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
Dubai Diamond Exchange Expands Board With Three New Appointment
New Board Appointments Strengthen DDE’s Expertise In Global Markets, Governance and Responsible Sourcing.
The Dubai Diamond Exchange (DDE), part of DMCC, has expanded its Board of Directors with the appointment of Neil Ventura, Weizhang Liang and Wafa Jaffery, strengthening its leadership across global diamond markets, governance and responsible sourcing.
The board will continue to be chaired by Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer of DMCC. The new appointments are aimed at reinforcing Dubai’s position as a leading hub for the global diamond and precious stones trade.
Neil Ventura joins as Member and Secretary of the DDE Board. He brings more than 35 years of experience across mining, trading, jewellery and technology, having held senior roles at De Beers and Anglo American. He currently serves as Special Advisor to DMCC’s Precious Stones Ecosystem.
Weizhang Liang, former President of the Guangzhou Diamond Exchange and China’s Kimberley Process focal point for over 15 years, joins the board with extensive expertise in international diamond policy and the Chinese market. He also advised the UAE’s Kimberley Process Chairmanship in 2025.
Wafa Jaffery, a longstanding member of DMCC’s Precious Stones team, was elected to the Board of Directors of the World Diamond Council in 2026. She also serves on the Kimberley Process Task Force and the Responsible Jewellery Council Standards Committee.
Ahmed Bin Sulayem, Chairman of the Dubai Diamond Exchange, said:
The appointments would enhance the exchange’s ability to support the industry’s growth and evolution.
“The strength of the Dubai Diamond Exchange has always been built on the depth of expertise within DMCC’s precious stones ecosystem. These appointments reflect the calibre of leadership that DMCC has developed over many years and reinforce Dubai’s position as one of the world’s leading centres for the diamond and precious stones trade.”
The DDE is the world’s largest diamond tender facility and a major marketplace for rough and polished diamonds, coloured gemstones and pearls. Operating within DMCC, it provides infrastructure and trading facilities that connect miners, manufacturers, traders, financiers and retailers across the global diamond supply chain.
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