineeta’s offer: 2 crores for 6% equity at the valuation of Rs. 33.33 crores.
Founder’s Counteroffer:
Offer 1: 2 crores for 4% equity at the valuation of 50 crores.
Offer 2: 2 crores for 5% equity at the valuation of 40 crores. (All 5 sharks)
Offer 3: 2 crores for 5.5% equity at the valuation of 36.36 crores. (All 5 sharks)
Final Deal
Aman, Peyush, Radhika, Ritesh and Vineeta: 2 crores for 6% equity at the valuation of Rs. 33.33 crores.