Dholakia Lab Grown Diamond Private Limited (DLGD) today announced it has raised over ₹800 crore led by Abakkus PE, alongside ICICI Ventures IAF5, Amal Parikh and other marquee investors. UBS acted as exclusive advisor in this fundraise. This marks as one of the largest growth-stage investments in India’s lab-grown diamond sector.
The capital will be deployed to accelerate the company’s next phase of growth. Key priorities include scaling lab-grown diamond production, strengthening working capital and the rollout of a pan-India physical retail network. In parallel, the company shall advance its work in precision single-crystal diamonds for high-value applications across optical, quantum and thermal domains, addressing the evolving needs of the defence, semiconductor, and deep-tech sectors.
DLGD is the lab-grown diamond jewellery arm of the Hari Krishna Group, founded by Savji Dholakia, Ghanshyam Dholakia, Himmat Dholakia, and Tulsi Dholakia. With over 33 years of experience, the Group is one of India’s leading names in the diamond industry and is well-positioned to create greater impact while continuing to give back through the Dholakia Foundation. DLGD is also among the earliest global adopters of lab-grown diamonds, having introduced the category to major US retailers as early as 2018.
DLGD stands apart through a fully integrated supply chain: From growing diamonds, cutting and polishing, designing and manufacturing jewellery, and selling directly to retailers and brands worldwide.
Its proprietary technologies span diamond growing processes, robotic manufacturing, AI-assisted design, and an inventory-light configurator, enabling retailers to offer personalised, made-to-order pieces without holding large stock. All production is powered by renewable energy and uses recycled metal, reinforcing its sustainability commitments.
Speaking on the funding, Savji Dholakia, Founder, Hari Krishna Group, said: “This is a proud and fulfilling moment for me, especially after handing over leadership to the next generation eight years ago. Seeing them collaborate with like-minded investors is a strong validation of their vision to scale the platform with greater speed and ambition.”
Hasu Dholakiya, CEO of Dholakia Lab Grown Diamond, added: “This investment is a strong vote of confidence in our model and reflects the world’s growing confidence in lab-grown diamonds. Global retailers and luxury brands are increasing their lab-grown commitments, and we intend to be the manufacturing and design partner of choice. We built this business with discipline, and now we have the resources to scale it responsibly, innovatively, and transparently.
Ankit Aggarwal, Fund Manager, Private Equity, Abakkus Asset Manager Pvt. Ltd., said: “Consumer attitudes toward lab-grown diamonds have reached a tipping point, with younger buyers choosing them as a preference for quality, ethics, and value. DLGD is well-positioned at the centre of this shift, with the production capabilities and global retail relationships to capture it at scale, as demand for sustainable luxury continues to grow.”
Gagandeep S Chhina, representing ICICI Venture, stated: “Lab Grown Diamonds represent a structurally growing segment in the global jewellery industry and we are excited to partner with Hari Krishna group as the business scales both globally and in India. DLGD’s significant control on the value chain with in-house diamond manufacturing, expertise in design and jewellery making and deep relationships with customers globally provides DLGD a strong growth platform with significant focus on profitability.”
About Dholakia Lab Grown Diamond Private Limited (DLGD): DLGD is the lab-grown diamond jewellery arm of the Hari Krishna Group, a 33-year-old global diamond leader. The company is fully vertically integrated, with growing and cutting operations in Surat, jewellery manufacturing in Mumbai, and commercial operations in New Jersey, USA. DLGD serves 100+ retailers and brands across 25+ countries.
About Abakkus PE: Abakkus Four2Eight Opportunities Fund, is the maiden Private Equity fund of Abakkus Asset Manager Private Limited, a leading Asset Manager with an AUM of ~$4 billion, founded by Mr. Sunil Singhania. In line with their sector‑agnostic investment philosophy to back scalable businesses with strong founders, Abakkus PE has invested in several high-quality companies since the fund’s inception in 2024.
About ICICI Venture IAF5: ICICI Venture, a division of ICICI Prudential Asset Management Company Limited, is one of India’s oldest and most prominent Alternative Asset managers. ICICI Venture enjoys a distinctive track record of sector agnostic PE and VC investments in India, across 500+ deals across 11 funds, across a range of sectors such as Consumer Products and Services, Foods & QSR, Banking, Financial Services, Insurance, Lifesciences, Healthcare, Pharmaceuticals, Fine Chemicals, Media & Entertainment, Specialty Manufacturing, etc during the last 30+ years. IAF5 is the current Growth PE fund managed by ICICI Venture.