Emerald Group, a leading Indian jewellery manufacturer, has acquired a minority stake in Limelight Diamonds, establishing a strategic alliance focused on manufacturing and distributing lab-grown CVD diamond studded jewellery on a global scale. The terms of deal remain undisclosed.
Emerald Jewel Industry, renowned for its manufacturing capabilities, has production capacities of 48 tonnes of gold, 50,000 carats of diamonds, 600 kgs of platinum, and 70 tonnes of silver-based jewellery annually. Limelight Lab Grown Diamonds Limited, on the other hand, is India’s largest direct-to-consumer luxury brand specialising in CVD diamond studded jewellery. Backed by the Bhathwari Group, a leading producer of lab-grown CVD diamonds with an annual production of 5 million carats of CVD rough diamonds, Limelight contributes to nearly 30% of India’s overall CVD diamond production, specialising in high-quality Type IIa diamonds
This strategic alliance will empower Limelight to leverage Emerald’s 38 years of experience in jewellery designing and manufacturing, including access to a dedicated manufacturing set-up and a vast range of ready designs. Limelight will also benefit from Emerald’s extensive network of over 300 distributors and 20,000 retailers.
K. Srinivasan, Chairman and Managing Director of Emerald Jewel Industry India Ltd., expressed his confidence in this venture, stating, “The purpose is to manufacture and distribute the best finish lab-grown CVD diamond jewellery. With the strength of our manufacturing, finishing, and market distribution together with Limelight’s strength of huge CVD diamond production, I am confident that our customers will be able to make the most of this as a new and incremental business opportunity.”
Pooja Sheth Madhavan, the Managing Director and Founder of Limelight Lab Grown Diamonds, emphasised the growing acceptance of lab-grown diamonds in India and their appeal to millennial consumers. She stated, “Awareness on lab-grown diamonds is spreading fast in India. With this joint venture, our aim is to introduce unique never-seen-before designs of the best quality and further strengthen the brand’s presence in the LGD jewellery market in India and globally.”