Ritesh Agarwal’s family office has invested in Gurugram-based lab-grown diamond jewellery brand Emori. The deal, finalised on Shark Tank India Season 5, values the company at ₹50 crore. This move underscores the growing popularity of affordable, lab-grown diamond jewellery among India's younger consumer base.
What Happened
Ritesh Agarwal, founder and group CEO of OYO, has invested in Emori, a Gurugram-based lab-grown diamond jewellery startup. The investment was finalised during the fifth season of the television show Shark Tank India. Along with other investors including Anupam Mittal, Amit Jain, and Namita Thapar, Agarwal participated in a funding round that secured ₹3 crore for the company. The deal values the business, operated by Arja Technologies Private Limited, at approximately ₹50 crore.
Why This Matters For The Business
Emori positions itself as an online-first brand targeting younger consumers, specifically millennials and Gen Z, by offering lab-grown diamond jewellery set in 14-carat and 18-carat gold. The funding allows the company to scale its operations, with plans to expand its physical retail presence, strengthen inventory, and reach a wider market. By targeting a price-conscious but design-oriented demographic, the company is tapping into the growing demand for accessible luxury. The firm has reported growth in revenue over the last fiscal year and is focusing on increasing its market reach through an omnichannel approach, combining online sales with its physical store presence.
The Rise of Lab-Grown Diamonds in India
The investment highlights a broader shift in the Indian jewellery sector. As of 2026, lab-grown diamonds (LGDs) have become a mainstream choice for many Indian consumers. These diamonds are chemically, physically, and optically identical to mined diamonds but are created in controlled laboratory environments. The core appeal for consumers lies in the price advantage—typically 30% to 50% lower than mined diamonds—and the ethical appeal of sustainable sourcing.
Market data suggests that Indian buyers are increasingly prioritising certified, transparently priced jewellery for everyday wear. The shift is supported by government initiatives to promote 'Make in India' in the diamond manufacturing sector, which has improved production capabilities and lowered costs for domestic brands. As a result, the market has seen an influx of brands competing to offer modern, non-traditional designs that cater to daily usage rather than just traditional wedding-focused requirements.
Business Risks and Market Challenges
While the sector is growing, it remains highly competitive. With the entry of numerous D2C (Direct-to-Consumer) brands and the potential for larger, established jewellers to expand their LGD portfolios, pricing pressure is a constant reality. Success for brands like Emori will depend on their ability to maintain brand loyalty, manage inventory efficiently, and navigate shifting consumer perceptions regarding the resale value of lab-grown diamonds compared to mined stones.
What To Watch Next
For market observers and industry analysts, the key monitorables will be the company's ability to scale revenue in a crowded market. Specifically, tracking the brand’s expansion into new cities, its ability to maintain profit margins amid marketing spends, and how it differentiates its product design against other emerging LGD jewellery players will provide a clearer picture of the brand’s long-term sustainability.