Following the liquidation of Diamond Manufacturer’s Ltd trading as VASHI, jewellers Queensmith’s parent company Hearts of London has purchased jewellery brand VASHI 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 was 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, 80% of its business was conducted online, the company has invested heavily in its website, brand and digital presence over the pandemic.

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