Dev Labtech Venture is a diamond manufacturer that has bet its future on stones grown in a microwave chamber rather than pulled from the earth - a pivot it made in 2022 after nearly three decades in the traditional diamond trade. The company, founded in 1993 and now run from a base inside the Surat Diamond Bourse, is steered by a chairman with 42 years in the industry, and its recurring approach is to own the entire journey of a diamond, from a tiny seed crystal to a polished, certified gem ready for a jeweller’s showcase. That same hands-everywhere philosophy - control the process, own the machines, sell direct - now runs through its lab-grown operation, which has become the company’s sole operating segment. # Business segments A single engine with two intertwined product lines - lab-grown diamonds manufactured in-house and natural diamonds traded and processed - sold through the same channels to the same jewellery markets. ## 1. Lab-grown diamond manufacturing: the company’s strategic core **It makes diamonds from scratch using microwave technology, controlling every step from seed crystal to polished stone, and has made this its entire operating focus.** - **Grown, not mined** - the company uses Microwave Plasma Chemical Vapor Deposition (MPCVD) machines, which place a diamond seed in a vacuum chamber, pump in methane gas, and break it down so carbon atoms layer onto the seed to form a diamond. The result is a stone chemically, physically and optically identical to a mined diamond - same fire, same sparkle - but made in a factory in Surat. - **Owns the machines, owns the process** - it has purchased its own MPCVD equipment and built in-house technical and design teams, so it manages the full lifecycle from initial seed to finished product rather than outsourcing steps to middlemen. A semiconductor technologist was brought in as a mentor to sharpen manufacturing accuracy and product clarity. - **Every stone comes with a certificate** - the diamonds are sold in multiple shapes, cuts, sizes, colours and clarities, and are certified by international laboratories like GIA and IGI, giving buyers a guarantee of authenticity. For now the output goes only into jewellery, though the company has stated plans to eventually supply industrial users - cutting tools, heat sinks for advanced computers, optical materials and semiconductor parts. - **Chasing cheaper power for an energy-hungry process** - synthesising diamonds takes substantial electricity, so the company has installed an 18-kW rooftop solar system at its office and applied to Gujarat’s energy agency for a 1,300 KV (DC) solar power project dedicated to running its CVD machines. Captive solar is the plan to keep manufacturing costs down as volumes grow. ## 2. Natural diamond trading and processing: the legacy that built the house **It still buys, cuts and polishes mined rough stones using laser technology and decades of know-how, though this business now sits alongside - and is dwarfed by - the lab-grown push.** - **Four decades of rough-to-polished skill** - the company oversees natural diamonds from raw extraction through to exquisitely polished finished stones, applying computer software and laser technology for mapping, designing, cutting and polishing to maximise output and minimise waste. The promoter’s 42 years in the trade are the foundation of this expertise. - **A market under pressure** - the natural diamond trade faces headwinds the company tracks closely: competition from synthetics, inflation and high interest rates cooling US consumer demand, slow Chinese demand as buyers there favour gold, and US restrictions imposed in February 2024 on polished diamonds made from Russian rough stones. The company monitors market prices continuously to navigate this price-sensitive environment. ## 3. Jewellery and diamond distribution: the route to the customer **It sells finished diamonds direct to businesses and consumers through a website, trade exhibitions and export channels, with a marketing office in Mumbai and a payments backbone built for online sales.** - **B2B and B2C under one roof** - the company operates in both business and consumer channels, and in 2023 launched a dedicated sales website, www.dlvjewelry.com, to serve both. Revenue is booked when the polished stone changes hands and the risks of ownership pass to the buyer. - **Exhibitions are the shop window** - it works the industry circuit hard, participating in flagship events like IIJS Premiere and IIJS Tritiya in Mumbai, organised by the Gem & Jewellery Export Promotion Council, and ROOTZ, a B2B show run by Surat’s jewellery manufacturers’ association. Social media and content marketing round out the effort to reach new audiences. - **Domestic roots, export reach** - domestic sales are concentrated in Gujarat and Maharashtra, while exports go to the United States and Hong Kong, both directly and indirectly. A marketing office in Andheri East, Mumbai, extends the commercial footprint to India’s financial capital. In April 2025 the company signed a Master Service Agreement with PayU to handle all types of online payments, strengthening the digital checkout for its website customers. # Group structure and partners **A listed Indian entity with a promoter family at the wheel, a freshly capitalised Dubai trading subsidiary, and a short-lived US experiment already being wound down.** - The company’s shares trade on the BSE SME platform, with promoters Jerambhai Lavjibhai Donda, Labhuben Jerambhai Donda and Jay Jerambhai Donda together holding 66.44% as of FY24. In March 2026 the board approved a share split (Rs. 10 to Rs. 5 face value) and a 1:1 bonus issue, alongside an increase in authorised capital to Rs. 25 crore. - A wholly owned subsidiary, Dev Labtech Trading FZCO, was incorporated in Dubai in October 2025 under the DMCC free zone with a trading licence for jewellery, diamonds, pearls and precious stones, and was fully capitalised at AED 490,000 in March 2026. - An earlier US subsidiary, Dev Labtech Venture Inc., incorporated in Delaware in October 2024, never conducted any business and contributed nil revenue; the board approved its strike-off in January 2026, a process expected to take four to five months. - The company carries a term loan from Axis Bank at a floating 7.5% and, as of March 2026, a new Rs. 744 lakh term loan from SIDBI at 8.5% over 66 months, secured against movable assets at the Surat unit, a SIDBI fixed deposit of Rs. 225 lakh, and personal guarantees from four promoter-family members. - In March 2026 the board also altered the company’s constitutional objects to permit entry into agricultural and non-agricultural food products, beverages, and the business of owning and operating ships and vessels - an early signal of diversification ambitions beyond diamonds, subject to shareholder approval.