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.
DiamondBuzz
Russia Tightens Rules On Synthetic Diamond Labelling
Industry’s Most Stringent Measures Aimed At Clearly Distinguishing Lab-Grown Stones From Natural Diamonds
Russia has introduced new regulations governing the sale and marketing of jewellery containing synthetic diamonds, marking one of the industry’s most stringent measures aimed at clearly distinguishing lab-grown stones from natural diamonds. The rules are set to take effect on 1 September 2026.
The new provisions were adopted under Resolution No. 657 of 30 May 2026 by the Government of the Russian Federation and amend the country’s retail sales regulations for precious metals and gemstones.
Under the revised rules, jewellery containing synthetic stones may continue to reference the corresponding natural mineral, but labels and tags must prominently include the word “synthetic” or its approved abbreviation. However, the use of the word “diamond” and its derivatives in relation to synthetic materials will be prohibited. The regulations also ban the use of colour and quality descriptors typically associated with natural diamonds.
The resolution further prohibits retailers and marketers from using terms such as “precious”, “real”, “genuine”, “natural”, “mined”, “mineral” and “eco-friendly” when describing synthetic stones. In addition, the weight of synthetic stones may only be disclosed in grams rather than carats. The restrictions apply to all forms of consumer-facing information, including product labels and marketing materials.
The measures are intended to protect consumers from misleading sales practices and ensure greater transparency in the marketplace. Russia, the world’s largest producer of natural diamonds by volume, said the rules are designed to safeguard consumers and support fair competition between natural and synthetic diamond products.
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