DiamondBuzz
Solitario Secures $3.6 Million in Pre-IPO Funding to Accelerate Growth
The lab-grown diamond brand plans to expand its retail presence, enhance branding, and diversify its product offerings with the new capital
Solitario, a lab-grown diamond jewelry brand co-founded by Ricky Vasandani and actor Vivek Oberoi, has raised $3.6 million in pre-IPO funding, valuing the company at approximately $18.3 million. The investment round saw participation from high-profile investors, including Neeraj Gupta, Seema Manish Nuwal, and several ultra-high-net-worth individuals.
The funds will be used to expand Solitario’s retail network, both in India and internationally, as well as to strengthen its branding, marketing initiatives, and product portfolio. The company also plans to enhance its manufacturing capabilities to keep up with growing demand.
Founded in 2023, Solitario specializes in sustainable and eco-conscious diamond jewelry, offering a range of products including necklaces, rings, earrings, bracelets, and pendants. The company has quickly established a presence in the market, reporting revenue growth from Rs 24.3 crore in FY 2023 to Rs 52 crore in FY 2024.
Solitario currently operates 18 stores across 10 major cities in India, along with 38 outlets in international locations such as Dubai, Malaysia, and Spain. The company runs a 30,000 sq. ft. manufacturing facility in Surat, which employs over 300 people.
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DiamondBuzz
Richemont and Signet Jewelers Could Join Global Diamond Consortium In Bid For De Beers
Richemont, Signet Would Connect The Consortium To Key Global Growth Vectors Spanning Luxury High Jewelry and Mass-Market Retail.
The Global Diamond Consortium (GDC)
Richemont and Signet Jewelers are reported to be in talks about joining the Global Diamond Consortium (GDC), the preferred bidder for De Beers according to a Bloomberg News report.
​GDC was selected in July 2026 as one of Anglo American’s preferred bidders for De Beers as part of Anglo American’s ongoing corporate restructuring.
​The potential inclusion of Richemont—owner of luxury Maisons including Cartier and Van Cleef & Arpels—and Signet Jewelers—the world’s largest retailer of diamond jewelry, operating brands such as Kay Jewelers, Zales, and Jared—would connect the consortium to key global growth vectors spanning luxury high jewelry and mass-market retail.
​Strengthening the Natural Diamond Ecosystem: Participation by major luxury brands and global retail leaders reinforces commitment across the entire value chain—from responsible mining and manufacturing to consumer engagement.
​Balanced Governance Structure: Discussions center on potential minority equity positions that would support long-term category growth while maintaining appropriate separation between ownership and commercial strategy.
​Broad Stakeholder Participation: The consortium continues to advance talks with host governments, including discussions with the Government of Botswana regarding a potential increase in its equity share in De Beers from 15% to approximately 25%, alongside participation from private investors and southern African host nations.
​​Discussions between GDC, Richemont, Signet, and participating government stakeholders remain ongoing. Terms of any potential participation, including the size of equity interests, have not been finalized and remain subject to regulatory approvals and definitive documentation.
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