Divine Solitaires is India’s first and only brand that exclusively focuses on natural diamond solitaire jewellery. And now they have announced the opening of its first round of seed funding, seeking an investment of $10 million to fuel its next stage of expansion.
With the move, the brand is aiming for setting its sights on aggressive mid-term growth, aiming to transform itself into a $250-300 million enterprise over the next three-four years while closing FY26 with a robust 30-35% year-on-year growth.
Founded in 2006 by brothers Jignesh Mehta and Shailen Mehta, Divine Solitaires has steadily built a strong reputation in the natural diamond space. Over the years, the brand has been adding 15,000 to 20,000 customers annually, with more than 35% of them being first-time diamond buyers
After nurturing trust and credibility since its foundation, the brand wants to expand its reach further. The funds raised will be strategically deployed, with nearly 60% earmarked for brand building and awareness, and the remaining capital directed towards working capital optimisation, strengthening IT infrastructure, and expanding the team to support scale.
According to Mr. Jinesh Mehta, founder of Divine Solitaire, “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.”
Operationally, the brand has made notable strides over the last year by improving profitability by over 30% compared to previous years. This improvement has been driven by sharper operational controls, better inventory efficiencies, and the introduction of new product lines such as Intense and Vivid Yellow Diamonds, Oval and Pear-shaped diamonds, and smaller-sized stones.
Adding to its innovation-led portfolio, the brand has also introduced Diamond Coin, positioned as a contemporary alternative to traditional gold coin gifting.
Divine Solitaires’ business fundamentals further reinforce its growth story. With a sales-to-stock ratio of 3.5x (the highest in the industry), the brand operates on a resilient model that effectively mitigates commodity price volatility. Its order values range from INR 25,000 to INR 80 lakh and above, though the majority of transactions fall between INR 75,000 and INR 5 lakh, reflecting a strong presence in the premium yet accessible luxury segment.
Today, Divine Solitaires is present in 215 stores across 108 cities in India, expanding rapidly through a Shop-in-Shop model in partnership with some of the most reputed jewellery retailers in each market. While the brand offers a comprehensive 360-degree omnichannel experience, nearly 95% of its business continues to be conducted offline through partner stores, underlining the continued importance of physical retail in high-involvement jewellery purchases. As the brand steps into its funding journey, Divine Solitaires appears well-positioned to consolidate its leadership in natural diamond solitaires and shape the future of this fast-growing segment.
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