- Founders: Nipun Kochar and Vidita Kocher
- Business: Fine Jewelry
- Valuation/ Networth: ₹50 Crores
- Ask: ₹1 Crore for 2% equity
- Funding: ₹2 Crore for 6% Equity
- Sharks: Radhika Gupta, Peyush Bansal, Vineeta Singh, Aman Gupta and Ritesh Aggarwal
- Episode: Season 3 Episode 13
Jewelbox Shark Tank India Pitch:
Jewelbox is a conscious luxury brand that specializes in crafting fine jewelry with lab-grown diamonds for everyday and occasion wear. They sell their products through their website and experiential stores. Currently, they have two retail stores and are planning to open a third store in the upcoming months. Jewelbox prides itself on being a very honest and transparent brand; all their jewelry is certified and hallmarked. They also offer customers the option of an 80% buyback or 100% exchange.”
How are Lab Grown Diamonds made?
Lab-grown diamonds are produced in laboratories using a small seed of natural diamond. The process replicates the conditions required for natural diamond formation in a controlled lab environment. The seed is placed in a reactor and operated at 2300 degrees Fahrenheit, and a combination of gases is added to apply pressure. Gradually, carbon is deposited, and a diamond is formed. The process to produce a 1-carat diamond typically takes 21-24 days.
Difference Between Natural Diamond & Lab Grown Diamond?
Lab-grown diamonds are physically, chemically, and optically identical to natural diamonds, and their shine, durability, and hardness are also similar. Lab-grown diamonds are typically 80% cheaper than natural diamonds. Additionally, these diamonds are certified by International Gemological Institute and the Gemological Institute of America.
How to check if diamond is original or fake?
The diamond pen tester passes heat directly through the gemstone and measures how fast it can conduct the heat.
Jewelbox Financial during Shark Tank:
The price of a natural diamond for 1 carat ranges from ₹3.5 to ₹4 lakhs, whereas a lab-grown diamond of 1 carat costs ₹55,000. In FY22-23, they had ₹3.8 crores in sales. In October ’23, they had ₹97 lakhs in sales, and in FY23-24 (Till October), they achieved ₹5.2 crores in sales with a 15% EBITDA, expecting to close this financial year with ₹12 crores. They conduct 10% of their business online by volume and 3% by value. To establish a Jewelbox store, they invest ₹1.25 crores in inventory plus ₹25 lakhs for interiors;
Who are founder of JewelBox?
Vidita Kochar is from Kolkata and currently resides in Surat. She has studied at ISB, Hyderabad, and is also a Chartered Accountant. Nipun Kochar is also a Chartered Accountant.
Jewelbox Shark Tank India Negotiations & Funding:
Aman was the first shark to offer ₹1 crore for 5% equity plus 2% royalty until ₹1 crore is recouped. Radhika also requested Aman to join his offer. Vineeta offered ₹1 crore for 2% equity, and Ritesh requested to join Vineeta. Vineeta revised the offer to ₹1 crore for 2.5% equity. Peyush also joined Vineeta and Ritesh with the same deal. Aman and Radhika revised the offer to ₹1 crore for 2.25% equity.
Nipun requested all sharks to join this venture and asked for ₹2 crores for 4% equity. Aman countered it with 2 crores for 6% equity on behalf of others. Nipun countered it with ₹2 crores for 5.5% equity, but Aman resisted. So, the deal was finalized at ₹2 crores for 6% equity.
How Jewelbox is doing after Shark Tank India?
Our research on Jewelbox revealed that while they got a dream deal on Shark Tank India, whether that deal was closed still remains unclear. This could be because they are still completing the due diligence, but early signs do suggest that their deal has not gone through yet.
While the financials of this company are not yet public, we will update this article as soon as more information comes to light. You can still, however, check out their products through Amazon by clicking the link below!
Thank you for supporting the blog by using the Amazon affiliate link as we make a small commission on purchases done through that!
Source: Instagram @Jewelbox.co.in
Here are other companies from Season 3 Episode 13.