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
Alrosa Launches Its First Long-Term Natural Diamond Promotion Programme Extending Through 2030
The Programme Brings Together Generic Marketing, Consumer Awareness Initiatives, Retail Support and Policy Advocacy To Reinforce The Value Proposition Of Natural Diamonds
Alrosa has launched its first long-term Natural Diamond Promotion Programme extending through 2030, marking a strategic effort to strengthen consumer demand for natural diamonds across major global jewellery markets.
The programme and policy advocacy to reinforce the value proposition of natural diamonds. Central to the strategy is the promotion of qualities such as rarity, authenticity, individuality, emotional significance and lasting value.
Designed as an omnichannel initiative, the programme will leverage digital platforms, in-store experiences and targeted consumer engagement campaigns. Alrosa plans to focus particularly on markets within the BRICS and Eurasian Economic Union (EEU) regions, with Millennials and Gen Z consumers identified as key audiences. The strategy also seeks to encourage new purchasing occasions, including self-gifting and milestone celebrations.
A significant pillar of the programme is consumer education aimed at clarifying the distinctions between natural and synthetic diamonds. Planned actions include support for consistent industry terminology, transparent product disclosure and enhanced detection capabilities at the retail level to help consumers make informed purchasing decisions.
Pavel Marinychev, CEO and Chairman of the Management Board of Alrosa, said:

“A natural diamond is a symbol of authenticity and significant lifetime moments. Our goal is to protect the unique properties of natural diamonds, honestly explain the differences between them and alternatives to consumers, help them make informed choices, and ultimately invest in the future and sustainable development of our entire category: from diamond mining to retail.”
The initiative complements recently introduced Russian regulations that require laboratory-grown products to be marketed as “synthetic” and restrict the use of traditional diamond terminology and grading standards for such products.
According to Alrosa, the programme is designed to support stakeholders across the diamond pipeline—from mining and manufacturing to retail—while enhancing consumer confidence and fostering sustainable long-term demand for natural diamond.
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