A well-known Aussie jewellery retailer has been handed a lifeline after being acquired by an international buyer.
Secrets Shhh faced an uncertain future when it was plunged into voluntary administration days before Christmas.
Kate Warwick, Kelly Trenfield and John Park of FTI Consulting were appointed as administrators of the retailer’s parent company, Secrets International Pty Ltd.
The retailer continued trading as an assessment of its operations began and a search for a new buyer was launched.
The company confirmed to Daily Mail this week that it has joined forces with Amaar Jewels, a Dubai-based diamond house with boutiques across the United Arab Emirates, Kuwait, Iraq, Hong Kong and India.
Rebranded as Secrets by Amaar, the business has retained its 16-store Australian network and 100 staff, with plans to expand and introduce the brand to international markets.
The announcement marks a new chapter in the business’s turbulent history.
‘Secrets Shhh has never been a conventional jewellery business,’ Secrets by Amaar chief executive Adrian Murphy said.
‘What Amaar Jewels recognised wasn’t just our retail footprint or our product range. It was our philosophy.
Aussie diamond retailer Secrets Shhh is now known as Secrets by Amaar
Secrets Shhh has been given a lifeline after it was plunged into voluntary administration by its parent retailer
‘This is what 25 years of building with purpose looks like and a global partner who shares our belief that conscious luxury isn’t a compromise.
‘It’s a higher standard, and Amaar Jewels is giving us the platform to take everything we’ve built and bring it to the world.
‘We are excited for Secrets by Amaar to move into its next chapter from a position of stability and momentum.’
Amaar Jewels co-founder Mihika Kothari added: ‘Australia is a market that leads on values-driven consumption, and Secrets by Amaar is perfectly positioned to meet that moment.’
Hailed Australia’s first sustainable jeweller, Secrets Shhh specialised in affordable pieces made from sustainably-sourced, laboratory grown and simulated alternatives to mined diamonds.
Founded by Jane Meredith and Dietmar Gorlich on Queensland’s Sunshine Coast in 2000, the business prided itself on being the first to bring ethically-sourced diamond alternatives to the Australian market – a move that led rivals to follow its lead.
The retailer grew to dozens of stores across Australia and New Zealand before the Global Financial Crisis slashed its footprint to just seven by 2017.
That’s when former long-term Michael Hill Jeweller chief executive Mike Parsell came on board as a majority shareholder and revitalised the brand by opening more stores.
The business has retained its existing Australian 16-store network and 100 staff
In 2019, lab-grown diamonds accounted for just 12 per cent of engagement stones globally.
By 2023, that figure had soared to 46 per cent, with 76 per cent of Australian consumers saying sustainability was a factor in their purchasing decisions, according to research from The Knot.
