Eleve Diamonds founder Trishank Gupta (left) with his father Pankaj Gupta and company CEO Prajay Maganlal
Eleve Diamonds, the lab-grown diamonds arm of Hyderabad-based traditional jeweller Tibarumal Jewels, plans to launch its store in Coimbatore in Tamil Nadu soon, besides adding another in the Telangana capital, its founder, Trishank Gupta, said.
“We currently have five stores that are operational. Four of them are in Hyderabad. One of them is in Warangal,” he told businessline in an online interaction.
Eleve Diamonds is in talks for new franchisee opportunities in Chennai and Delhi. “We do look to expand in the south for now predominantly, but if we get opportunities, we are open to North and anywhere in India as such,” said Gupta.
US entry
Eleve has not looked at exports of its lab-grown diamonds, particularly in the US. There are two reasons for this. The first is due to the tariff issue. The second is that it does not have a flagship store there.
The US branch of Tibarumal is doing well, and they plan to launch Eleve there too. “We are in talks over that, and it might happen very soon,” he said, adding that the US market is promising for lab-grown diamonds, even more than India.
“That is on the cards. We are looking for that opportunity. It will be done within this coming financial year, hopefully. We are look at Dubai too,” said Eleve Diamonds founder.
Tibarumal, founded 104 years ago in Hyderabad, is seeing its fourth generation of the family taking care of the brand. It was launched to cater to the Nizams of the period and dealt with high-end stones to cater to the niche in the city.
Store-in-store
Gupta, who has always wanted to do something on his own, launched Eleve in June last year. In view of the changing fashion trends, he launched the firm to deal with lab-grown diamonds. “It is possible to get bigger and bolder stuff with lab-grown diamonds,” he said, adding that feedback from a customer to start the new venture also encouraged him.
It all began with a store-in-store being floated in Tibarumal’s flagship store for a year-and-a-half. Customers are now looking at Eleve’s products as another option, though it is not in direct competition with the parent company.
On the likely shift in preferences of customers in view of gold prices soaring, Gupta said his target customers are not worried about the gold prices as they buy for the value and quality of the product.
On the Bureau of Indian Standards stipulation that only natural diamonds can be called diamonds, Gupta said it was advantageous to the firm as it creates the required division. The industry gets to know that there is a separate market for lab-grown diamonds.
The lab-grown diamonds are sourced from Surat in Gujarat, he said, adding that Generation Zee was looking at it seriously, while the 40-plus category is also considering it.
The company’s CEO, Prajay Maganlal, said Eleve was witnessing a good growth for its products.
Published on March 17, 2026
