Vasandani shares insights into the brand’s origin, sales strategies, expansion plans & upcoming IPO
Bengaluru: Lab-grown diamonds (LGDs) have gained popularity in recent years, becoming a sought-after choice for soon-to-be-engaged couples, value conscious millennials & Gen Z as well as sustainable shoppers. The stones garnered attention in India when Prime Minister Narendra Modi presented a 7.5-carat lab-grown diamond to Jill Biden, the former First Lady of the United States, bringing the gemstone into the spotlight.
Driven by its perks like affordability—typically priced 30-40% lower than mined diamonds, sustainability—as it requires fewer resources and eliminates the need for mining, and ethical appeal—being a conflict-free alternative that avoids the concerns tied to the traditional diamond trade, LGDs have gained traction. As a result, quite a few brands have popped up in this category in India.
One of the pioneers in the market is Solitario, founded by Ricky Vasandani and Bollywood celebrity Vivek Oberoi. Despite being established just two years ago, the brand expanded globally, boasting 18 flagship stores and 55 shop-in-shops across more than 8 countries and 22 cities, including India, Spain, Dubai, Malaysia, Nigeria, The Bahamas and more.
In an exclusive conversation with IndiaRetailing, Ricky Vasandani, Co-Founder & CEO of Solitario, shares insights into the brand’s origin, sales strategies, expansion plans, upcoming IPO, and more.
Edited excerpts…
What inspired you to start Solitario?
The first time I cut and polished a lab-grown diamond was during the Ukraine-Russia war when natural diamonds were not available for delivery. I was completely taken aback by how beautiful the final piece turned out to be. That was the turning point for me. I realised that lab-grown diamonds were not just an alternative; they were the future.
From that moment, I knew I wanted to build something extraordinary in this space, and that’s how Solitario was born. Since then, our journey has been about pushing boundaries, innovating, and changing perceptions about lab-grown diamonds.
How much initial capital did you invest?
We started Solitario with an initial investment of Rs 10 crore, believing in the potential of lab-grown diamonds in the luxury market and recognising the shift in consumer preferences toward sustainable and ethically sourced diamonds.
Our confidence in the market was validated almost instantly—Solitario’s first sale saw 12 stones purchased in under 10 minutes and within the first 30 days of launch, we generated Rs 1.2 crore in sales.
What sales channels are you currently using to distribute your products?
We primarily focus on offline retail allowing customers to see and feel firsthand. Our distribution strategy is built on a franchise model (FOFO and FOCO), enabling us to scale efficiently.
We operate through flagship retail stores, shop-in-shop formats, and kiosks, located in high-footfall shopping centres across India and over eight international markets such as Dubai, Barcelona, Kuala Lumpur, and Egypt.
Unlike mass-market brands, we do not prioritise online sales, as we believe fine jewellery should be experienced in person, with personalised service and expert guidance.
Do you have any plans to expand online?
Solitario is and will remain a 100% offline brand. Our expansion strategy will be growing our physical presence globally rather than venturing into online sales.
What is the current number of stock-keeping units (SKUs)?
Initially, Solitario introduced approximately 750 SKUs. Today, we have one of the largest SKU offerings in the lab-grown diamond segment in India, offering over 3,000 SKUs. We regularly update our collections to align with seasonal trends and market demands.
Which category performs the best for you?
Classic solitaire rings continue to be our top-selling category. Our customers favour larger stones and customised diamonds, as lab-grown diamonds provide the best value at one carat and above, where the price difference is substantial.
Any plans to foray into new product categories?
Yes. We are actively expanding beyond traditional lab-grown diamond jewellery into other accessories and artifacts.
Recently, we partnered with watch retailer Just in Time to launch a collection of Solitario diamond-studded luxury watches. Our vision is to offer customers more ways to experience the brilliance of lab-grown diamonds beyond rings, earrings, and necklaces.
Who is your primary target audience?
Women account for 80% of our business, with increasing interest from Gen Z and millennial men. Also repeat customers are opting for lab-grown diamonds for engagements, gifting, and personal fashion choices.
Over the next 2-3 years, we aim to broaden our consumer base, tapping into self-purchasing women, luxury shoppers, and young couples.
Which markets do you see higher demand coming from?
We are experiencing strong demand in Western India, Spain, and Dubai.
What is your offline expansion plan for 2025?
This year, we are expanding into more cities in India, including Delhi, Hyderabad, Indore, and Kolkata. Globally, we are already in Spain, Dubai, Malaysia, Nigeria, The Bahamas, and Suriname. Now, we are looking at Portugal and Egypt as key markets for expansion.
Do you prefer malls or high streets for opening stores?
We prioritise malls over high streets for store openings, as they attract a steady stream of high-intent shoppers and provide a controlled, comfortable environment for personalised, in-depth consultations.
Our stores are strategically located within jewellery clusters in premium malls, allowing Solitario to be positioned alongside global brands such as Tiffany, Dior, Bulgari, Burberry, Chanel, Gucci, Hermès, and Balenciaga.
Are you making heavy investments in marketing?
Marketing is a key driver of our growth, and we allocate 5% to 8% of our revenue to marketing efforts each year, depending on our financial performance. Our strategy is focused on building brand awareness and educating consumers about lab-grown diamonds.
As part of our branding initiatives, we have recently partnered with Gujarat Giants in the Women’s Premier League (WPL), making us the first lab-grown diamond brand to partner with Women’s Premier League. As the third most-watched cricket event globally, following the IPL and ICC T20 World Cup, this presented a platform for Solitario to connect with millions across India.
Solitario is set to go public soon. What are the key factors driving this decision, given that it is a young brand?
In India, trust in a brand increases when people have the opportunity to own a part of it. Over the two years since inception, we have built a strong reputation for quality, craftsmanship, and ethical luxury, and an IPO will allow us to take this trust to the next level.
The funds raised from our IPO, which is set to take place within the next six months, will be allocated to accelerate growth, with a primary focus on expansion and forging key industry partnerships to strengthen our market position.
What is your financial goal for the coming year?
In our first year, Solitario achieved a turnover of Rs 22 crore, followed by Rs 52 crore in the second year, a strong validation of the growing demand for lab-grown diamonds. This year, we have already reached Rs 100 crore, and in the next fiscal year (FY26), we aim to achieve Rs 200 crore in revenue.
The sector is experiencing rapid growth, with India producing approximately three million lab-grown diamonds annually, contributing to 15% of global output. Our business in India is expanding at a rate of 20%-25% year-on-year, outpacing the industry’s 18%-19% growth.
Currently valued at approximately $2.7 billion, the Indian lab-grown diamond market is rapidly expanding as consumers increasingly embrace its affordability, sustainability, and craftsmanship, with projections estimating it will reach $8.31 billion by 2032.
