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
Lucara Sells 2,488-Carat Motswedi,The World’s Second-Largest Diamond
Recovered In August 2024 At The Karowe Mine In Botswana, Originally Weighing 2,492 Carats Before Cleaning
Lucara Diamond Corp. sold the 2,488-carat Motswedi, the world’s second-largest rough diamond behind the iconic 3,106-carat Cullinan.
Neither the sale price nor the buyer (whether HB Trading, a museum, or a private collector) was disclosed.
Recovered in August 2024 at the Karowe mine in Botswana, originally weighing 2,492 carats before cleaning
The sale was included in Lucara’s Q2 revenue of $41.0 million, representing a 6% year-over-year dip (down from $43.7 million in Q2 of the prior year).
Unclear Share: Lucara did not specify what portion of the $41.0 million total came directly from Motswedi.
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