Brands
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.
Brands
Jubilant FoodWorks faces Rs 47.5 crore GST demand, plans appeal
Tax authorities flag alleged misclassification of restaurant services
MUMBAI: Jubilant FoodWorks Limited has landed in a tax tussle after receiving a GST demand of Rs 47.5 crore from the office of the additional commissioner of CGST and central excise in Thane, Maharashtra.
The order, issued under the provisions of the Central Goods and Services Tax Act, 2017, relates to an alleged incorrect classification of certain services under the category of restaurant services. According to the tax authorities, this classification resulted in a short payment of goods and services tax for the period between the financial years 2019-20 and 2021-22.
The demand includes Rs 47.5 crore in GST along with an equal amount as penalty, in addition to applicable interest. The order was received by the company on March 13, 2026.
In a regulatory filing to the BSE Limited and the National Stock Exchange of India Limited, the company said it disagrees with the order and believes its arguments were not adequately considered.
The company is preparing to challenge the decision and plans to file an appeal. It added that once the redressal process is complete, the demand is likely to be dropped.
Despite the sizeable figure attached to the notice, the company said it does not expect any material impact on its financials, operations or other activities.
The disclosure was signed by Suman Hegde, EVP and chief financial officer, who confirmed that the company received the order at 19:06 IST on March 13 and has already initiated steps to contest it.
The development places the quick service restaurant major in the middle of a tax debate that could hinge on how certain restaurant-linked services are classified under GST rules. For now, the company appears ready to take the matter from the tax office to the appeals desk.
