What Star Rays does

Star Rays is an India-headquartered, family-owned diamond manufacturer founded in 1981, specializing in cut and polished solitaire diamonds ranging from 0.30ct to 5.00+ct across the full color spectrum (D–O/P) and clarity range (FL–I4), with more than 85% of output graded Ex.Ex.Ex. on cut. The company manufactures at a 45,000 sq ft consolidated facility in Surat (60,000+ solitaires annually) and at De Beers-sightholder subsidiaries in Gaborone (Botswana, since 2019) and Windhoek (Namibia, since 2022). It sells primarily B2B to global jewellery retailers through wholly-owned sales offices in Mumbai (headquarters at Bharat Diamond Bourse), New York (Star Solitaire Inc., since 2004), and Hong Kong (Star Rays Diamond HK Ltd., since 2014), serving 3,000+ customers across 28+ countries, and operates a smaller B2C retail arm — Star Jewellery — through showrooms in Surat and Ahmedabad.

The company's core technical assets are its proprietary STAR RAYS Grading System (SGS) spanning 14 grading parameters (5 of which are exclusive to Star Rays), an RFID-tracked inventory system adopted since 2006, and a self-serve digital platform (starrays.com) with real-time 24x7 inventory access, the proprietary Starrays Bidding System (SBS), mobile applications, HD and 360-degree digital asset visualization, and a Twin Diamond matching service. Revenue is generated predominantly through one-time wholesale diamond sales to retailers, supplemented by B2C jewellery retail sales in India. The firm supports premium pricing through SGS-based parameter transparency, dedicated Key Account Managers per customer, and supply chain credentials — including De Beers Sightholder status, Responsible Jewellery Council membership, Forevermark and Canadamark partnerships, and demonstrated carbon-footprint measurement leadership among Indian diamond firms.

Name

Star Rays

Legal name

Star Rays

Website

https://starrays.com

Company type

Private

Founded year

1980

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Star Rays is a Mumbai-headquartered, family-owned diamond solitaire manufacturer (est. 1981) producing 60,000+ stones annually across India, Botswana, and Namibia, selling primarily B2B to 3,000+ jewellery retailers in 28+ countries via proprietary SGS grading, online inventory, and sales offices.

Ownership category

akta.pro rank

Product category

Diamond Manufacturing

NAICS

Jewelry and Silverware Manufacturing (33991), Jewelry, Watch, Precious Stone, and Precious Metal Merchant Wholesalers (42394)

SIC

Jewelry, Precious Metal (3911), Wholesale-Jewelry, Watches, Precious Stones & Metals (5094)

akta.pro primary industry

Diamond Cutting & Polishing (Manufacturing) (CRAKAJAA)

akta.pro secondary industries

Diamond & Gemstone B2B Exchanges/Marketplaces (CRAKAJAJ), Diamond Grading & Certification Laboratories (CRAKAJAG), Diamond Jewelry (CRAKAAAA)

Keywords

• Diamond manufacturing
• Solitaire diamonds
• Diamond grading system
• Diamond wholesale
• Jewellery retail supply

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices7 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Personnel, Supply Chain, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. B2B Diamond Solitaire Sales: Manufacturing and selling high-quality diamond solitaires (0.30 ct to 5.00+ ct) to retailers globally. Products sold in various shapes (Round, Marquise, Princess, Heart, Pear, Oval, Emerald, Radiant, Cushion, CMB, Tri, Baguette, Long-Cushion) with colors D-O-P and clarities FL to I4. Over 85% of diamonds have Excellent-Ex-Ex cut grade.
2. B2C Jewellery Retail Sales: Direct-to-consumer retail jewellery sales through Star Jewellery showrooms in Surat (since 2012) and Ahmedabad (since 2014), offering bridal lounge sections for end consumers in India.

Pricing tiers

Go-to-market motion3 records

Distribution channels3 records

Marketing channels4 records

Core offering

Star Rays manufactures and supplies high-quality polished diamond solitaires (0.30 ct to 5.00+ ct) in shapes including Round, Marquise, Princess, Heart, Pear, Oval, Emerald, Radiant, Cushion, CMB, Tri, Baguette and Long-Cushion, across color grades D–O-P and clarity grades FL–I4, with over 85% of production at Ex.Ex.Ex. cut grade. The company operates a 24x7 real-time online inventory platform (starrays.com) and a bidding system for global B2B sales, complemented by its proprietary STAR RAYS Grading System (SGS) covering 14 parameters, Twin Diamond matching, RFID-tracked inventory, and a B2C retail sub-brand (Star Jewellery) in India.

Product overview

Star Rays is a diamond manufacturing and trading company offering a unified product portfolio centered around high-quality solitaire diamonds and related services. The core offering includes the Online Inventory platform (starrays.com) for diamond buying and the Starrays Bidding System (SBS) for competitive purchases. Supporting features include Twin Diamond matching service, Quick Search, and the proprietary STAR RAYS Grading System (SGS) that grades diamonds across 14 parameters. The company manufactures solitaires in various shapes (Round, Marquise, Princess, Heart, Pear, Oval, Emerald, Radiant, Cushion, CMB, Tri, Baguette, Long-Cushion) from 0.30 ct to 5.00+ ct, and also operates a retail sub-brand, STAR Jewellery, with bridal lounges. Digital assets (HD images, 360° videos, Hearts & Arrows) are provided with all products.

Differentiator

Problem solved

Functional benefit

Brands

• SGS (STAR RAYS Grading System): Proprietary grading system providing high level detail, grading up to 14 parameters including 5 exclusive to STAR RAYS
• Starrays Bidding System (SBS)

Products and services

• Diamond Solitaires (B2B Loose Diamond Inventory) High-quality polished loose diamond solitaires (0.30 ct to 5.00+ ct) in shapes including Round, Marquise, Princess, Heart, Pear, Oval, Emerald, Radiant, Cushion, CMB, Tri, Baguette and Long-Cushion, across color grades D to O-P and clarity grades FL to I4, with over 85% of production at Ex.Ex.Ex. cut grade. Sold in B2B bulk to jewellery retailers globally.
• Star Jewellery Retail Showrooms B2C retail jewellery stores operating under the Star Jewellery brand in Surat (since 2012) and Ahmedabad (since October 2014), offering finished diamond bridal jewellery with dedicated Bridal Lounge Sections for end consumers in India.

Quantifiable outcome

• 60,000+ solitaires produced annually with 85%+ Ex.Ex.Ex. quality
• +2 more outcomes

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

Four partnerships are on record, tiered core and minor.

• De Beers GroupcoreStrategic or Co-development Partner · 1 May 2014Star Rays achieved De Beers Sightholder status in May 2014, gaining access to purchase rough diamonds directly from the world's leading mining company. This status was extended to STAR RAYS Diamonds Botswana (2019) and STAR RAYS Diamonds Namibia (2023). As a Sightholder, Star Rays offers enhanced consistency, reliability of supply, and assurance in the authenticity and integrity of diamonds. Star Rays also declared compliance with the De Beers Best Practice Principles.
• Responsible Jewellery Council (RJC)coreTechnology or IntegrationStar Rays is a member of the Responsible Jewellery Council, demonstrating commitment to ethical, social, and environmental practices throughout the diamond supply chain. RJC certification provides third-party assurance of responsible business practices.
• ForevermarkminorGTM or Marketing PartnerStar Rays partners with Forevermark (a De Beers group brand) for branded diamond products. Forevermark diamonds are inscribed with a unique mark and come with a promise of integrity and quality.
• CanadamarkminorGTM or Marketing PartnerStar Rays is authorized to use the Canadamark logo/certification for its diamonds, indicating compliance with Canadian diamond sourcing and quality standards.

Scale indicators9 records

Recent moves13 records

Expansion highlights5 records

Direct peers

• Kiran Gems: Kiran Gems is one of India's largest diamond manufacturers, with a comparable focus on cut and polished diamonds and global B2B distribution. It mirrors Star Rays' Surat-based manufacturing heritage and De Beers Sightholder profile.
• Venus Jewel: Venus Jewel is an Indian solitaire-focused diamond manufacturer with a strong proprietary grading platform (similar to Star Rays' SGS) and B2B digital distribution. It is one of the closest direct competitors in the Indian solitaire category.
• Hari Krishna Exports: Hari Krishna Exports is a major Indian diamond manufacturer and De Beers Sightholder producing polished diamonds across sizes and shapes, with global B2B sales presence. Highly comparable scale and product mix to Star Rays.
• Dharmanandan Diamonds: Dharmanandan Diamonds is an Indian manufacturer and De Beers Sightholder with a focus on certified, traceability-driven polished diamonds. Comparable in upstream Sightholder access and B2B customer profile.
• Rosy Blue: Rosy Blue is a global diamond manufacturer and sightholder with manufacturing in India and Africa and B2B distribution worldwide. Closely comparable to Star Rays across manufacturing geography, supply relationships, and product breadth.
• Diarough: Diarough is a Belgium-headquartered diamond manufacturer with manufacturing and sourcing operations across India, Africa, and the Middle East. It competes directly with Star Rays in mid-to-large size polished solitaires.

Broad incumbents

• KGK Group: KGK Group is a vertically integrated gemstone and jewellery conglomerate with diamond manufacturing, jewellery retail, and mining interests. It is comparable to Star Rays in diamond manufacturing but operates across a broader gem and jewellery portfolio.
• Jewelex Group: Jewelex is a Mumbai-based diamond and jewellery manufacturer with global B2B operations. Overlaps with Star Rays on polished diamond manufacturing while also operating branded jewellery businesses.
• ALROSA: ALROSA is the world's largest rough diamond miner and a Diamond Manufacturers Association member. It is adjacent rather than directly competitive, but it shapes global rough supply and pricing dynamics critical to Star Rays' economics.

Others

• De Beers Group: De Beers is Star Rays' upstream Sightholder counterparty and a strategic partner, not a competitor. The relationship is core to Star Rays' rough supply advantage and provides direct relevance as a supply-chain ecosystem participant.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/starraysofficial
• LinkedInlinkedin.com/company/star-rays

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Star Rays