Queensmith announced that it has acquired ingleandrhode.co.uk, from Administrators.
According to Queensmith, the acquisition marks a “significant milestone” in its commitment to sustainability and ethical practices in the jewellery industry.
Ingle and Rhode has been a “pioneering” force in ethical jewellery since 2007, distinguished by its B-Corp certification and dedication to responsible sourcing.
Its closure was forced by the negative impacts of the pandemic as well as rising costs, intensifying competitive pressures and difficult economic conditions.
The acquisition of Queensmith comes at a period of rapid growth. Queensmith reported a growth of 33% on an annual basis in 2023 and record sales for the first two month of 2024.
Having acquired Vashi.com from administrators in 2023, Queensmith’s plans are already in motion to further expand their online, retail and manufacturing footprint.
The opening of a new workshop and Design and Innovation Centre in Hatton Garden this spring, along with a comprehensive recruitment drive across all departments are a testament to Queensmith’s strategic focus on UK manufacturing, experiential retail, vertical integration and innovation in the ethical jewellery space.
Whilst Queensmith has acquired Ingleandrhode.co.uk, they do not assume any financial liabilities or obligations towards Ingle and Rhode’s historical customers, suppliers or service providers.
Ingle and Rhode said: “It is with the heaviest of hearts that we took the decision that Ingle & Rhode should cease to trade. We didn’t make this decision lightly. We explored all options to keep the company going. In the end, however, the combined effects from the pandemic and inflation as well as the economic slowdown proved to be too much for us despite all our efforts. First and foremost, we are deeply saddened for our staff, customers, suppliers, and investors, all of whom have given us such fantastic support over many years.”
Sam Nobes, brand director of Queensmith, added: “Ingle and Rhode’s focus on ethical engagement rings and fine jewellery aligns with Queensmith’s commitment to investing in sustainability and exceptional craftsmanship. Given their strength online and authority in such a similar niche to our own, the acquisition of Ingleandrhode.co.uk provides us with further momentum as we continue our digital expansion and grow our own brand of ethical, sustainable diamond jewellery.”