In Episode 13 of the entrepreneurial reality show Shark Tank India, fans witnessed the pitch by Kolkata-based jewelry brand ‘Jewelbox’. Nipun Kochar and Vidita Kochar have appeared on the show to seek an investment of around $120,000 for 2 per cent equity.
Jewelbox allows people to buy diamond jewelry at a much lower price compared to natural diamonds. While the original diamond takes much time to create, lab-grown diamonds are created in a laboratory setting rather than being mined from the Earth’s crust. Moreover, Jewelbox diamonds are certified by the International Gemological Institute and the Gemological Institute of America.
The founders Nipun and Vidita claimed that they crafted lab-grown diamonds that are physically, chemically, and optically indistinguishable from their natural replicas. In the process of creating lab-grown diamonds natural diamonds are replicated under lab conditions. This process allows them to produce diamonds with similar physical and chemical characteristics. The whole process takes approx 21-24 days for the formation of 1 Carat of a diamond.
These lab-grown diamonds are identical to natural diamonds in terms of appearance and composition. However, these are often considered a more ethical and sustainable alternative to traditional diamonds. During the episode aired, Vidita demonstrated that there is no distinction between lab-grown and natural diamonds with the help of a diamond pen-tester.
Afterwards, Nipun compared the price of natural and lab-grown diamonds in terms of per carat. As per him, where natural diamonds cost up to $4.2-4.8 thousand per carat, lab-grown diamonds are in the range around of $6 hundred. After a bunch of offers and counteroffers, all five sharks sealed a deal for $240K for 6 per cent equity.
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The founders also disclosed that they work on the Omni-Channel distribution system. Meanwhile, this allows them to employ various channels for integrated customer shopping experiences like online and in-store. Moreover, Jewelbox offers diamond rings, bracelets, earrings and pendants. It even deals in bangles, mangal sutra, nose pins, and rings for men and kids.
Currently, the website is proposing a special discount of 25 per cent plus a 5 per cent extra discount with the code 5SHARKS. Jewelbox promises 80 per cent buyback, 100 per cent exchange, and an easy 15-day return policy. It also provides free shipping and insurance to the users for their respective products.
Jewelbox products are available for purchase on their website.
