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In conversation with Editor Ankur Sharma, The News Strike, Jignesh Mehta, MD and Founder of Divine Solitaires, shared how since its inception in 2006, the brand has built a strong reputation as one of India’s most trusted solitaire diamond players by introducing transparency, standardisation, and superior quality through its rare natural diamond offerings, each backed by a rigorous 123-parameter certification ensuring brilliance, fire, and scintillation. Reflecting on FY’26 as a turning point, he highlighted the company’s sharper strategic focus driven by Shop-in-Shop expansion, entry into fancy shapes and smaller carat segments, and increased brand investments, alongside improved operational efficiencies, enabling faster scale without compromising on trust, even amid high gold prices and ongoing market volatility.
1. FY’26 has been described as a turning point—what were the biggest strategic shifts you implemented this year?
FY’26 was really about sharpening our focus. We doubled down on our Shop-in-Shop expansion, went deeper into newer product segments like fancy shapes and smaller carat sizes, and invested significantly in brand building. At the same time, we improved operational efficiencies, which allowed us to scale faster without compromising on quality or trust.
2. How have high gold prices and market volatility impacted consumer demand for natural diamond solitaires?
Interestingly, higher gold prices have made consumers more value conscious. Instead of only looking at gold weight, they are now evaluating what they are truly investing in. Natural diamond solitaires, being rare and enduring, are increasingly seen as a more meaningful purchase, so demand has remained resilient.
3. You mentioned a rise in younger, informed buyers—how is this changing the way the category is evolving?
Today’s buyers are far more aware, they research, compare, and understand quality before they walk into a store. This is pushing the category towards greater transparency and standardisation. It’s no longer just about size; it’s about performance, rarity, and trust.
4. What are the key drivers behind your projected 30–35% growth this year?
Our growth is coming from three key areas, expansion into new cities, increasing adoption among first-time buyers, and strong partner-led retail through our Shop-in-Shop model. We’re also adding over 1,500 new customers every month, which is a strong indicator of momentum.
5. How important has first-time diamond buyers’ contribution been to your expansion?
It’s been extremely important, around 35% of our customers are first-time diamond buyers. This tells us that the category is expanding, not just cycling existing demand. Our role has been to simplify the buying journey and build trust for these consumers.
6. Can you elaborate on your innovation strategy, especially around fancy shapes and smaller carat segments?
Innovation for us is about making solitaires more accessible without diluting their value. We’ve introduced fancy shapes like oval and pear, along with categories like intense and vivid yellow diamonds. At the same time, we’ve gone into smaller carat segments to bring more consumers into the category.
7. How does the Shop-in-Shop model help you scale across Tier II and III markets?
India is still a relationship-driven market when it comes to jewellery. By partnering with the most trusted jewellers in each city, we leverage their credibility while offering our specialised product. This allows us to scale faster and more efficiently, especially in emerging markets.
8. With 95% sales still offline, how do you see the role of digital and omni-channel evolving?
While transactions are largely offline, the decision-making journey is increasingly digital. Every customer researches online before buying. So for us, digital is not a separate channel—it’s an integral part of influencing the final purchase.
9. There’s a shift from big occasions to everyday milestones—how is this influencing product and marketing strategy?
We’re seeing solitaires being bought for personal milestones, career achievements, self-reward, or meaningful moments. This is shifting both our product mix and communication towards everyday luxury, rather than just occasion-led buying.
10. How do initiatives like The Solitaire Festival of India contribute to consumer engagement and brand positioning?
Such initiatives help us create a larger narrative around solitaires as a category. It’s not just about selling a product, it’s about educating consumers, building aspiration, and positioning solitaires as an essential part of modern jewellery wardrobes.
11. What are the biggest opportunities and challenges in India’s ₹25,000 crore solitaire diamond market?
The opportunity is immense, the category is growing at 10–12% annually and is still underpenetrated. The challenge lies in building trust and awareness at scale. As a focused brand, we see this as an opportunity to lead and shape the category.
12. What is your strategic focus for FY’27 and beyond?
Our focus will be on sustaining high growth while strengthening the brand. We aim to grow by 25–30% in FY’27, improve working capital efficiencies, and invest further in brand building, technology, and team. Over the next few years, our goal is to build a dominant position in the solitaire category in India.
