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Tag: lab-grown diamonds

  • Solitario Diamonds ink partnership with Gujarat Giants for WPL

    Solitario Diamonds ink partnership with Gujarat Giants for WPL

    MUMBAI: Solitario Diamonds has officially partnered with Gujarat Giants in the Women’s Premier League (WPL), becoming the first lab-grown diamond brand to align with the world’s biggest women’s cricket tournament. As the third most-watched cricket event globally, following the IPL and ICC T20 World Cup, the WPL presents an unmatched opportunity for Solitario to engage with millions across India.

    With Gujarat—the diamond capital of India—at the heart of this collaboration, the synergy between Solitario and the WPL is seamless. The partnership goes beyond sport, celebrating the resilience, brilliance, and achievements of women in all fields.

    Solitario Diamonds CEO & co-founder Ricky Vasandani expressed his enthusiasm for the association, stating, “We are incredibly proud to be associated with the Women’s Premier League, a tournament that is not just revolutionising women’s cricket but also inspiring millions across the country. As a brand dedicated to brilliance and resilience, we see this partnership as a tribute to women who shine in every field. Just like our diamonds, these athletes embody strength, perseverance, and excellence.”

    To mark this alliance, Solitario Diamonds will host the entire WPL team in Bengaluru on 25 February. During a special ceremony, Vasandani will present each team member with a stunning tennis bracelet—a symbol of strength and elegance, much like the athletes themselves.

    Solitario Diamonds is rolling out a power-packed marketing campaign that ensures maximum visibility throughout India. The brand is making bold moves with:

    ●    Digital promotions and social media blitz – High-impact campaigns across live-streaming platforms and social media to keep the buzz alive throughout the tournament.

    ●    Out-of-home (OOH) advertising – Strategic placements in key cities, including Mumbai, Bengaluru, Lucknow, and Baroda.

    ●    Bus branding – Extensive branding on public transport in cricket-loving regions.

    ●    Stadium branding & in-game digital activations – Front-and-centre presence at WPL venues, ensuring strong brand recall.

    With stadium branding, live-streaming integrations, and high-impact activations, Solitario Diamonds is ensuring that its presence is as dazzling as its creations. As the WPL takes centre stage, the brand is set to knock it out of the park, positioning itself as a game-changer in the world of luxury diamonds.

    This strategic collaboration underscores Solitario’s dedication to empowering women, drawing a compelling parallel between the brilliance of diamonds and the rising success of Indian women in sports and beyond. Cricket, revered as a religion in India, offers the perfect stage for Solitario to inspire and connect with audiences on an unparalleled scale.

    With this partnership, Solitario Diamonds is championing a movement that celebrates women’s achievements, resilience, and brilliance, both on and off the field.

  • Solitario Lab-Grown Diamonds secures $3.6 million pre-IPO funding

    Solitario Lab-Grown Diamonds secures $3.6 million pre-IPO funding

    MUMBAI: The future of diamonds is brighter, and it’s not coming from the mines. Solitario Lab-Grown Diamonds, co-founded by jewellery industry veteran Ricky Vasandani and Indian cinema actor Vivek Oberoi, has successfully raised $3.6 million in a pre-IPO funding round, valuing the company at $18.3 million (Rs. 150 crore).

    The funding attracted marquee investors, including Neeraj Gupta (Meru Cabs founder), Mauritius-based FPI Investi Global, Vicco Group, and Seema Manish Nuwal (Solar Industries promoter). A roster of ultra-high-net-worth individuals, including Amit Agarwal, Rajesh Singla, Garima Theti, and Sandeep Singh, also participated in the round. Socradamus Capital Private Ltd acted as the book running lead manager for the transaction.

    Solitario is rewriting the jewellery rulebook, proving that lab-grown diamonds are not just sustainable but also luxurious and desirable. The company offers an exquisite range of diamond jewellery, including necklaces, rings, earrings, bracelets, and pendants.

    Their financial growth is as dazzling as their diamonds—revenues soared from Rs 24.3 crore in FY 2023 to Rs 52 crore in FY 2024. And they are just getting started.

    Vasandani shared his excitement, stating, “This investment validates our vision of creating beautiful, sustainable jewellery that doesn’t compromise our planet’s future. The funds will accelerate our expansion plans and strengthen our position in the growing lab-grown diamond market. Solitario is not only creating jewellery but also crafting a legacy of environmental responsibility and exceptional craftsmanship.”

    Solitario already shines across 18 stores in 10 major Indian cities and an international presence in Dubai, Malaysia, and Spain with 38 outlets. The brand has also forged an exclusive partnership with PNG to launch stores in seven more cities.

    The company operates a state-of-the-art 30,000 sq. ft. manufacturing facility in Surat, employing over 300 people. With these robust foundations, Solitario is set to expand its retail network domestically and internationally, enhance branding and marketing, develop a broader product portfolio, and boost manufacturing capabilities.

    In a milestone moment, Solitario recently became the first lab-grown diamond brand to be showcased on the Burj Khalifa, reinforcing its global appeal.

    The Indian gem and jewellery market is expected to grow from $43 billion in 2021 to $91 billion by 2025. Meanwhile, the lab-grown diamond market, currently valued at $250 million in 2023, is projected to hit $1.2 billion by 2033. Solitario aims to capture a significant share of this booming market, targeting Rs. 500 crore in revenue by 2028.

    Solitario’s collection features over 500 unique designs, ranging from everyday elegance to high-end luxury. Their diamonds boast the same physical, chemical, and optical properties as mined diamonds, but with a 40-50 per cent lower price tag and a guilt-free, sustainable footprint.

    As consumers increasingly seek eco-conscious luxury, Solitario is positioned as the go-to brand for those who want the sparkle without the environmental strain.

  • Good Glamm group’s Priyanka Gill gets luxurious with lab-grown diamonds

    Good Glamm group’s Priyanka Gill gets luxurious with lab-grown diamonds

    MUMBAI: Priyanka Gill is hoping that women’s love for shiny rocks will turn into a massive business. The former partner at Kalaari Capital and founder of the Good Glamm group has just launched her new venture CoLuxe with the ambition to become Indi’s best -loved-lab grown diamond (LGD)  and gemstone jewelry omnichannel brand. 

    She has the wherewithal to make it work what with all the experience she has gained  in scaling up the Good Glamm group. 

    Coluxe is expected to go live with its online lab grown diamonds by May 2025 followed a little later by a physical store, is what Gill told the Mint.

    According to Gill, there’s a lot of headroom for growth in diamonds as their purchase is a faction of the amount of money spent on buying gold every year. The company will offer contemporary designs focusing on collections built around the classic suite of jewellery, from solitaire rings, pendants, earrings, tennis bracelets & necklaces to thematic collections around the zodiac, gifting and manifestation and the iconic cult Coluxe  signature pieces.

    She added that Coluxe is going to be a Pan-India Brand: The first national LGD jewellery brand with a strong retail and digital presence. Other points working in its favor include: 

    Technology-Driven Experience: AI-powered virtual try-ons, multi-setting designs, and personalised jewellery experiences. 

    Ethical & Sustainable Luxury: High-quality LGDs, responsibly sourced and crafted. 

    High Trust Brand: Focus on building the brand through certification, consumer education across all touchpoints and offering certification, traceability, and client-friendly returns & exchange policies 

    Omnichannel Approach: Seamless integration across flagship stores and digital platforms.

    What should also work in her favour is the tax relief that finance minister Nirmala Sitharaman has provided to those with salaries below Rs  the 12 lakh  ceiling.  

    Some of the zillions of people who are benefiting from this move could get into the mood to buy diamonds. 

    Could we call this a case of timing it right?