Vashi, once one of the UK’s fastest-growing luxury brands, folded in April 2023, marking the end of its ambitious expansion into bespoke jewellery and engagement rings. Known for its high-end boutique stores in London’s Bond Street and Covent Garden, Vashi had even planned further openings in New York. The brand specialised in handcrafted diamond jewellery, employing experts in design, casting, setting, and polishing. In 2021, the company generated £100 million in revenue and was valued at £250 million just months before its sudden collapse due to the failure to secure new investment.
Following Vashi’s closure, Queensmith, a leading Hatton Garden-based jeweller and the UK’s largest retailer of laboratory-grown diamonds, acquired Vashi’s online operation, which accounted for 80% of the company’s business. Queensmith also hired a number of Vashi’s former employees, mitigating some of the job losses caused by the collapse.
Now, Hickman Shearer, specialists in capital asset valuation and equipment sales, have been commissioned to manage the auction of the remaining assets from Vashi’s West End headquarters and workshops. Up for auction are nearly 200 pieces of specialist diamond manufacturing equipment, along with office and photographic gear, furniture, and technology, with a combined value of £200,000.
“Vashi was a highly ambitious company, and its early success reflected that,” said Hickman Shearer Managing Director Tim Chapman. “Queensmith deserves praise for continuing the concept, while our role is to ensure the best possible return for creditors by auctioning the remaining high-quality assets from Vashi’s head office.”
For those interested in the auction, you can visit our Vashi Sale page or browse the full catalogue and place bids online via Bidspotter.