To Launch her New business, Priyanka Gill Leaves Kalaari Capital

Priyanka Gill, a co-founder of the Good Glamm Group and a previous partner at Kalaari Capital, is launching her own business after leaving the Bengaluru-based venture capital firm. As the market for reasonably priced synthetic diamonds grows, Gill is introducing Coluxe, a lab-grown diamond (LGD) brand. This comes after a number of domestic lab-grown diamond brands recently entered the market. In May, her new venture is all set to launch its online sales, and that is followed by an introduction of a physical store. Solitaire rings, pendants, earrings, tennis bracelets, necklaces, and distinctive items will all be available at Coluxe. Because lab-grown diamonds are more affordable and of higher quality than real diamonds, they have become more and more popular worldwide.
Lab Grown Demands Getting Popular in Indian Market
According to business consultants Technopak, the market for lab-grown diamond jewellery in India was estimated to be worth $264.5 million in 2022. Sales of lab-grown diamond jewellery are anticipated to expand at a 14.8% compound annual growth rate (CAGR) at the end of the following ten years, from $299.9 million in 2023 to $1.1 billion in 2033. However, the market for lab-grown diamonds has seen price adjustments due to an excess of supply. According to Gill, it is uncommon for new consumer behaviours—in this case, the switch from natural to lab-grown diamonds—to be widely adopted. "It is taking place in the fine jewellery industry," Gill stated.
However, Gill said that rather than leveraging design and variation as a differentiator, the majority of current firms are marketing LGDs as a less expensive substitute for mined diamonds. The most startling statistic, she continued, is that only 6% of Indian gold jewellery customers really own diamonds. There is a lot of capacity for growth.
Right Time to Join the Industry
India is one of the world's biggest consumers of gold jewellery, with more people buying the yellow metal for investment purposes and auspicious events like weddings. Only a minor portion of these purchases include diamonds. But with investor Fireside Ventures supporting lab-grown diamond company Aukera, the market has witnessed a flurry of activity. After obtaining early-stage investment to launch her business, Gill stated that she is looking to acquire a Series A round.
Gill’s Entrepreneurial Journey Till Now
In 2020, Gill established PopXo, a content community that was purchased by Good Glamm, a company supported by Prosus. She later became a co-founder of the group. At the end of 2023, Gill resigned from her position at the Good Glamm Group. She became a partner at Kalaari Capital in February 2024 and is in charge of the company's CXXO project, which makes investments in women-led companies. Gill was not in charge of any funding rounds while she was employed at Kalaari. On January 15, she resigned from her position at Kalaari. PopXo received financial support from Kalaari Capital prior to its acquisition by the currently distressed Good Glamm, previously known as MyGlamm.
