Solitario, a homegrown jewellery brand co-founded in 2022 by actor and entreprenuer Vivek Oberoi and retail veteran Ricky Vasandani, has established itself as a leader in the lab-grown diamond category.
The brand is defined by its commitment to uncompromising, export-grade quality standards across all markets, a strategic focus on profitable organic growth, and the mission to democratise luxury. By leveraging lab-grown diamonds, which are chemically identical to natural diamonds, Solitario is expanding the total addressable market, making diamond jewellery accessible to a broader consumer base.
In just three years since its inception, Solitario has evolved from a new entrant into a fast-growing global luxury jewellery brand, setting benchmarks in the lab-grown diamond category.
In an exclusive conversation with IMAGES Business of Fashion, Vivek Oberoi, Co-Founder, Solitario discusses the brand’s quality imperative, market democratisation, and ambitious growth trajectory.
Uncompromising Quality Standards
Solitario follows a seven-step quality control process – from rough diamond to certified finished product – covering stages like gray diamond evaluation, cutting, setting, and metal testing. Unlike many Indian manufacturers, Solitario maintains export-grade quality across both domestic and international markets, fostering strong customer loyalty and repeat business.
“We’re building a hallmark of quality. So whatever we export, we offer the same quality in India as well. That’s why you see the kind of customer stickiness,” says Oberoi.
Strategic Expansion and Partnerships
The brand is aggressively expanding its retail footprint, prioritising organic growth and unit-level profitability. Solitario currently operates 20–25 exclusive stores in India, over 50 multi-brand points of sale (soon to reach 90, totalling around 150 POS), and 27+ international Solitario boutiques.
The company focuses on building long-term, collaborative B2B partnerships rather than short-term gains, offering priority to trusted partners for new opportunities.
“It’s not about just flooding the market. It’s about organically growing the market, growing the brand, and making each store highly profitable at a unit level. Across the value chain, from franchisees to investors, our goal is to constantly build value through profitability,” Oberoi explains.
Market Transformation Driven by Lab-Grown Diamonds
According to Oberoi, lab-grown diamonds have transformed the jewellery industry, shifting the conversation from ‘lab vs. natural’ to one focused on design, finishing, and customer service. Educating consumers that lab-grown diamonds are chemically and structurally identical to natural diamonds, and certified by bodies like IGI, has been crucial.
This transformation has significantly expanded the total addressable market (TAM). While natural diamonds cater to a limited segment, lab-grown diamonds democratise luxury, making diamond jewellery accessible to the 98% of consumers who previously found natural diamonds unaffordable.
Product Strategy and Affordability
To cater to price-conscious yet quality-seeking customers, Solitario introduced ‘vermeil’ jewellery. These pieces are crafted from 925 sterling silver with a thick 2.5-micron layer of 18-karat gold. Crucially, this is not mere gold plating; the certificate explicitly states ’18 karat gold Vermeil,’ transforming it into a verifiable, certified element of quality that builds immense customer trust.
The brand’s pricing ranges from Rs 9,000 – Rs 10,000 for entry-level pieces, and can go as high as Rs 90 lakh for high-value products, offering a diverse product spectrum for every customer segment.
Future Vision and Growth Trajectory
Solitario is growing rapidly, registering a strong CAGR both quarter-on-quarter and year-on-year, driven by robust organic retail performance.
Future plans include:
- Doubling total points of sale year on year (from 100 to 200, then 400).
- Building a strong customer community and enhancing engagement.
- Leveraging AI for customized design and personalization.
- Expanding aggressively into global markets.
The brand is also eyeing an IPO in the near future.
“We’re IPO-ready right now. But with the current state of growth, we feel that we can bring much more value for our investors and ourselves substantially owned by us as Co-founders. If we wait for a couple of quarters more. I have a feeling we can more than double market caps here,” Oberoi shares.
A testament to this momentum, 20 new stores were opened within just 10 days during Navaratri, spanning cities like Hyderabad, Bhopal, Indore, Lucknow, Delhi, Mumbai, and Pune.
By September next year, Solitario aims to surpass 200 points of sale, backed by ready outlays, planned tie-ups, and rapid rollouts. Internationally, the brand is expanding into Southeast Asia (Malaysia, Indonesia, Philippines). Although currently already present and doing well in Southern Europe, the brand is planning to expand to central and western regions, cementing its status as a truly global player.
Growth and Expansion Highlights
- Retail Expansion: Doubling retail reach annually, targeting 200+ POS by September next year.
- Rapid Openings:20 stores launched across India in just 10 days.
- Global Foray:Entering new geographies in Southeast Asia and Europe.
- Product Line Innovation: Expanding SKUs with fresh concepts and verticals.
- Omnichannel Potential:Exploring D2C models in select regions while upholding premium brand positioning.
The Road Ahead
The lab-grown diamond industry is witnessing remarkable growth, valued at $25.89 billion globally in 2024 and projected to exceed $74 billion by 2032, driven by strong demand from markets such as Asia Pacific and India.
Within this market, Solitario’s vision is to lead with innovation, authenticity, and profitability—scaling from a promising startup to a globally respected luxury house.
Its long-term goal is to build a global community that trusts, loves, and respects the brand—translating customer loyalty into enduring market value.
