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Craig Miller, CEO of diamond supplier JC Jewels has been walked from the company amid a major restructure.
Craig Miller, CEO of diamond supplier JC Jewels has been walked from the company amid a major restructure.

JC Jewels: Diamond dealer ousted from own company

Craig Miller, CEO of diamond supplier JC Jewels, has been walked from the company amid a major restructure.

The LinkedIn profile describes JC Jewels as the first company to ‘launch’ lab-created diamonds in Australia. It also declares that it is the country's largest supplier and importer of lab-created diamonds.

Miller is listed on ASIC records as one of four directors and shareholders, the others being Steven Braun, Vincenzo Bonfa, and Timothy Demmy Sung. 

He is also vice president of the Diamond Dealers Club of Australia and has attempted to establish a high profile in the jewellery industry, including speaking at industry forums and writing industry-related articles.

Interestingly, Miller was ousted as CEO of JC Jewels only four days after appearing on a 28-minute Rapaport Diamond Podcast, where he discussed the state of the Australian jewellery industry.

"While we recognise that restructures can be challenging for all parties involved, we're confident this decision is in the best interest of the company and our customers."
Steven Braun, JC Jewels

When contacted about Miller’s sudden departure, Braun explained that it was the result of a strategic decision to close the Sydney office and consolidate operations in Melbourne.

“This is a part of our ongoing efforts to better serve our clients and position our company for long-term growth. By centralising all of our operations to Melbourne, we are able to improve overall efficiency, expand our product range and maintain our competitive diamond pricing,” Braun told Jeweller via email on 16 April.

“Amidst the company restructure, two of our employees Craig [Miller] and Lonn [Miller] have departed from their roles within the organisation.”

Jeweller understands that the circumstances of Miller’s departure were neither expected nor amicable. Braun was asked whether it was unusual to have the CEO depart before a major restructure.

He refuted the notion, saying, “I'm not sure I agree it's that unusual. We're in a competitive market and restructures are not uncommon and often necessary.

“While we recognise that restructures can be challenging for all parties involved, we're confident this decision is in the best interest of the company and our customers.”

»Background reading: Mystery behind the Diamond Dealers Club of Australia

Braun continued by suggesting that it would be ‘business as usual’ for JC Jewels.

“Our team at JC Jewels will ensure a seamless transition and are ready to address any needs or concerns that may arise during this process. Our priority remains providing exceptional service and support to our clients and we are confident that this consolidation will enable us to better achieve this in the long term.”

Before his time at JC Jewels, Craig and his brother Lonn worked for the family business Miller Diamonds. The company was best known for its Passion8 diamonds brand, which began in 2001, and later for the Passion8 branded jewellery range, launched in 2011.

Craig Miller, CEO at JC Jewels
Craig Miller, CEO at JC Jewels
"Change is the only constant — if you’re not engaging in change, you’re not evolving. Don’t get left behind. This world is moving fast, and your business must follow suit."
Craig Miller, JC Jewels

Miller Diamonds was founded by their father, Des Miller; however, it later faced significant financial difficulties and was placed in voluntary liquidation in 2014.

In July 2014, the company’s official liquidator, Sule Arnautovic, confirmed to Jeweller that the cause of that financial predicament was a major overseas diamond supplier “calling in” its debt.

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 and was a De Beers sightholder.

Miller’s high-profile approach to business and the media has seen him provide commentary and advice on many aspects of the diamond industry, culminating in the Rapaport Diamond Podcast on 7 April.

He has previously detailed and explained the rapidly changing nature of the diamond industry.

At a recent industry forum, Miller provided his insights into "the successes and challenges of 2023 and hopes for the 2024 year".

He noted, “Change is the only constant — if you’re not engaging in change, you’re not evolving. Don’t get left behind. This world is moving fast, and your business must follow suit.”

Jeweller briefly spoke with Craig Miller regarding this story; however, despite initially agreeing to provide comment the following day, he later failed to reply to phone calls and emails.

More reading
Diamond dealer shuts up shop, buyers interested
Diamond dealer expands to meet strong demand
Showcase Jewellers acquires Aussie diamond brand
Diamond dealer placed in liquidation
Mystery behind the Diamond Dealers Club of Australia
Legal concerns over DDCA’s claims; World Diamond Mark abruptly deregistered
More confusion over DDCA and WFDB operations and practices
Diamond Dealers Club's claims about New Zealand remain unsubstantiated
Passion8 diamonds receives facelift
Showcase Jewellers makes new appointment

 











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