Insolvency firm Jirsch Sutherland was appointed by shareholders and creditors on Friday 18 July, and a creditors' meeting has been scheduled for Monday 28 July.
Official liquidator, Sule Arnautovic confirmed to Jeweller that “the business is unlikely to be sold or restructured and, at this stage, closure is the most likely option.”
Arnautovic said that the cause of Miller Diamonds’ financial predicament was due to its major overseas diamond supplier “calling in” its debt.
“We were appointed by the Miller family and apart from the family and the overseas [diamond] supplier there are not many other creditors,” Arnautovic explained.
He added that all stones held in stock by Miller Diamonds have been returned to the European-based diamond supplier.
Arnautovic said he was not in a position to comment on the level of debt or other creditors.
While the company’s appointment of a liquidator is listed on the Australian Securities and Investments Commission (ASIC) website, there is no mention of the liquidation on Miller Diamonds’ website.
Before deciding to emigrate to Australia in the mid 1990s, the Miller family had operated a diamond business in South Africa that employed more than 250 people. It was a De Beers sightholder at the time.
Millers Diamonds is best known for its Passion8 range of diamonds, which was launched in 2001, and later its Passion8 branded jewellery range that was launched in 2011.
Jeweller contacted Lonn Miller for comment but he was unavailable at the time of publication.