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
De Beers’ Rough Diamond Production Rises 17% Year-On-Year
Despite Weaker Pricing, Rough Sales During The Quarter Lifted Revenue By Nearly 25% Year-On-Year To $648 Million
De Beers’ rough diamond production rose 17% year-on-year in the first quarter of 2026 to 7.1 million carats, driven mainly by stronger output from Canada and South Africa, even as the miner continued to face difficult trading conditions.
Key highlights
- Production at Gahcho Kué in Canada jumped 163%, helped by the planned release of stockpiled ore from a new mining area.
- Venetia in South Africa posted a 53% increase, supported by higher underground ore processing.
- Botswana, which contributes more than two-thirds of De Beers’ diamonds, recorded a 5% rise in output.
- Namibia saw a 12% decline because of scheduled maintenance on two vessels at Debmarine Namibia, along with the decommissioning of two vessels.
Sales and pricing
Despite weaker pricing, rough sales during the quarter lifted revenue by nearly 25% year-on-year to $648 million . However, the average realised price fell 19% to $101 dollars per carat, reflecting softer market conditions.
Outlook
De Beers said trading conditions remain “challenged” because of ongoing industry pressure, geopolitical uncertainty and tariff-related headwinds. The company left its full-year 2026 production guidance unchanged at 21 million to 26 million carats.
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