India, November 6, 2024: Solitario, India’s leading lab-grown diamond brand witnessed record-high sales this Diwali, marked by enthusiastic consumer response and a growing demand for sustainable luxury. The brand’s exclusive festive deal encouraged the shoppers to explore the exquisitness of lab-grown diamond, offering 1 carat loose diamond to shoppers spending Rs 1 lakh or more at Solitario
The campaign saw a significant rise in revenue, tracking overwhelming response, drawing over 250 high-value shoppers from across the country. The response was particularly strong in Mumbai, Pune, Chandigarh, and Lucknow, where consumer openness to lab-grown diamonds is visibly on the rise. These cities emerged as top performers, with shoppers keen to explore Solitario’s offering as a sophisticated and sustainable luxury choice.
The enthusiastic response in these key regions highlights a promising shift in consumer attitudes, with buyers in urban centers showing a readiness to embrace innovation in the jewelry industry. It further reestablished Solitario’s position as a fast-rising favorite in the luxury diamond market, offering a compelling eco-conscious alternative for discerning consumers.
Speaking on the response to the Diwali offering, Ricky Vasandani, Co-founder & CEO, Solitario, said, “The consumers’ response to our Diwali offering has reinforced our confidence in the growing demand for lab-grown diamonds. As we aim for 25% year-over-year growth surpassing the industry’s 18% rate, this success is a refelction that we are moving in the right direction. The consumner response has been specially encouraging for a new product, and it refuels our commitment to raising consumer awareness of lab-grown diamonds as an innovative product category. While achieving a 100% sales growth remains our aspiration, we look forward to surpassing ₹100 crores in revenue in the coming fiscal year.”
With consumer awareness of sustainable alternatives steadily increasing, Solitario has emerged as a go-to choice for ethically-minded buyers who value luxury without compromising on their environmental values. The brand’s Diwali success is not only a testament to the growing acceptance of lab-grown diamonds but also an indication of a shifting landscape in India’s diamond market, where lab-grown gems are redefining traditional standards.
Kabir Kate, Head of Marketing, Solitario, commented on the brand’s achievements, “The lab-grown diamond market has witnessed a substantial impact on sales, designs, and brand success. It is interesting to see the rise of the brand popularity in Tier-2 cities and traditional markets, and their openess to explore altenratives. Our focus on sustainable luxury has not only driven strong interest but has also established Solitario as the preferred choice for consumers seeking ethically crafted jewelry.”
Beyond its success in India, Solitario is making significant strides in international markets, with stores in Dubai, Spain and Bahamas, making a resounding statement on ethical luxury across a global consumer base. This growth reflects the brand’s dedication to expanding its footprint while upholding its commitment to conflict-free and ethically sourced diamonds. Co-founders Vivek Oberoi, Satish Daryanani, and Ricky Vasandani have led Solitario’s mission with a shared vision for responsible luxury, setting new standards for the global diamond industry.
With its bespoke collection of jewelry and ongoing awareness campaigns, Solitario is poised for continued success throughout the festive quarter.