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
Rio Tinto’s Diamond Division Posts $79 Million EBITDA Loss in 2025
Higher output from Canada’s Diavik Diamond Mine offsets revenue decline, but end-of-life pressures continue to weigh on performance.
Rio Tinto reported a challenging year for its diamond business in 2025, posting an underlying EBITDA loss of $79 million despite improved revenues. While the loss narrowed compared to the $115 million deficit recorded in 2024, the division remained under pressure amid a global diamond market slowdown and the nearing closure of its last active mine.
Annual revenue rose 19% to $332 million, supported by stronger production at the Diavik mine in Canada, Rio Tinto’s only remaining diamond operation. Output climbed 61% to 4.4 million carats, driven by the ramp-up of mining activities in the underground section of the A21 deposit, which began scaling up in late 2024.
However, the A21 underground ore body is expected to be depleted by the end of the first quarter of 2026, marking the end of Diavik’s operational life. The company plans to spend approximately $1 billion this year on closure activities related to Diavik, as well as rehabilitation work at the former Argyle Diamond Mine, which ceased production in 2020, and other non-diamond projects.
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