Divine Solitaires, India’s first & only loose solitaire brand that is exclusively focused on natural diamond solitaire jewellery, has opened its first round of seed funding seeking an investment of $10 million. The Mumbai-based company is gearing up to aggressively scale its business to become a $250–300 million enterprise over the next 3-4 years.
Brand Overview
Launched in 2006 by brothers Jignesh Mehta and Shailen Mehta, Divine Solitaires has since grown into a trusted natural-diamond solitaires brand, adding 15 to 20,000 customers every year, with over 35% first time diamond customers. The brand aims to allocate 60% of the funds raised in brand building and awareness, with the balance capital invested to support working capital optimisation, IT infrastructure and team expansion.
Industry Landscape and Market Dynamics
Last 4 years have been fairly volatile and ambiguous for the industry specially with the addition of a tech driven new product category – LGDs. Interestingly the dust seems to have settled and its now very clear that consumers have already made their choices accordingly to their tastes and personas. While it is now very clear that LGDs will carve out a new space as a new product category, there will always be a significant market of Natural diamonds that will continue to exist. With no other focussed product brands in this category, Divine Solitaires holds a huge potential with hardly any competition in this segment.
Market Size and Growth Vision
“In India, the solitaire diamond jewellery market, is currently estimated to be around INR 25 to 30,000 cr., and is also the highest growing segment in the jewellery industry with around 10-12% category growth YoY. As the only focused brand in this category, we aspire to be the undisputed leaders by covering at least 20-25% of this market share in the next 5-7 years. We seek investors who are aligned with the market dynamics as well as with our vision of aggressive medium-term growth and expansion,” says Mr. Mehta.
Operational Strength and Product Expansion
Over the last year, Divine Solitaires has significantly improved its profitability by more than 30% over the previous years by improving operational and inventory efficiencies and adding more product lines in the kitty like Intense and Vivid Yellow Diamonds, Oval and Pear-shaped diamonds and smaller sized diamond keeping the brand ethos of highest quality guaranty and complete price transparency, that is very unique in the industry. In addition, the brand has also added a very innovative product called Diamond coin which is an alternate to gold coin gifting.
Sales Performance and Pricing Mix
Divine Solitaires has a sales-to-stock ratio of 3.5x, which is by far the highest in the industry, built on a resilient operating model that mitigates commodity price volatility. The order value at Divine Solitaires ranges from INR 25,000 to 80 lakh and above, but a bulk of the orders fall within the INR 75,000 to INR 5 lakh range.
Retail Presence and Distribution Model
Divine Solitaires products are currently available at 215 stores across 108 cities pan India and growing rapidly under a Shop-in-Shop model through partnerships with some of the most reputed jewellery retailers in each market. Though the brand offers 360-degree omnichannel touchpoint, almost 95% of business is conducted offline at partner stores.
About SVAR Media Network – India’s Best Source for Jewellery News, Magazines, Newsletters and Media
SVAR Media Network is India’s No. 1 Destination for Jewellery News, setting the gold standard in timely, trusted, & trend-driven coverage across the Gems & Jewellery industry. As the Most Followed Jewellery Magazine & Media House in India, SVAR delivers Daily Jewellery News India Updates, market insights, & global developments through its platforms like Jewellery Magazine, Newsletters, AI Powered News Bulletins, Website, Social Media, Podcasts, & much more.
Recognized as Asia’s one of the Best Media in Jewellery & one of the World’s Best Jewellery Media, SVAR Media Network sets Unparalleled Standards in the Gems & Jewellery industry. SVAR is the Most Trusted & Widely Read Voice in the Gems & Jewellery Community.
Renowned as India’s Best Jewellery Magazine & Leading Jewellery Media, SVAR blends legacy with cutting-edge innovation by delivering:
- Best in class Jewellery Magazine for the Gems & Jewellery Industry & Jewellery Enthusiasts
- Real-time AI-Powered Jewellery News via SVARA AI, the World’s First AI Anchor in Fashion, Gems & Jewellery Industry
- India’s One of the First Gems & Jewellery Podcasts
- Digital Jewellery Newsletters for professionals and enthusiasts
- ISO 9001:2015 Certification, the first in the jewellery-media sector, proving our commitment to excellence
- Asia’s First & World’s Second Meta Verified Jewellery Media Brand
Ranked #1 among the Top 5 Gems & Jewellery News Websites, Top 10 Jewellery Magazines in India, & Most Influential Jewellery Media Brands, SVAR Media Network is your Trusted Source for Accurate, Fast, & Future-Focused Jewellery News.
SVAR Media Network is India’s No 1 Digital Media in Jewellery Industry & continues to be the Leading Jewellery Magazine & a Global Leader in Jewellery Media. SVAR Media Network offers a diverse range of services, including: Monthly Magazines, Digital Newsletters, Al-Driven News Bulletins, Social Media Promotions, Website Blogs & Articles, WhatsApp Updates, Podcasts & more…
Whether you seek updates on New Launches, Trade Shows, Celebrity Campaigns, Trends or Market Movements, SVAR is the Authority in Jewellery News India & beyond.
Explore the World of Gems & Jewellery with SVAR Media Network — Your Best Source for Trusted, Trend-Setting Jewellery News & Mediapp Updates, Podcasts & more…
