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
Alrosa Reports $130mn H1 Loss Amid Diamond Market Headwinds
The Company Cited Geopolitical and Macroeconomic Uncertainty, Western Sanctions, Shifting Jewellery Demand, Higher Gold Prices and Weaker Rough and Polished Diamond Sales As Key Challenges.
Russia’s state-controlled diamond miner Alrosa reported a 10.67 billion-ruble ($129.7 million) net loss in H1 2026, reversing a 39.03 billion-ruble profit a year earlier. Revenue plunged 36% to 74.16 billion rubles ($901.6 million), while gross profit fell to 4.62 billion rubles.
The company cited geopolitical and macroeconomic uncertainty, Western sanctions, shifting jewellery demand, higher gold prices and weaker rough and polished diamond sales as key challenges. Its operating loss widened to 5 billion rubles, while the pre-tax loss reached 14.08 billion rubles.
Adding to the pressure, Russia’s 8% export duty on unprocessed rough diamonds above 0.45 carats, postponed to March 2027, is expected to cut Alrosa’s profit by around 3.12 billion rubles ($37.9 million), further clouding the miner’s outlook.
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