(Jun 25, 2025) Lab-grown diamonds are having a moment under the sun, and entrepreneur Ricky Vasandani is fuelling the growth of Solitario, his contemporary fine jewellery brand, by combining traditional wisdom with modern innovation, and embracing the ethical, sustainable appeal of lab-grown diamonds.
When he was just 21, Ricky Vasandani, an entrepreneur with a natural flair for business made his first million. Born in Africa and having lived across four continents—Africa, America, Europe, and Asia, he brings a global perspective to everything he does. For Vasandani, jewellery isn’t just about selling beautiful products; it’s about creating an experience that makes people feel seen and special. That philosophy defines Solitario, a brand that blends timeless craftsmanship with the cutting-edge allure of lab-grown diamonds. Its strong sustainability message is fuelling rapid growth, proving that luxury can have both sparkle and substance.
Connected to roots while growing across continents
Vasandani’s early days were characterised by an inherent drive for business, which truly paved the way for his entrepreneurial spirit to flourish. “I did my Class 12 education at NIOS in Pune. My education wasn’t confined to one place; it was diverse, spanning across multiple countries, which I believe gave me a very practical and adaptive approach to business. I have also studied the Vedantas, so I am aware of our Indian education and its roots,” he tells Global Indian.
The global exposure instilled in him diverse perspectives and practical reasoning, which have been crucial in cultivating his leadership style and understanding varied markets. Each region offered unique insights into business environments and consumer behaviours, preparing him for the dynamic world of entrepreneurship.
Entrepreneurial journey across industries
In his prior business ventures, Ricky Vasandani was among the first to introduce organised sports retail in the island regions of Spain and launched Indian cuisine catering that resonated with local tastes. His experiences in the sports and F&B sectors in Europe were pivotal in shaping his business persona. “I successfully introduced Indian cuisine there before selling my restaurants, which gave me hands-on experience in market understanding and catering to consumer desires. These experiences, alongside ventures in sports, honed my ability to understand and cater to market demands, proving that keen consumer awareness is critical for success in any venture,” he shares adding, “I scaled my sports business to eight shops, introducing sports stores across the islands. I also grew the Indian cuisine restaurant to 12 outlets, and finally came Solitario, after spending time in my family’s natural diamonds business,” he says.
Leaning towards jewellery
Being from a family renowned for its success in the diamond jewellery industry has provided Ricky Vasandani with a strong foundation of traditional wisdom and an understanding of the craft, quality, and legacy. However, with Solitario, he is blending this invaluable heritage with modern innovation by focusing on lab-grown diamonds. “This allows us to maintain the essence of diamond beauty and value while embracing sustainable and ethical practices, aligning with contemporary consumer demands for responsible luxury,” he says.
‘Solitario’ means ‘solitaire’ in Spanish. He started Solitario after he did not get access to the materials and machinery needed for natural diamonds during the Ukraine-Russia war. “So, I went to Surat, and the karigars introduced me to lab-grown diamonds. This adversity, surprisingly, fuelled my passion for starting over, especially in the diamond industry. The cut, the finish, the shine, and the sustainable angle were intriguing. I saw an opportunity to redefine the market by embracing lab-grown diamonds, which offered a sustainable and ethical alternative to traditional diamonds. The ‘why’ was fundamentally about resilience and the desire to build a business that not only succeeds but also champions responsible practices globally,” he says.
The surge in interest around lab-grown diamonds
Lab-grown diamonds are rapidly gaining popularity primarily due to their sustainable practices and ethical considerations. Consumers are increasingly aware and concerned about the environmental and social impacts of traditional mining. Lab-grown diamonds offer the same physical, chemical, and optical properties as mined diamonds but with a significantly smaller footprint and guaranteed conflict-free origin. They represent a conscious choice for luxury that aligns with modern values, and their accessibility, particularly for men, is also challenging long-standing stereotypes about diamond ownership. The accessibility also plays a major role; its luxury is accessible to all.
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A global lens
Ricky Vasandani’s global exposure has profoundly influenced him as an individual by instilling the importance of diverse perspectives and practical reasoning. “It has taught me adaptability and resilience in varied business environments. This broad understanding allows me to navigate different markets effectively and has fostered an appreciation for how different cultures approach business and consumer needs, all of which are critical for leading a global brand like Solitario. We have a different set of products across countries; Dubai and Spain are more into large stones, whereas markets like India are adapting to wearing them daily and carrying them with pride,” he avers.
Striding past challenges
The entrepreneur’s journey has not always been smooth, as he has faced significant challenges, notably experiencing bankruptcy. “This was a critical turning point that truly fuelled my motivation and innovation to start over. Overcoming this involved not just strategic business decisions but also a strong emphasis on mental strength and introspection. These reflections on the psychological aspects of entrepreneurship have been crucial. I’d add that setbacks are often the most potent catalysts for growth and learning. Never giving up is what I learnt from them,” he admits. Naturally then, he is motivated and inspired by the concept of resilience through adversity.
“My own journey, rising from bankruptcy, is a testament to how setbacks can fuel innovation. What truly inspires me is the opportunity to redefine an industry with sustainable practices. A key life lesson I want to share is ‘Embrace risk but learn from every outcome.’ My ventures have shown that embracing risk can lead to significant rewards, but it’s equally important to extract lessons from every experience, positive or negative. This continuous learning is essential for true entrepreneurial success,” he says.
Future goals
The entrepreneur’s future plans for Solitario are centred on continuing to redefine diamond accessibility, particularly for men, and solidifying their position as a leader in sustainable luxury. “We aim to build on the significant profit margins we achieved in our first year, emphasising steady, sustainable growth,” he says. A key part of this strategy involves leveraging strategic partnerships, much like the successful collaboration with Vivek Oberoi, to enhance the brand’s reach and vision. “We are committed to expanding our ethical and environmentally friendly alternatives in diamond production while continuing to deeply understand and cater to consumer desires globally,” he concludes.
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