The flagship jewellery brand of collapsed company Miller Diamonds has been snapped up by retail group Showcase Jewellers.
Diamond wholesaler Miller Diamonds collapsed into administration in July, after the company’s main overseas diamond supplier called in its debt. Prior to collapsing, Miller Diamonds was turning over approximately $5 million.
According to Jeweller Magazine, retail group Showcase Jewellers has purchased the intellectual property for the Passion8 brand, which, under Miller Diamonds, included the Passion8 range of diamonds and the Passion8 range of jewellery.
Miller Diamonds had been selling Passion8 diamonds since 2001 and Passion8 jewellery since 2011.
Miller Diamonds administrator and managing partner of Jirsch Sutherland Sule Arnautovic confirmed to SmartCompany this morning that the Passion8 brand has been sold to a third party, as well as “all other assets of the company”, but said he is unable to disclose the purchasers or terms of the sales.
Showcase Jewellers is a network of independent jewellery retailers, which operates as a retail buying group. The network was established in 1981 and according to the Showcase website, has close to 200 members.
George Proszkowiec, chairman of Showcase operating company JIMACO, told Jeweller Magazine the company decided to purchase the Passion8 brand because it was already stocked by a large number of Showcase members.
But members of the jewellery industry have raised concerns about why widely Passion8 products will be available, given the brand’s new home. While Showcase members stocked the brand, other non-member retailers did too.
“That’s something we have to work out,” Proszkowiec told Jeweller Magazine.
“It’s a brand and people want the brand, and if we can deliver Passion8 under certain conditions to other retailers we will consider it, but at this stage it’s too early to say either way.”
SmartCompany contacted Showcase Jewellers but did not receive a response prior to publication.