"Heeramandi: The Diamond Bazaar" has been making headlines since its announcement by renowned filmmaker Sanjay Leela Bhansali. The series, which premiered on Netflix on May 1, received mixed reviews. While many lauded the series' grandiose set design, others were critical of certain actors' performances. 

Initially, Bhansali expressed doubts about a second season, remarking, "Web-series like this can happen only once, nobody can make it again, not even me." However, it appears the filmmaker has reconsidered.

In a recent interview with Variety, Sanjay Leela Bhansali confirmed the renewal of the period-drama series for a second instalment. He stated, "It takes a lot to make a series. This one has taken a lot. After 'Gangubai' was released in February 2022– from then to now, every single day, I have worked without a break. So, the responsibility is huge on the series."

Regarding the upcoming season, Bhansali revealed, "In 'Heeramandi 2', the women now come from Lahore to the film world. They leave Lahore after the Partition and most of them settle in the Mumbai film industry or Kolkata film industry. So that journey in the bazaar remains the same. They still have to dance and sing, but this time for the producers and not for the nawabs. So that's the second season we are planning, let's see where it goes."

The announcement for the series' second season was made at an event on Carter Road in Mumbai, where a flash mob of 100 dancers, adorned in sparkling anarkalis and ghungroos, performed songs from the series. 

On June 3, Netflix released a video of the flash mob, confirming the news.

Monika Shergill, VP of content at Netflix India, told Variety, "Sanjay Leela Bhansali has intricately woven magic to bring 'Heeramandi: The Diamond Bazaar' to life. Watching audiences everywhere fall in love with this series— making it truly their own as a cultural phenomenon— has been hugely energising and it thrills me to share that we will be back with Season 2."

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The first season of "Heeramandi" featured an ensemble cast including Manisha Koirala, Sonakshi Sinha, Sanjeeda Shaikh, Aditi Rao Hydari, Sharmin Segal, and Fardeen Khan. While Manisha Koirala and Sonakshi Sinha received praise for their performances, Sharmin Segal faced criticism for "underperforming."