Under the beautiful lights of Burj Khalifa, Vivek Oberoi, veteran, and celebrated Bollywood actor, launched his line of ethical lab-grown diamond jewellery, Solitario Diamonds, alongside co-founder Ricky Vasandani and CEO, Satish Daryanani, in the Bling city of Dubai.
The grand launch party was attended by the cream of the town, with Solitario being revealed upon the iconic Burj Khalifa. Some of the guests that attended the event included, Safa Siddiqui of Dubai Bling, Mohamed Zidan, and the prominent Egyptian footballer and beloved TV host, Rania Abi Nader.
Solitario Diamonds is a timeless sustainable new-era luxury that was conceived by Vivek Oberoi, Ricky Vasandani and Satish Daryanani with the intent to spark conversations on sustainable elegance.
With over 25 stores across India and a presence in Spain, Nigeria, and the Bahamas, this will be the fourth international outpost for Solitario Diamonds. The official store will launch in Dubai Hills this February. Vivek Oberoi commented, “We are striving to build a conscious world where we can elevate beauty but still have integrity.”
“We have gathered our closest friends and alliances to help spread the message that absolutely everyone can and should own diamond jewellery and we are democratizing it to all” Oberoi explained. Satish Daryanani, CEO, added, “Solitario not only makes ethical products but has the largest variety of designs in lab-grown diamonds.”
Launched just two years ago, the latest collection has a diverse range of earrings, necklaces, and rings. Ricky Vasandani said, “We created Solitario to design modern-day heirlooms. Each piece of jewellery has been carefully crafted and certified and we are proud to showcase our latest collection in our new store in Dubai Hills this month.”
The founders are redefining luxury by offering bespoke, high-end jewellery that speaks to the heart – and conscience – of the modern consumer.
Solitario Diamonds is equipped with the latest technology and machinery to produce high-quality flawless diamonds of any shape and size. The lab-grown diamonds are graded in the same way as mined diamonds – by their Colour, Cut, Clarity, and Carat. Solitario diamonds are certified by recognised authorities such as IGI and GIA.
Financial Analysis of Solitario
Particulars | FY 2024(In Rs Lacs) | FY 2023 ( In Rs Lacs) | FY 2022 ( In Rs Lacs) |
Total Income | 5,202.50 | 2,430.14 | 16.95 |
Total Expenses | 4,341.18 | 2,262.48 | 25.48 |
EBITDA | 861.32 | 167.66 | (8.53) |
Depreciation & Amortisation | 36.39 | 5.64 | – |
EBIT | 824.93 | 162.01 | (8.53) |
Interest Expenses | 6.30 | 0.20 | 0.43 |
EBT (Earnings Before Tax) | 818.64 | 161.82 | (8.96) |
Tax Expense | 305.99 | 53.86 | – |
PAT (Profit After Tax) | 512.65 | 107.96 | (8.96) |
Solitario’s total income grew from 16.95 lakhs in FY 22 to a whopping 5,000 lacs (50 crores) in FY 2024 which is a 300X growth in 3 years. This upsurge in operations reflects the increased demand for Solitario’s jewellery products.
Also Read: Solitario Lab Diamonds Raises USD 3.6 Million Pre- IPO Funding
Moreover, the increase in PAT from a loss of Rs 9 lacs to a profit of Rs 512 lakhs in 3 years justifies the 150 crore valuation of the lab diamonds company. Exciting time for investors to keep track of this pre-IPO company.
