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
ACRA Has Reaffirmed Alrosa’s AAA(RU) Credit Rating With A Stable Outlook
ACRA Cited Miner’s Strong Operating Profile, Global Leadership, Solid Resource Base, High Profitability
Russian rating agency ACRA has reaffirmed Alrosa’s AAA(RU) credit rating with a stable outlook, citing the miner’s strong operating profile, global leadership in diamond mining, solid resource base, high profitability, low debt levels, strong liquidity, and robust corporate governance.
ACRA noted that Alrosa’s confirmed reserves can support more than 30 years of operations at current production levels. It also expects tightening diamond supply to support price recovery in the medium term.
The agency highlighted Alrosa’s profitability, with FFO before interest and taxes at 28%, projected to rise to 30% between 2026 and 2028.
Pavel Marinychev, CEO, Alrosa, said:
“The high assessment of ACRA for the third year in a row confirms the sustainability of the Alrosa business model, the quality of the management system and the financial stability of the company. This is an independent confirmation that the chosen strategy remains effective even in conditions of external turbulence. Despite geopolitical uncertainty, the company maintains leadership positions, financial discipline and consistently fulfils all its obligations.”
ACRA Has Reaffirmed Alrosa’s AAA(RU) Credit Rating With A Stable Outlook
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Kumari Fine Jewellery Presents Celebrity-Inspired Cocktail Earring Picks For The Modern Bridal Trousseau
ACRA Has Reaffirmed Alrosa’s AAA(RU) Credit Rating With A Stable Outlook
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