Divine Solitaires, the Mumbai-based natural-diamond solitaire specialist, opened a $10 million seed round in January 2026 to underwrite an accelerated push toward a $250–300 million enterprise in the next three to four years.
- Price: $10,000,000 (seed round)
- Carat Weight: predominantly small-to-mid solitaire sizes (brand focus)
- Origin: Mumbai, India
- Date: January 2026
Founded in 2006 by brothers Jignesh and Shailen Mehta, Divine Solitaires is singularly focused on natural diamond solitaires. The brand adds roughly 15,000–20,000 customers a year; more than 35% are first-time diamond buyers. The company says it will allocate about 60% of proceeds to brand building and awareness, with the remainder earmarked for working-capital optimisation, IT upgrades and team expansion.
Operationally the business reported a greater than 30% improvement in profitability over the past year, a gain the company attributes to inventory optimisation, tighter operations and the addition of new product lines — including fancy-colour diamonds, new shapes and smaller-sized stones — plus the launch of diamond coins as an alternative gifting item. Divine currently sells through 215 partner stores across 108 cities in a shop-in-shop model; while omnichannel, roughly 95% of sales remain offline.
Context
The move to raise $10 million arrives at a juncture when the Indian solitaire market (estimated at Rs 25,000–30,000 crore) is growing 10–12% year‑on‑year. Divine’s single-category strategy positions it against two 2025 market currents: the renewed premiumisation of natural diamonds and the ongoing recalibration of value between natural and lab-grown stones. By concentrating marketing spend on brand equity and partner retail activation, the company is trading short-term margin dilution for longer-term share capture in a tactile category where the product’s vitreous luster and perceived provenance remain decisive.
From a product-sensory perspective, Divine leans into the substantial heft and optical precision of well-cut solitaires — attributes that still command price premiums among first-time buyers seeking a durably recognisable purchase rather than a rapidly commoditised alternative.
What this means for US retailers and investors
For retailers and investors in the US, Divine’s round is a concentrated, category-specific growth play worth watching. Reasons to take note:
- Scale potential: A roadmap to $250–300 million implies meaningful share gains in a large, expanding market; execution could create sourcing and supply opportunities for international partners.
- Customer funnel: High conversion of first-time buyers (35% of new customers) signals potential for lifetime-value growth if brand-building succeeds.
- Margin improvement: A reported 30%+ lift in profitability demonstrates operational levers that can translate into predictable returns if replicated at scale.
- Concentration risk: The heavy reliance on offline partner stores (95% of sales) is both a strength in distribution reach and a vulnerability if retail footfall softens; the planned IT and omnichannel investments will be a key barometer.
Investors should assess how Divine deploys the 60% brand budget — whether spend accrues to durable brand salience or fuels short-lived promotions — and monitor conversion metrics from awareness to repeat purchase. For US retailers, the brand’s focused inventory mix and improved margins may present an attractive sourcing partnership or licensing opportunity, particularly for chains seeking curated natural-diamond assortments with demonstrable customer acquisition metrics.
Divine’s ambition to capture 20–25% of the solitaire market in five to seven years is audacious but quantifiable: it makes the company’s next 12–24 months of execution — brand campaigns, channel expansion and product cadence — the critical proof points for both domestic and cross-border stakeholders.
Post by: IJ News Service — 16 January 2026
Image Referance: https://www.indianjeweller.in/Indian-Jewellery-News/15920/divine-solitaires-seeks-10-million-in-first-funding-round