Lab Grown Retailer Rescued from Administration

(IDEX Online) - An Australian retail chain that promoted lab growns as an ethical alternative to natural diamonds has been rescued from collapse.

Secrets Shhh, entered voluntary administration last December, due to financial distress amid challenging retail conditions.

It has now been acquired by Amaar Jewels, a Dubai-based diamond house, for an undisclosed sum, and rebranded as Secrets by Amaar.

Before the buyout Secrets Shhh, founded in 2000, was one of Australia's few retailers focused on lab-grown and simulated diamonds. Its advertising focused on lab growns as a "sustainable alternative to mined diamonds" and it was hailed as the country's first sustainable jeweler

Amaar Jewels, a privately-owned jewelry group, sells lab growns at its retail stores in UAE, Iraq, Hong Kong and India. 

"We are excited for Secrets by Amaar to move into its next chapter from a position of stability and momentum," said CEO Adrian Murphy, who has been with the company since 2019.

"What Amaar Jewels recognised wasn't just our retail footprint or our product range. It was our philosophy."

The business has continued trading at its 16 stores since going into voluntary administration. It will maintain its existing bricks-and-mortar and online activities.