Company Statement - 4th May 2023 has been acquired by Queensmith

Following the liquidation of Diamond Manufacturer’s Ltd t/a Vashi, Queensmith’s parent company Hearts of London (Group) Ltd, has purchased from receivers for an undisclosed sum.

Despite achieving sales of £100 million in 2021 and receiving a valuation of £250 million just months prior, Vashi had been unable to secure additional investment from backers and were forced to wind-up operations in April 2023.

While not part of the deal, Vashi had opened physical stores in some of the world’s most prestigious shopping areas including London’s Bond Street and Covent Garden. Store openings were also planned in New York.

Despite Vashi’s physical presence, some 80% of its business was conducted online, the company having invested heavily in its website, brand and digital presence over the pandemic.

Commenting on the acquisition, Brand Director Sam Nobes stated:

"Hearts of London Group is currently evaluating the strategic options for in the longer term, but a technical strategy is already in motion.

Vashi’s focus on bespoke jewellery and engagement rings, combined with its considerable investment in online and international expansion, made it a fortuitous strategic acquisition for the Group”.

Queensmith has employed a number of Vashi staff members who had been left redundant in the wake of its collapse.

About Queensmith

Launched in 2016, Queensmith is a multi award-winning manufacturing jeweller and the UK’s largest retailer of lab grown diamonds. Headquartered in London’s Hatton Garden, the business has seen rapid growth since it’s inception and is a pioneer of direct-to-consumer and omni-channel fine jewellery retailing.

Privately owned, the business has grown organically and is not backed by external investors, private equity or external debt. The business currently employs 65 staff in London.

Due to its brand strength, vertically integrated business models and manufacturing capabilities, the company has been an acquisition target of larger US online jewellery firms looking to quickly expand into the UK and European bridal and lab grown diamond markets.

Whilst Queensmith has acquired, Hearts of London (Group) Ltd & Queensmith will take on no financial liabilities of the company, responsibilities to its historical customers or obligations to deliver any unfulfilled orders.

Any creditors, service providers, suppliers or customers should liaise with Vashi’s joint liquidators Teneo, whose contact information is provided below.

Statement from Teneo

Please be advised that Benjamin Dymant and Matthew David Smith of Teneo Financial Advisory were appointed Joint Liquidators of Diamond Manufacturers Ltd t/a Vashi (“the Company") on 4 April 2023. The Company has ceased to trade with immediate effect and no further orders will be accepted.

The affairs, business and property of the Company are being managed by the Joint Liquidators. The Joint Liquidators act as agents of the Company and contract without personal liability. The Joint Liquidators are authorised by the Institute of Chartered Accountants in England and Wales. All licensed insolvency practitioners of Teneo Financial Advisory Ltd are licensed in the UK.

For any queries regarding orders or other customer related concerns, please email [email protected]

If you are a supplier or another creditor, please email [email protected]

For any other matters including information that may assist in the Teneo investigations, please email [email protected]