Future of Lab Grown Diamonds, Zepto Pauses IPO Dreams, and Hyundai's Exit from Ola Electric

A few years ago, if someone said they were wearing a lab-grown diamond, most of us would either raise an eyebrow or quietly dismiss it as a fake. In India, diamonds aren’t just shiny stones - they are heirlooms, dowry, legacy, and in some households, an emotional asset class. You don’t just wear diamonds; you inherit them. You showed them off. You hold onto them for your children’s weddings.

But things are changing now.

Yesterday, a startup named True Diamond raised $3 million to expand its lab-grown diamond business in India. On paper, that may not sound like a huge amount. But more importantly, it's part of a major trend that's changing how we think about expensive things, what's worth buying, and how younger generations look at jewelry.

To be clear, lab-grown diamonds (LGDs) are true diamonds, not fakes. They are chemically and physically identical to natural diamonds. They sparkle and shine the same. They’re graded by the same institutions. The only difference? One takes billions of years underground, while the other takes a few weeks in a lab.

There has been a huge demand for this category worldwide. LGDs account for nearly 30% of diamond sales by volume. In the US, one in five engagement rings is lab-grown. Prices have dropped so fast that what cost ₹3 lakh a few years ago now sells for under ₹30,000.

India, however, is still a gold-first country. Diamonds are nice to have, but gold is non-negotiable. Gold has resale value. Gold has rituals. Gold is still what most people wear to weddings and invest in during festivals. Diamond jewelry, even natural, makes up less than 10% of India’s market. Lab-grown diamonds are only a tiny part of it.

But we are still optimistic about TrueDiamond and the industry overall. We can see the changes happening all around us. More and more people we know are buying diamond studs or rings for everyday use - office wear, party wear, gifting, etc. Not ₹5 lakh pieces, but ₹20,000 lab-grown ones. And not for investment, but for fashion. In the times of fast-fashion, lab-grown diamonds fits perfectly into the new paradigm. It's the sweet spot between luxury and value.

Several startups have mushroomed to take advantage of this trend. Limelight, Solitario, Firefly, Jewelbox, Avtaara, Vandals, and so on. They’ve grown into full-fledged D2C brands with clean retail experiences. They're open about their diamonds being lab-grown, and customers like that honesty.

There are few more factors supporting this growth. The government has slashed import duties on diamond seeds (used to create rough synthetic diamonds). IIT Madras has been given ₹242 crore to research LGDs. Surat and Mumbai produce approximately 30-40% of the world’s supply. India is slowly becoming the biggest producer worldwide.

LGDs have clear pros - they are affordable, ethical, and sustainable. But they also come with limitations - their resale value is negligible. Most jewelers won’t buy them back. And they are not rare. And that matters in a country where jewelry is often about status and future security. There's still a negative feeling about it. We’ve heard friends joke, “If he proposes with a lab-grown diamond, I’ll return the ring with the boy.” Brands will have to face this challenge which isn't entirely serious, but isn't entirely a joke either.

We think that lab-grown diamonds are not here to replace natural diamonds or gold. They’re here to expand the market. Make diamonds part of daily fashion, not just elite ceremonies.

The market size may be small today, but the tailwinds are supportive: climate-conscious consumers and a growing demand for good design and guilt-free jewelry. We think that there is a huge upside for this market.

As consumers, we are already convinced. While we might not buy a lab-grown diamond for ₹3 lakh, we'd definitely consider a ₹30,000 one for a party, a gift, or just to feel good on a Friday night. The real question isn’t whether India will adopt lab-grown diamonds. It’s how fast. And which brands will ride the wave.

Let’s go through what else is happening in Indian startup world - Grab your simmering cup of StartupChai.in and unwind with our hand-brewed memes.

“Ye Toh Pralay Ke Chinh Hai”: Quick Commerce Platform KiranaPro’s App Code Destroyed In Cyber Attack

KiranaPro’s promise of lightning-fast grocery delivery hit a hard stop - hackers torched its core app code and user data in a major cyberattack.

The breach, discovered on May 26, exposed sensitive details like names, addresses, and payment info after intruders accessed its AWS and GitHub root accounts. Founded just last year, the quick commerce startup now faces the ultimate tech nightmare, rebuilding from digital ashes.

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Former staff and freelancers are still waiting on their dues, as the content-to-commerce unicorn scrambles for cash. In a desperate bid to stay afloat, it’s even mulling a stake sale in Organic Harvest back to its original founders.

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“Taking A KitKat Break”: Zepto Puts IPO Plans On Hold

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Word is, the team wants to tidy up its financials before stepping onto the stock market stage.

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“Make India Great (Again)”: Tesla Ramps Up India Strategy & Starlink To Get Licence To Launch Satellite Services In India Soon

Elon Musk is doubling down on India - Tesla’s just signed a hefty INR 24 Cr lease for a warehouse in Mumbai’s Kurla West to gear up for future manufacturing.

Meanwhile, Starlink’s countdown has begun, with its satellite internet services inching closer to official approval. From EVs to space tech, Musk’s India playbook is heating up fast.

Read more here and here

“Thaar Maar Thakkar Maar, Aaya Godfather”: Godfather of AI Yoshua Bengio launches non-profit LawZero to keep AI from lying

Yoshua Bengio, often dubbed the Godfather of AI, is back - but this time, he’s teaching machines not to lie.

His new Canada-based non-profit, LawZero, aims to build safe and honest AI systems before things spiral sci-fi-style. When the man who helped create AI says it needs a moral compass, you know it's serious.

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“Apna Apna Dekh Lo Bhai”: Hyundai Motor, Kia offload stake in EV-maker Ola Electric

Hyundai and Kia are unplugging from Ola Electric - selling their stakes for a combined INR 689 crore in what looks like a strategic U-turn.

Hyundai offloaded 2.47%, and Kia let go of 0.62%, quietly stepping back from India’s buzzing EV party. The move raises eyebrows just as Ola Electric gears up for its own IPO ride.

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1. True Diamond just bagged ₹26 Cr in a sparkling pre-Series A round led by India Quotient. With Titan Capital and Huddle Ventures backing again, the lab-grown gem game is clearly catching investor shine.
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