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
Botswana and Angola Join WFDB As Nation Affiliate Members At Recently Concluded WFDB Summit
Bharat Diamond Bourse Postal Stamp Presented to Hon. Bogolo Joy Kenewendo. Minister Of Minerals and Energy, Botswana
Mehul Shah, Vice President of the Bharat Diamond Bourse, presented the official stamp released by the Department of Posts, Government of India, to Hon. Bogolo Joy Kenewendo, Minister of Minerals and Energy, Republic of Botswana, during his visit where he represented the Indian Diamond Industry at the World Federation of Diamond Bourses (WFDB) Summit. Honorable Minister showed heartfelt appreciation during the presentation and reiterated the excellent relationship the Republic of Botswana shares with India.

On the Summit, Mehul Shah opined:

“I am very happy that Botswana and Angola have joined the WFDB as Nation Affiliated Members, broadening the Federation’s international representation and deepening engagement between producing countries and the global manufacturing community. It was also a pleasure to meet Hon. Minister of Minerals and Energy Ms Kenewendo and present her the Bharat Diamond Bourse Stamp.”
The World Federation of Diamond Bourses (WFDB) concluded its International Summit in Gaborone, Botswana. The summit brought together senior government representatives, industry leaders and stakeholders from across the global natural diamond value chain to examine the sector’s future amid shifting market dynamics and evolving consumer expectations.
Held in collaboration with Botswana’s Ministry of Minerals and Energy under the theme “Nation-Building and the Future of Responsible Luxury”, the summit focused on the long-term positioning of natural diamonds, including provenance, beneficiation, transparency, sustainability and value creation across producing nations and trading centers. The gathering sought to reinforce consumer confidence and strengthen the value proposition of natural diamonds within an increasingly competitive luxury landscape.
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