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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

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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

Limelight Diamonds Expands Retail Presence in Pune with a New Store Launch in Baner

The Baner store marks Limelight’s continued expansion in Pune, making its signature lab grown diamond jewellery more accessible to the city’s discerning and value-conscious consumers

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Limelight Diamonds, India’s largest and most trusted lab grown diamond jewellery brand, has strengthened its footprint in Maharashtra with the launch of a new exclusive store in Baner, Pune, following the success of its store at Bund Garden Road in the city. The store was inaugurated in the presence of Karam Chawla, Director, Limelight Lab Grown Diamonds, Regional Partners, Tara & Prasad Jawalkar and Neetal & Hrishikesh Budukh,alongside the brand’s leadership team, marking another milestone in Limelight’s continued retail expansion across high-growth urban markets.

Strategically located in Baner, one of Pune’s most dynamic and fast-evolving neighbourhoods, the new store reflects the brand’s commitment to tapping into markets that combine aspirational lifestyles with a growing appetite for conscious luxury. With this launch, Limelight continues to build on its strong national presence spanning 60+ stores across 45+ cities and 40+ shop-in-shop formats.

The contemporary retail space is designed to offer an elevated yet welcoming shopping experience, showcasing an extensive range of CVD-studded lab grown diamond jewellery crafted using Type IIA diamonds, globally recognised for their exceptional brilliance and purity. Customers can explore a thoughtfully curated selection of classic solitaires, elegant necklaces, statement earrings, bracelets and versatile everyday wear pieces, catering to both occasion-led purchases and modern, daily styling.

Coinciding with the joyous occasion of Women’s Day, the launch holds added significance, reflecting the strength, aspiration, and growing influence of modern Indian women. The Baner store reflects the brand’s chic, premium, and minimalist design philosophy while championing the evolving narrative of diamond jewellery, catering to women who view jewellery not merely as adornment, but as an expression of individuality, achievements, and mindful choices.

To commemorate the launch, customers can avail exclusive inaugural privileges, including 26% off on diamond value and 26% off on making charges, valid for a limited period.

Pooja Madhavan, Founder & Managing Director, Limelight Lab Grown Diamonds, said:

“Maharashtra continues to be a priority growth market for us, and Pune is a key part of our long-term expansion roadmap. With Baner, we are strengthening our presence in high-potential urban micro-markets that demonstrate strong demand for contemporary, design-led diamond jewellery. Our focus is on building depth in existing regions while steadily expanding into progressive neighbourhoods that align with the brand’s vision.”

“It is especially meaningful to mark this launch around Women’s Day. At Limelight, we see a clear shift, more women are self-purchasing and making informed, value-driven choices. Our retail expansion is closely aligned with this evolution, as we aim to create accessible spaces where women can celebrate their achievements with jewellery that reflects both their style and their principles.”

Karam Chawla, Director, Limelight Lab Grown Diamonds, added:

“Pune is an important market for us strategically, given its strong base of evolved, cosmopolitan  consumers who value both quality and innovation. We are seeing increasing preference for lab grown diamonds in cities like Pune, where buyers are informed, design-conscious and open to new-age luxury formats.”

“Our expansion strategy is centred on building a robust and accessible retail network that drives awareness and reinforces trust in the category. With every new store, we are not just adding to our footprint, but creating touchpoints that enable deeper consumer education and long-term brand engagement in the lab grown diamond segment.”

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JewelBuzz is Asia’s First Digital Jewellery Media & India’s No.1 B2B Jewellery Magazine, published by AM Media House. Since 2016, we’ve been the trusted source for jewellery news, market trends, trade insights, exhibitions, podcasts, and brand stories, connecting jewellers, retailers, and industry professionals worldwide.

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