Diam Concept, the Chanel-backed lab-created diamond company, went into receivership in May, according to an official notice filed on June 6.
News of the filing first appeared in Glitz.Paris.
Founded in 2016 by university professor Alix Gicquel, Diam Concept was a pioneer in making diamonds with chemical vapor deposition (CVD). It set itself apart by growing its diamonds in France.
In 2020, the company raised 5.2 million euros from an impressive list of investors including luxury brand Chanel; Mirabaud Private Capital, headed by Chanel heir David Wertheimer; and French venture capital firms IncubAlliance and the Luxury Tech Fund.
But Glitz reported that Chanel—which has also invested in the Paris-based lab-grown jeweler Courbet—withdrew support for Diam Concept, which posted a 660,000 euro loss in 2022. Now that the grower is in receivership, it has received two takeover offers, but both bidders intend to jettison the jewelry business and focus on technological applications for synthetic gems, the publication said.
Gicquel referred JCK to the company’s receiver, who had not responded to a request for comment by press time. Chanel did not return a request for comment.
(Photo: Getty Images)
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