In a significant development for the Australian retail sector, the well-known jewellery chain Secrets Shhh has been thrown a crucial lifeline through acquisition by an international buyer. The company, which faced considerable uncertainty after being plunged into voluntary administration just days before Christmas, has now secured its future through a partnership with Dubai-based diamond house Amaar Jewels.
Administration and Rescue Deal
Secrets International Pty Ltd, the parent company of Secrets Shhh, entered voluntary administration in December, with Kate Warwick, Kelly Trenfield and John Park of FTI Consulting appointed to oversee the process. During this challenging period, the retailer continued trading normally while administrators assessed operations and actively sought potential buyers.
The breakthrough came this week when the company confirmed to Daily Mail that it had successfully joined forces with Amaar Jewels, an established diamond retailer with boutiques across the United Arab Emirates, Kuwait, Iraq, Hong Kong and India. This acquisition represents a vital rescue for the Australian business and its workforce.
Rebranding and Expansion Plans
Under the new ownership structure, the business will operate as Secrets by Amaar while retaining its existing Australian network of 16 stores and approximately 100 staff members. The partnership brings not only financial stability but also ambitious plans for growth and international market penetration.
Adrian Murphy, chief executive of Secrets by Amaar, emphasised the philosophical alignment between the two companies. "Secrets Shhh has never been a conventional jewellery business," Murphy stated. "What Amaar Jewels recognised wasn't just our retail footprint or our product range. It was our philosophy."
Murphy further explained: "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."
Sustainable Jewellery Pioneer
Founded in 2000 by Jane Meredith and Dietmar Gorlich on Queensland's Sunshine Coast, Secrets Shhh established itself as Australia's first sustainable jeweller, specialising in affordable pieces made from sustainably-sourced materials, laboratory-grown diamonds, and simulated alternatives to traditionally mined stones.
The company pioneered the introduction of ethically-sourced diamond alternatives to the Australian market, a strategic move that prompted numerous competitors to follow their lead in subsequent years. At its peak, the retailer operated dozens of stores across Australia and New Zealand before the Global Financial Crisis dramatically reduced its footprint to just seven locations by 2017.
The brand experienced revitalisation when former Michael Hill Jeweller chief executive Mike Parsell joined as majority shareholder, overseeing the reopening of multiple stores and strengthening the business's market position.
Market Context and Consumer Trends
The acquisition occurs against a backdrop of significant shifts in consumer preferences and jewellery market dynamics. Research from The Knot reveals that lab-grown diamonds accounted for just 12 percent of engagement stones globally in 2019, but this figure had soared to 46 percent by 2023.
Perhaps more significantly for the Australian market, 76 percent of Australian consumers now report that sustainability considerations factor into their purchasing decisions, creating a favourable environment for Secrets by Amaar's continued focus on ethical jewellery.
Mihika Kothari, co-founder of Amaar Jewels, highlighted this alignment: "Australia is a market that leads on values-driven consumption, and Secrets by Amaar is perfectly positioned to meet that moment."
The successful acquisition and rebranding mark a new chapter for the business, providing stability and momentum for future growth while preserving Australian jobs and retail presence. The partnership between the Australian sustainable jewellery pioneer and the international diamond house represents a strategic alignment of values, market positioning, and expansion ambitions in an evolving global jewellery landscape.
