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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

Diamond Market Shows Resilience As Large Stones And Fancy Shapes Drive Demand

Global Sector Reports Stable Fundamentals Ahead Of Key Industry Events

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The global diamond sector is maintaining overall stability, with notable strength emerging in large, high-quality stones and fancy elongated shapes, according to the latest trade intelligence.

Diamonds in the 7–9.99 carat range are experiencing robust demand, while 10-carat-and-larger sizes — particularly D-Flawless rounds — continue to sell briskly. Smaller round stones in the 0.30–0.89 carat range are also showing signs of stabilization after a period of softness.

The Bharat Diamond Bourse in Mumbai is anticipating a market recovery following a temporary Iran ceasefire, with optimism returning among regional traders. However, manufacturers are adopting a wait-and-see approach ahead of next week’s De Beers Sight April 27–30, with a modest allocation widely projected. Indian factories are preparing for May summer closures, leading to a deferral in rough buying activity.

On the supply side, Angola has forecast an 8% increase in rough diamond production for 2025, projecting output of 15.2 million carats — a development expected to support broader market supply.

Fancy elongated shapes — including ovals, marquises, and emeralds — are outperforming rounds in the 2-carat-and-larger segment. High-quality marquises are commanding the highest premiums in the market, with long radiants and long cushions also facing notable supply constraints. In India, 2-carat-plus sizes are advancing, supported by sustained U.S. demand and rough shortages that are providing upward price support for polished stones.

Israel’s market is observing a temporary pause in activity due to Memorial Day and Independence Day observances. In the United States, the National Retail Federation projects $7.5 billion in Mother’s Day jewelry sales on May 10.

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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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