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
41st World Diamond Congress To Tackle Geopolitics and Shifting Consumer Tides
Industry To Discuss  Russian Sanctions, African Supply Dominance, and A Looming Generational Handover.
The World Federation of Diamond Bourses (WFDB) and the International Diamond Manufacturers Association (IDMA) announced Friday that the 41st World Diamond Congress will convene in Singapore from July 12–15, 2026. The four-day summit arrives at a pivotal moment for the $100 billion jewelry market, which is currently wrestling with the rise of lab-grown alternatives and tightening transparency requirements.
Five Pillars of the 2026 Agenda
The Congress has structured its programming around five core challenges that are expected to define the industry’s trajectory through the end of the decade:
- African Supply Leadership: A deep dive into the continent’s evolving role from a raw material source to a strategic power player.
- The Asian Pivot: Executives will explore untapped potential in the ASEAN bloc, specifically targeting emerging middle-class wealth in Indonesia, Vietnam, and Malaysia.
- Geopolitics and Sanctions: Critical sessions will address the ongoing trade-related restrictions that have reshaped global supply chains since 2022.
- The Demand Deficit: Stakeholders will brainstorm strategies to revitalize the global desire for natural diamonds over synthetic competitors.
- Generational Transition: A focus on integrating the “next gen” of leadership into the traditionally conservative diamond pipeline.
A Strategic Crossroads
The Congress will host an international mix of government representatives, manufacturers, and trade bodies. It noted that the ASEAN region represents a vital frontier for trade as traditional Western markets mature.
The timing of the event is strategic; it will run concurrently with the Singapore International Jewelry Expo (SIJE), bridging the gap between raw supply discussions and the high-end retail sector.
Market Outlook
For many in attendance, the primary concern remains the “natural vs. lab” debate. As Gen Z and Millennial buyers prioritize ethical sourcing and price transparency, the industry is under pressure to refine its narrative. The Congress is expected to serve as the primary forum for establishing a unified marketing front to bolster natural diamond demand.
Registration for the event remains open, with the industry’s top brass expected to finalize the roster of panel participants in the coming weeks.
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