For years, the natural diamond industry through its advertisements has succeeded in selling their stones to dreamy girls, who want a storybook wedding and a big shiny rock like the ones advertised with a promise of forever.
 
However, the emergence of synthetic lab-grown gems has dented the business of traditional mining powerhouses that once ruled the market. With the natural diamond industry often accused of unethical sourcing with allegations of crimes, political interference, price-manipulation and conspiracy, the industry is witnessing a shift in consumer demand towards Lab-grown diamonds (LGDs).
 
LGDs have grown in popularity in recent years as a cheaper, ethical alternative to natural diamonds as they claim to offer conflict free and environment friendly diamonds with physical & visual similarities.
India has the highest number of lab-grown diamond (LGD) startups in the world and many branded jewellers are investing in lab-grown inventories. At the same time, leading producers of LGDs have secured funding from investment firms. One such producer of LGDs is Solitario which recently secured funding of Rs 30 crore ($3.5 million) at a valuation of Rs 150 crore.
 
Founded by Ricky Vasandani and actor Vivek Oberoi, Solitario is a luxury brand specializing in lab-grown diamonds. The brand has already established a strong retail presence across major Indian cities along with an international footprint in Dubai, Malaysia, Spain, Nigeria, The Bahamas among others.
 
We spoke to CEO and co-founder of Solitario, Ricky Vasandani about how Solitario is ramping up its business, as well as how it plans to raise awareness about LGDs, and its global plans.
 

FashionNetwork.com: ⁠Solitario is one of the early movers in the LGD industry. Tell us about the conceptualisation and risks involved behind the launch of Solitario, given the fact that LGD market is still at a nascent stage in India?
 
Ricky Vasandani: Launching Solitario in India, where the market for LGDs was still in its early stages, involved significant risk. However, we chose to take a calculated leap of belief rather than just a leap of faith. Educating consumers about LGDs posed a significant challenge, as awareness was limited, and misconceptions were prevalent.

Traditionally perceived as symbols of aspiration, diamonds have now become more accessible through lab-grown alternatives, offering sustainability, ethical sourcing, and affordability. As an early mover in the industry, Solitario has been committed to educating consumers and reshaping perceptions, making high-quality diamonds more accessible.
 
FNW: ⁠India is predominantly considered a gold market with consumers buying it for investment, cultural, wedding and festive needs. Is the LGD industry ready to disrupt traditional jewellery business in India and why?
 
RV: Diamonds have never truly been viewed as an investment; they’ve always been seen as a luxury status symbol or commodity, prized for their beauty and rarity. LGDs have the potential to transform this landscape by making luxury more accessible and affordable without compromising on quality. They offer a transparent, sustainable, and ethical alternative to mined diamonds, appealing to conscious consumers.
 
In India, where gold has traditionally been seen as a safe investment and a cultural asset, the LGD industry is still in its early stages but has the potential to reshape consumer behaviour. As consumer perceptions evolve for the lab-grown diamonds, the industry is poised to challenge the traditional jewellery business and expand the reach of high-quality diamond jewellery to a broader audience.
 
FNW: ⁠LGDs are gaining popularity as an alternative to natural diamonds especially among the very few socially conscious consumers as natural diamonds have often been associated with conflicts, violence and crimes giving it the tag of blood diamonds. However, majority of diamond jewellery buyers still prefer natural diamonds over LGDs. As an industry player, how do you intend to create awareness and debunk the myths (quality, price depreciation, and value for money) associated with LGDs?
 
RV: Our primary goal is to educate consumers and challenge myths surrounding LGDs. While many still prefer natural diamonds, it is essential to highlight that LGDs are chemically identical, offering the same beauty and durability without the ethical concerns tied to mined diamonds.
 
We aim to reinforce that LGDs provide better value for money, allowing consumers to purchase larger, higher-quality diamonds within their budget while supporting a more sustainable and socially responsible choice. Through transparency, education, and open communication, we are committed to making LGDs a trusted and accessible luxury alternative in the evolving jewellery landscape.
 

 
FNW: ⁠According to data, India has the highest number of LGD startups in the world. Many of India’s large jewellery firms too are entering this market. Do you feel this is good for the overall industry, as LGDs are still in the early stages of acceptance in India? How does Solitario intend to stand out and become a dominant player in this market?
 
RV: Absolutely. The rise of more LGD startups is beneficial for the industry as it increases visibility, which in turn increases more consumer interest, and market adoption.  
 
From a marketing perspective, the ‘Rule of 7’ implies that consumers typically need to encounter a brand’s message seven times before making a purchasing decision. While the exact number varies based on product complexity and consumer’s intent, the increasing exposure to LGDs helps drive awareness and boost demand of LGDs.
 
FNW: Tell us about your domestic, international expansion plan for the brand, which markets are you looking to tap for growth?
 
RV: Domestically, our focus is on expanding into tier 2 cities, where we see significant growth potential in reaching a wider audience. In tier 1 cities, we are strengthening our presence in key markets such as Delhi and Hyderabad while also expanding our store network in Mumbai and Bangalore to cater to the increasing demand.
 
Internationally, we are making strategic moves to expand into new regions. This financial year, we are excited to enter markets in Egypt, Portugal, Russia, and Bahrain, further extending our global footprint. These expansions reflect our commitment to making lab-grown diamonds accessible to more consumers worldwide while solidifying our position as an industry leader.
 

FNW: Solitario has a significant presence in the international markets. How much does these markets contribute to the company’s overall revenue and what difference do you see in terms of consumer preferences?
 
RV: International markets play a crucial role in Solitario’s growth and driving overall revenue. While domestic sales remain strong, our global presence continues to grow, with international markets contributing a significant portion to our total revenue.
 
In terms of consumer preferences, we observe a distinct trend: international customers are increasingly open to lab-grown diamonds, with many opting for larger stones compared to domestic markets. This shift is largely driven by the affordability and value proposition that LGD offer. Consumers abroad are embracing the opportunity to purchase larger, higher-quality diamonds at a more accessible price point, making it easier for them to own the luxury of a diamond without compromising on their ethical values or budget. This growing global acceptance of lab-grown diamonds is exciting for us as it underscores the universal appeal of our products and reflects the increasing demand for sustainable, high-quality alternatives in the luxury jewellery segment.