Jewelbox founders impressed the sharks with the concept of Lab-grown diamonds. Going popular in other foreign countries, India is also adopting this new change to wear lab-grown diamonds on special occasions like proposals, engagements, and weddings. The founders shared that around 36% of people in foreign prefer lab-grown diamonds compared to actual diamonds because of their cheaper price. Jewelbox founders secure all sharks deal on Shark Tank Season 3 bringing this amazing concept ahead.
Who Are Jewelbox Founders? Vidita Kochar And Nipun Kochar Age, Education, Career, And Success Story:
Jewelbox founders Vidita Kochar and Nipun Kochar belong to Kolkata, West Bengal. They are Chartered Accountants. Nipun completed his education at St. Xavier’s College in B.com. Apart from that, he also went to Harvard Summer School to take a certificate in finance. Nipun has run another business previously by the name of Planmyad for six years. He is currently the co-founder and CEO of Jewelbox.
Name: Nipun Kochar
Gender: Male
Age: Approx 33 years old
Alma Mater: St. Xavier’s College
Education: Bachelors of Commerce
Profession: Entrepreneur
Known For: CEO & Founder of Jewelbox
Shark Tank Offer: Rs. 2 Crore for 6% equity at the valuation of Rs. 33.33 crore
Deal With: Shark Aman Gupta, Founder and CMO of boAt, Shark Radhika Gupta, MD & CEO of Edelweiss Asset Management Limited, Shark Ritesh Agarwal, founder and CEO of OYO Rooms, Shark Vineeta Singh, CEO & Co-Founder of Sugar Cosmetics, and Shark Peyush Bansal, founder & CEO of Lenskart.
Vidita Kochar completed her graduation in B.com from St. Xavier’s College, Kolkata along with chartered accountancy. She is post-graduated from the Indian School of Business with a degree in MBA. She joined Planmyad with Nipun for five years. Vidita has also worked with Swiggy as a Senior Category Manager for almost two years. She started Jewelbox in December 2021 after her husband Aman gave her a lab-grown diamond on their engagement. She is currently the co-founder and CMO of Jewelbox.
Name: Vidita Kochar
Gender: Female
Age: Approx 28 Years old
Alma Mater: Indian School of Business
Education: Masters Of Business Administration
Profession: Entrepreneur
Known As: Co-founder & CMO of Jewelbox
Jewelbox Founders Age:
Nipun Kochar is approx 33 years old while his business partner Vidita Kochar is approx 28 years old. They both contributed differently to the company. Nipun handles all the finances and deals. While Vidita Kochar handles marketing and sales.
Jewelbox Diamonds & Stores: How Jewelbox Diamonds Gets Its Shape?
These diamonds are manufactured in labs. For its preparation, the actual diamond-making process gets replicated under lab conditions. The seed of natural alignment is taken and placed into the reactor which operates at 23000 degrees Fahrenheit. The same process of pressure application is applied with the combination of gases. However, it takes tens of thousands of years to form it in real. 1 Carrot diamond gets formed within 20-21 days in the labs. As the carbon gets deposited the stone is formed. Jewelbox surat setup handles cutting, polishing, and finishing.
It is quite different from the cubic zirconia which is a plastic looking like a diamond. They also did a test with the pen tester to check the real diamond. This pen tester checks the thermal conductivity of the stone to know about the real diamond. The process of lab-grown diamonds makes it cheaper for people to have the diamonds. The real diamond will cost Rs. 3.5 lakhs to 4.5 lakhs. However, the lab-grown will be Rs. 55,000.
Jewelbox procures diamonds from these diamond growers. Their sorting team issues the diamonds based on their own new designs. After a quality check, the diamonds are sent for Hallmark and certification. The company has 2 stores till now. They are planning to open the third one soon.
Jewelbox Shark Tank Journey:
Jewelbox founders Nipun and Vidita pitched their business on Shark Tank. They asked for Rs. 1 Crore for 2% equity at the valuation of Rs. 50 Crores. Shark Aman gave them their first offer. It was for Rs. 1 Crore for 5% equity + 2% royalty until Rs. 1 Crore is recouped at a valuation of Rs. 20 Crores. Shark Radhika Gupta joins the offer.
Shark Vineeta matches the original ask of the Jewelbox founders and offers Rs. 1 Crore for 2% equity at the valuation of Rs. 50 Crores. Later, Shark Ritesh joined Vineeta to offer Rs. 1 Crore for 2.5% equity at the valuation of Rs. 40 Crores. Shark Peyush was also interested in it and joined with Shark Vineeta and Shark Ritesh, offer remaining the same.
Shark Aman and Shark Radhika revise the offer to Rs. 1 Crore for 2.25% equity at a valuation of Rs. 44.44 Crore. They counteroffer to Rs. 2 Crore for 4% equity at the valuation of Rs. 50 Crores asking for all sharks in. The sharks counter to Rs. 2 Crore for 6% equity at the valuation of Rs. 33.33 crore.
They accepted the offer. The deal gets closed with Shark Aman Gupta, Founder and CMO of boAt, Shark Radhika Gupta, MD & CEO of Edelweiss Asset Management Limited, Shark Ritesh Agarwal, founder and CEO of OYO Rooms, Shark Vineeta Singh, CEO & Co-Founder of Sugar Cosmetics, and Shark Peyush Bansal, Founder & CEO of Lenskart. Jewel Box is on Instagram as @jewelbox.co.in having around 22.8k followers. Do read some other shark tank stories below for more content.
