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7. The New Age of Diamonds is Here

Ricky Vasandani’s Solitario is redefining luxury with lab-grown diamonds that are bigger, brighter, and more sustainable.

In the heart of India’s growing luxury market, Solitario Diamonds is redefining the future of diamond jewellery. Founded with the vision to bring sustainable, high-quality lab-grown diamonds to the forefront, the brand is quickly becoming a trailblazer in the industry. As it expands its presence across India and beyond, Solitario is captivating a new generation of customers who value both elegance and environmental responsibility. With its cutting-edge craftsmanship and eco-conscious approach, Solitario is leading the charge in an industry once dominated by mined diamonds, offering a sophisticated alternative that is as stunning as it is sustainable.

At the forefront of this revolution is Ricky Vasandani, a visionary entrepreneur who combines his extensive experience in the diamond industry with a commitment to ethical luxury. Under his leadership, Solitario is not only tapping into India’s booming wedding market, where diamond jewellery plays a central role but also attracting millennial and Gen Z consumers who are drawn to the affordability and high-quality promise of lab-grown diamonds. As the demand for sustainable luxury grows, Solitario is perfectly positioned to reshape the landscape of diamond jewellery in India and beyond, offering a luxurious yet conscience-friendly choice for modern buyers.

In a conversation with GlobalSpa, Ricky delves into Solitario Diamonds’ journey, the rise of lab-grown diamonds in India, and how the brand is reshaping luxury with sustainability.

You've lived across multiple continents and come from a family with a legacy in the diamond industry. What inspired your pivot to lab-grown diamonds?

Ricky Vasandani: We dealt in natural diamonds, but when the Ukraine-Russia war started, rough diamonds became scarce. I had a factory in Pune and came across lab-grown diamond rough. Initially, I struggled to polish one, but once I did, I realized it was chemically, optically, and physically identical to a natural diamond.

I fell in love with its superior clarity and colour. Then, learning about its sustainability—how we could produce diamonds using solar energy—made it even more compelling. That’s how Solitario was born.

Why do you think there's so much skepticism about lab-grown diamonds?

Ricky Vasandani: Historically, natural diamonds were controlled by a monopoly—De Beers. They dictated supply and demand. But with lab-grown diamonds, different countries, from China to India, are growing them. The production depends on the number of reactors you have. This means the industry isn’t controlled by any one entity anymore.

People love diamonds, but not everyone can afford high-quality natural diamonds. The industry built a narrative around them being rare and precious, but in reality, that wasn’t always the case. Unlike luxury watches, where you’re put on a waiting list, diamonds are always available. You could walk into a store and negotiate prices because multiple vendors were selling the same thing. With lab-grown diamonds, it’s a similar situation—except now, technology is in control.

Why do lab-grown and natural diamonds have different resale values?

Ricky: The biggest misconception is that all lab-grown diamonds are the same. They’re not. Quality varies significantly depending on the production process. Some are grown in express mode, resulting in brownish-white stones that require additional processing. Others have a milky sheen.

The best-quality lab-grown diamonds come from Italy and the U.S. They are grown in their natural colour and need no post-processing. Just as natural diamonds have varying grades, lab-grown diamonds also differ in quality, which explains pricing differences. Brands using lower-grade stones sell at cheaper prices, while high-grade ones, like Solitario, focus on premium quality.

Are you seeing a growing preference for lab-grown diamonds in India?

Ricky: Absolutely. The Indian luxury market is evolving. Brands like Dior, Bvlgari, and Cartier have had record-breaking seasons. Consumers today want luxury but also value and size.

People no longer want tiny diamonds in lightweight rings—they want statement pieces. Earlier, a woman would wear the same engagement ring for 40 years. Now, she wants different rings for different occasions. Lab-grown diamonds make that possible.

Social media plays a huge role. Earlier, round diamonds dominated, but now women ask for cushion cuts, heart shapes, and unique settings. Lab-grown diamonds enable this level of customization and affordability.

What kind of jewelry does Solitario specialize in? And how do you ensure sustainability?

Ricky: Solitario means “solitaire” in Spanish, and we focus on large, high-quality diamonds. I don’t believe in tiny, scattered diamond jewelry. If you’re wearing a diamond, it should be visible.

Our collections start at 30-50 pointers and go up to two or three-carat rings. Our chandelier earrings are three inches long but lightweight. Unlike traditional gold-heavy designs, our pieces focus on the diamond itself.

Sustainability is a priority. No industry is 100% sustainable, but lab-grown diamonds significantly reduce environmental impact. We use solar power, minimizing our carbon footprint. There are no hazardous mining conditions—our team works in air-conditioned labs using advanced technology. It’s an ethical alternative to traditional diamond sourcing.

What do you think people overlook when comparing natural and lab-grown diamonds?

Ricky: People don’t appreciate the technology behind lab-grown diamonds. It took 50 years to develop this technology to a point where we could produce jewelry-grade diamonds. The first lab-grown diamonds were created in the 1950s, but they weren’t used in jewelry until the last five or six years.

At the same time, natural diamonds aren’t easy to mine, either. Both industries require immense effort. But today, thanks to lab-grown diamonds, people can afford larger, higher-quality stones. A one-carat diamond that would have cost a fortune can now be purchased for ?65,000. It’s a game-changer.

When people compare lab-grown and natural diamonds, they should recognize that both represent human ingenuity. One is sourced from deep within the Earth, while the other is created using technology that replicates the same natural conditions. Either way, the result is a real diamond—just made differently.

You guys also have a very strong presence in Dubai, Barcelona, and Bombay. What factors influence how you pick your markets?

Ricky: Dubai was a big success. We secured a spot in Emaar's Dubai Hills Mall—a location usually reserved for established brands. We did it in a year and a half. Our brand was even displayed on the Burj Khalifa, which was a milestone.

Barcelona is another strong market. Historically, Europeans didn’t prioritize big diamonds, but now they can afford them. A one-carat diamond costs a fraction of what it did before. We’ve opened 18 shop-in-shops and plan to open 30 more this year across Spain, Portugal, Gibraltar, and Ireland.

For the U.S., we focus on island regions like the Bahamas and St. Thomas. People don’t shop as much on the mainland, but on cruises or vacations, they tend to make luxury purchases. We’ve positioned ourselves in these key locations.

Given your understanding of these markets, how does India compare?

Ricky: India has been a very successful market for me. When I opened my first shop-in-shop, it wasn’t even a full-fledged store, yet we clocked a one-crore sale in just 30 days. That showed us the potential of the Indian market.

In fact, we’re looking at an IPO next year. We recently raised over 30 Crore INR from the Indian market for lab-grown diamonds. I can’t disclose more details yet, but it’s a promising space. The key in India is trust. The biggest question Indian consumers ask is, “What’s my buyback?” But now, people are starting to understand that jewelry isn’t necessarily an investment—it’s a luxury.

Consumer education is evolving rapidly. Ten years ago, you wouldn’t see Indian consumers buying lab-grown diamonds. But today, that mindset has shifted. India is going to be one of our biggest growth markets, apart from Europe. While Europe has a strong shop-in-shop model, India has massive standalone boutiques, making it a unique and dynamic landscape for us.

If you could change one perception that people have about lab-grown diamonds, what would it be? What’s the first thing you’d want my readers to know about them?

Ricky: That they are easy to make. People think lab-grown diamonds are just glass, but creating them took decades of technological advancements. The process involves using 20% of the sun’s heat in a controlled chamber—it’s incredibly precise.

I often compare it to IVF. There’s the natural way of having a baby, and then there’s IVF, a breakthrough that allowed many people to have children. Similarly, lab-grown diamonds offer an alternative for those who couldn’t afford natural diamonds. They’re not imitations—they’re real diamonds made differently. I’d love for people to start appreciating the craftsmanship and innovation behind them.