Silvermoon Jewellers has announced it is entering voluntary liquidation, citing a prolonged struggle with adverse economic conditions. The announcement marks a significant moment for the jewellery retail sector in New Zealand, reflecting the broader economic pressures facing the industry.
Voluntary Liquidation Announcement
In a heartfelt email to its customers, Silvermoon revealed its decision to liquidate, emphasizing the exhaustive efforts made to salvage the business. “After considerable reflection and exhaustive exploration of all possible avenues to sustain our operations, it has become clear that Silvermoon Jewellers must embark on a closing journey, leading to liquidation,” the message states.
“Despite the diligent efforts and unwavering commitment of our entire team, the prevailing economic conditions and unforeseen market dynamics have rendered our continuation untenable.”
Liquidator Appointment and Customer Guidance
Bryan Williams of BWA Insolvency Ltd, based in Auckland, has been appointed as the liquidator for the proceedings. In light of the liquidation, Silvermoon has urged gift voucher holders to redeem their vouchers as soon as possible, introducing a special condition for redemption. Customers are required to match the value of the gift card with their spending to utilize it. Moreover, the company announced a sale to clear its stock, during which returns will not be accepted.
Silvermoon’s Journey and Contributions
Founded in 2000 by Simon Thwaites, Silvermoon began as a kiosk-style shop in malls, specializing in sterling silver jewellery from Bali, Thailand, and Mexico. The mid-2000s saw a significant transformation of the brand, with the opening of larger stores to accommodate high-end New Zealand designers such as Karen Walker, Stolen Girlfriends Club, Boh Runga, and Meadowlark. Despite thriving through the global financial crisis, the store saw a change in ownership in 2017 when it was sold to Peter Lee. The company’s dedication to celebrating life’s moments with its customers was evident in its farewell message: “From the bottom of our hearts, we thank you for allowing us to be a part of your lives, for sharing in your celebrations, and for choosing us to symbolise the moments that matter most.”
Reflections on the Closure
The closure of Silvermoon Jewellers not only represents the end of an era for the brand but also highlights the ongoing economic challenges within the retail sector. The company’s acknowledgment of its loyal customer base and the memories created together over the years adds a personal dimension to the corporate decision of liquidation. As the jewellery industry reflects on this development, the story of Silvermoon serves as a poignant reminder of the resilience required to navigate the ever-evolving market landscape.
